Bitcoin plummets, shocking the market!
This morning, the Bitcoin market suffered a sudden plunge, causing huge waves in the cryptocurrency field. The price of Bitcoin fell below the $60,000 mark in one fell swoop, and soon after, the second largest cryptocurrency Ethereum also suffered a heavy blow, and market panic spread rapidly.
Bitcoin once fell by more than 6%. As of the latest report, its price has been fixed at $59,597.4, a significant drop. Ethereum suffered a waterloo, falling more than 7% at one time, and market confidence was hit hard.
According to statistics, in the past 24 hours, this cryptocurrency storm caused more than 85,000 investors to suffer liquidation, heavy losses, and widespread mourning in the market.
Cryptocurrency pullback, is the Fed’s policy the trigger?
The plunge was seen as a correction for major cryptocurrencies after Fed Chairman Powell's dovish remarks last week. Powell's signal of a rate cut at the Jackson Hole annual meeting boosted market sentiment and pushed cryptocurrencies higher. However, the good times did not last long, and the market seemed to begin to reassess the impact of the policy, and cryptocurrencies fell back one after another.
Stock market performance is divided, Dow Jones Industrial Average rises for three consecutive days
In terms of European and American stock markets, despite the turbulent cryptocurrency market, the three major U.S. stock indexes still showed some resilience and closed slightly higher. The Dow Jones Industrial Average rose slightly by 0.02%, and the S&P 500 and Nasdaq also recorded increases of 0.16% respectively. Blue-chip stocks such as Nike and Honeywell International led the gains in the Dow, while Tesla and Amazon performed poorly and their share prices fell.
As for Chinese stocks listed in the US, there were mixed gains and losses. Ctrip Group surged 8.57%, becoming a market highlight; while Gaotu Group plummeted 19%, which was a staggering drop.
European stock markets showed a differentiated trend, with Germany's DAX index leading the gains, while France's CAC40 index closed slightly lower and Britain's FTSE 100 index rose slightly.
Economic data is mixed, and the market is waiting for new guidance
In terms of economic data, the latest US house price index showed that the year-on-year increase in S&P/CS 20 major cities in June was slightly higher than expected, but the month-on-month increase slowed down. The Richmond Fed Manufacturing Index and the Conference Board Consumer Confidence Index reflected that the US economy still faces challenges on the road to recovery.
Faced with this series of complex and ever-changing economic data and market dynamics, investors are closely watching future policy trends and market reactions, looking for new investment opportunities and risk points.
