Bitcoin narrative goes from safe to shaky on Binance news [Video]
|Recovery in bank stocks improved market sentiment on Monday.
Calm, and rally in bank stocks yesterday stabilized the market mood. Gold tipped a toe below $1950 per ounce, while the US 2-year yield flirted with the 4% mark – on bet that if the bank crisis is over, we could go back to our lives and worrying about inflation, again.
The S&P500 closed 0.17% up, while the rate-sensitive Nasdaq fell 0.74%. Of course, if the banking stress further eases, we should see sovereign yields recover a part of the recent retreat.
Yet, the pricing of recession is now in play, and equity markets, which have been relatively resilient to the bank stress – partly due to higher liquidity injected in the market to deal with it, remain vulnerable – as earnings estimates will more likely than not revised lower in the foreseeable future.
In energy, crude oil jumped past the $70pb level on bank relief and a legal problem in Turkish export port.
In cryptocurrencies, the narrative switched from Bitcoin being a safe haven in the context of bank crisis to being on a shaky ground due to Binance trouble with CFTC.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.