Not Just Bitcoin; Gold, Oil & Stocks Decline as Well While US Dollar Gains
It’s not just the bitcoin that has taken a dip, global stock market, oil, and gold has also declined after central banks warned of slow economic growth and Brexit uncertainty to linger for six more months.
After surging to $5,450 on Wednesday, the flagship cryptocurrency dropped to the $4,912 level yesterday. However, currently, it is trading at $5,027 with 24-hours loss of 2.38 percent, as per Coinmarketcap. Meanwhile, the Real 24-hr volume on Messari’s has dropped down to $693 million from yesterday's $1 billion.
BTC USD chart, Source: TradingView
In tandem with the top cryptocurrency, altcoins also took a drop. The leading cryptos are down between the range of 3 to 6 percent and the entire market cap has come down to $170 billion.
There are still a few cryptos in green with Nebulas being the biggest gainer registering 15 percent gains in the past 24-hours while the biggest loser is ABBC coin with 12.60 percent losses.
Global stock markets wavered after the US first-quarter earnings report that showed some conflicting economic data Friday and European Central Bank said it will leave interest rates untouched for at least in 2019.
Shares in Japan, China, and Hong Kong declined marginally while trade data from China showed a strong recovery in exports.
Regional and country indexes in Europe rose followed by the EU leaders’ decision to put the Brexit deadline to October 31. The date has been postponed so Britain won’t exit without a treaty, though there is little clarity on the if, when, and how Brexit will happen.
Wall Street, however, retreated as investors awaited the first-quarter earnings season. In the last six months, the profit estimates have dropped steadily, with S&P 500 earnings expected to fall 2.5 percent.
US-China trade negotiations were to continue as US Treasury Secretary Steven Mnuchin said the two countries largely agreed on the mechanism to police the trade agreement they reach.
Oil prices fell over 1 percent as it has been projected that the Organization of the Petroleum Exporting Countries may raise output from July if Iranian and Venezuelan supplies fall further and prices keep rising. Brent fell 90 cents and US crude settled down $1.03.
Gold prices declined more than 1 percent as the strong economic data from the United States boosted the dollar, kicking the safe-haven yellow metal down to three-months low.
While the euro, sterling and Japanese Yen fell, the dollar index rose 0.25 percent. The dollar index rose ending the 3-day losing streak as the concerns about the world’s largest economy eased after the US data showed the weekly jobless claims fell to the lowest since 1969 and in five months the March producer prices increased the most.
Live Bitcoin (BTC) Price:
1 BTC/USD =$41,175.9894 change ~ 2.39%