Bitcoin News and Finance
Fear of War, Monkeypox Causes Stock and Crypto Markets to Churn While Precious Metal Spike Higher Skip to main content

Fear of War, Monkeypox Causes Stock and Crypto Markets to Churn While Precious Metal Spike Higher

Fear of War, Monkeypox Causes Equity and Crypto Markets to Churn While Precious Metal Spike Higher

Stock and cryptocurrency markets on Thursday saw volatility, after experiencing fluctuations during the tensions between China and Taiwan on Tuesday and Wednesday. Major indexes like the S&P 500, Dow Jones, and NYSE have shed a few percentages today, while the global cryptocurrency market capitalization lost 2.5% in 24 hours, dropping to just above the $1.1 trillion range. Precious metals, on the other hand, traded higher as U.S. president Joe Biden’s administration declared that the Monkeypox virus a public health emergency in the United States.

China and Taiwan Tensions and Monkeypox Reports Cause Stock and Crypto Prices to Fluctuate, Precious Metal Markets Rise Catching ‘Safe-Haven Demand’

Stock and crypto traders faced some headwinds on August 4, the day after the American representative from California, Nancy Pelosi, visited Taiwan to discuss democracy with the Taiwanese president Tsai Ing-wen. Global markets saw some fluctuations before the U.S. diplomat visited Taipei and during the visit on Wednesday as well.

Equities and precious metals markets slid the day before on August 3, while the crypto economy managed to consolidate for another day. U.S. equities markets took a dip again on Thursday as the Dow Jones dropped 85 points lower during the afternoon (EST) trading sessions. Cryptocurrencies followed the drop in stock markets during the course of the day.

While Nasdaq was up, S&P 500, NYSE, and many other stocks saw losses during the course of the day. The crypto economy saw losses as well, as the entire lot of digital assets today lost 2.5% in the last 24 hours against the U.S. dollar.

Fear of War, Monkeypox Causes Equity and Crypto Markets to Churn While Precious Metal Spike Higher

The leading crypto asset bitcoin (BTC) slipped 5% on Thursday afternoon from $23,548 to $22,395 in value. Ethereum (ETH) too lost 5% today after tapping a 24-hour high at $1,666 per unit down to a low of $1,545 per coin. Out of the top ten crypto market cap contenders, solana (SOL) lost the most losing 5.6% during the day and polkadot (DOT) shed 5.5%.

In Europe, the Ukraine-Russia war rages on and tensions between China and Taiwan have escalated this week. While Asia deals with the tensions, Europe is dealing with an energy crisis and a recession. The U.S. is also dealing with what many believe is a recession even though American bureaucrats and their experts have stated otherwise.

On Thursday, the U.S. Labor Department published the weekly jobless claims data, which notes claims increased by 6,000 to 260,000. As the weekend approaches, stock traders have been interested in America’s July jobs report, which is due to be published on Friday. A couple of hours before the closing bell on Thursday, a few of the top Wall Street indexes like the Dow, and the S&P 500 rebounded slightly. By the end of Wall Street’s trading day on Thursday, three out of the four major indexes were down.

Meanwhile, gold and silver markets saw some relief on Thursday as both assets climbed higher. Gold’s price per ounce jumped 1.64% while silver’s value per ounce against the U.S. dollar increased 1.04%. On August 4, Kitco’s Jim Wyckoff attributed the precious metals spike to tensions in Asia when he said that gold and silver prices were higher in the U.S. “on safe-haven demand as China-Taiwan-U.S. tensions have escalated this week.”

Furthermore, on Thursday, reports detail that the U.S. has officially declared the virus Monkeypox a public health emergency. The Washington Post (WP) reporter Dan Diamond explained that “two officials who spoke on the condition of anonymity” said that the Biden administration will declare monkeypox an outbreak and a public health emergency. Diamond wrote that the message would stem from the White House Health and Human Services secretary Xavier Becerra.

Following the report, Becerra ended up declaring monkeypox a public health emergency in the U.S., during an afternoon news briefing. “We’re prepared to take our response to the next level in addressing this virus, and we urge every American to take monkeypox seriously,” the health secretary stressed to the press.

What do you think about the stock and crypto market action on Thursday while gold and silver prices saw some gains? Let us know your thoughts about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory