Eliman Dambell
Tradeview Markets
Bitcoin prices consolidated at 2-month low
Bitcoin prices were down by as much as 20% over the weekend, as investors pulled back from cryptocurrencies, amid concerns over the Omicron variant.
BTCUSD fell to as low as $42,000 during this weekend’s trading, a level it hasn’t hit since October 5th.
Markets have since stabilized, with prices now at the long-term resistance of $49,000, with many still expecting further declines.
The drop began after a weaker than expected Non-farm payrolls number on Friday, which coincided with raising fears over Omicron.
As such, investors moved away from crypto’s and into indices, which is one of the reasons for today’s stock market rally.
However, many long-term crypto investors have viewed this recent selloff as an opportunity to “buy the dip”, which has helped to keep prices from further declines.
U.S. indices rally, as Fauci “encouraged” by Omicron data
Indices in the United States started this week strong, as traders reacted to encouraging comments from Dr.Fauci regarding Omicron.
Speaking over the weekend, the Chief Medical Advisor stated that, “Though it’s too early to really make any definitive statements about it, thus far it does not look like there’s a great degree of severity to it”.
Fauci went on to add that, “Thus far, the signals are a bit encouraging. But we have really got to be careful before we make any determinations that it is less severe, or it really doesn’t cause any severe illness, comparable to Delta”.
Markets rallied on the news, led by the blue-chip Dow Jones which was up 2.16% as of writing.
Both the S&P 500 and NASDAQ were also trading above 1% higher.
Trading any financial instrument on margin involves considerable risk. Therefore, before deciding to participate in margin trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney or accountant as to the appropriateness of an investment in margin trading is recommended. This electronic mail message is intended only for the person or entity named in the addressee field. This message contains information that is privileged and confidential. If you are not the addressee thereof or the person responsible for its delivery, please notify us immediately by telephone and permanently delete all copies of this message. Any dissemination or copying of this message by anyone other than the addressee is strictly prohibited.
Recommended Content
Editors’ Picks
EUR/USD stabilizes above 1.0500 as risk mood improves
EUR/USD regained its traction and climbed back above 1.0500 in the American session on Wednesday. The improving risk mood, as reflected by rising US stocks, and mixed macroeconomic data releases from the US weigh on the USD and help the pair push higher.
GBP/USD clings to strong daily gains above 1.2150
Following a declined toward 1.2100, GBP/USD reversed its direction and rose above 1.2150. The positive shift seen in risk sentiment, alongside disappointing the ISM Services PMI data, makes it difficult for the USD to find demand and fuels the pair's daily advance.
Gold holds steady at around $1,820
After rising above $1,830 in the early American session, Gold price lost its bullish momentum but managed to stabilize at around $1,820. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.75%, allowing XAU/USD to keep its footing.
ETH staking could gain short-term preference over bonds despite record yields
The Ethereum staking market has experienced a notable surge, according to data from StakingRewards. In the past 24 hours, the number of staked ETH increased by 32.8%.
Rise in job openings sends DJIA plunging as Treasury yields soar
The DJIA opened higher on Wednesday, up 0.2%, as traders test whether Tuesday’s crash was overdone. The market is now digesting the first time in history that a US Speaker of the House was voted out of office and how that will affect current budget talks.