Cryptocurrencies steady as focus remains on Middle East and Oil
Calm descends on cryptocurrencies for now
“Bitcoin, ether and their like were calm compared to the burst of volatility we saw across equities and oil last week. Both bitcoin and ether managed to hold their ground and actually push higher while fears about AI and chip stocks dragged the high performers in the US and Asia lower. Sentiment continues to remain weak around cryptocurrencies, and having already endured so much this year it seems like much of the selling has exhausted itself for now.”
What we’re watching – busy week of earnings and data
“The asset class may once again struggle for attention in a week dominated by big-name earnings in the US and yet more economic data, while the broader risk-on/risk-off tone continues to be set by oil prices and the revival of conflict in the Middle East. The recent defence of $60,000 by bitcoin remains a banner moment, providing hope of a durable low, though this selloff is not yet as extended in either time or scope as that of 2021/22.”
Author
Chris Beauchamp has been with IG for four years, and in that time has become a regular commentator and analyst for the financial press and TV, with appearances on all the major financial channels as well as the BBC and Sky News.
