Bitcoin News and Finance
US Stocks, Bitcoin, and Gold Drop as Fed Plays Coy on Rates — Investors in Limbo Skip to main content

US Stocks, Bitcoin, and Gold Drop as Fed Plays Coy on Rates — Investors in Limbo

US Stocks, Bitcoin, and Gold Drop as Fed Plays Coy on Rates — Investors in Limbo

The leading trio of U.S. stock indices — Dow Jones Industrial Average, Nasdaq Composite, and the S&P 500 — experienced a downturn on Wednesday afternoon. This decline coincided with a rise in 10-year Treasury yields, which jumped 0.98% to 4.102%. Concurrently, gold’s value decreased by a percentage point and bitcoin also witnessed a decline, dropping 1.02% in relation to the U.S. dollar.

Treasury Yields Surge, Dow, Nasdaq, and S&P 500 Tumble

Market sentiment remains wary regarding the U.S. Federal Reserve’s strategies for 2024, with anticipation growing around a potential rate cut by March. This outlook comes in the wake of remarks made by Federal Reserve Governor Christopher Waller during an address at the Brookings Institution in Washington. Waller acknowledged the possibility of a rate reduction occurring within the year, yet emphasized that the Fed is not in a hurry to initiate this change.

“I see no reason to move as quickly or cut as rapidly as in the past,” Waller said.

In a predictable turn of events, 10-year Treasury yields saw a 0.98% increase on Wednesday, following a 4.4% rise over the past month. As of Jan. 17, 2024, the long-term note has reached a level of 4.106%. Simultaneously, the 2-year Treasury yields experienced a significant jump of 3.08%, although they remain 2.16% lower compared to the previous month’s figures. Currently, the market is leaning towards a 97.4% likelihood that the U.S. central bank will opt for a rate hike in its upcoming meeting scheduled for Jan. 31, 2024.

The CME Fedwatch tool indicates a 52% probability that the central bank will reduce the federal funds rate by March 2024. Presently, an ounce of fine gold is valued at $2,006 per unit, experiencing a 1.09% decline in the last day. Over the past month, gold’s value has dropped by 0.66%, but it has gained 1.86% in the last six months. On Jan. 17, bitcoin (BTC) witnessed a 1.02% fall, and over the past week, the leading crypto has declined by more than 7%. Nevertheless, six-month statistics reveal a 43% increase in BTC’s value, surpassing gold’s market performance during the same period.

Although bitcoin displayed a subdued performance on Wednesday, the global market capitalization of the crypto economy climbed by 0.49%, reaching $1.69 trillion. The Dow Jones Industrial Average experienced a modest decline of 0.25% on the same day, while the Nasdaq Composite recorded a decrease of 0.59% at market close. Additionally, the S&P 500 lost 0.56%, and the Russell 2000 (RUT) ended the day with a 0.73% drop. As usual, financial markets are experiencing a period of cautious sentiment, particularly in relation to the Fed’s monetary policy direction for 2024.

What do you think about the current state of markets? Share your thoughts and opinions about this subject in the comments section below.

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