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Down in the Market for a Moment, Crypto Rises Back 2022!

Down in the Market for a Moment, Crypto Rises Back 2022!

Down in the Market for a Moment, Crypto Rises Back 2022!. Crypto assets rose again Wednesday (27/7) morning, as did the United States (US) stock market. Read more here!

Crypto Rises Back 2022!

US Stock Index

  1. Three compact US stock indexes scored brilliant performances on Wednesday (27/7). The Dow Jones Industrial Average (DJIA) grew 0.5%, while the S&P 500 and Nasdaq jumped 1% and 1.4%, respectively.
  2. The agile movement of technology stocks became the main support for the steady rise in the value of the trio of Wall Street indices yesterday. The value of shares of Apple and Amazon, for example, grew by 1.5% while the value of Microsoft shares grew by 0.98%.
  3. Investigate a calibaration, market participants stormed technology stocks after seeing Tesla’s share value fly 9.7% yesterday. This happened after the company posted a profit in the second quarter that exceeded analysts’ estimates despite slightly disappointing earnings.
  4. Market participants are also increasingly optimistic about the resilience of US issuers to economic uncertainty following a series of reports on US companies’ financial performance that always exceed analyst expectations.
  5. Zacks Investment data shows that 73.3% of the 60 companies listed on the S&P 500 have reported second-quarter earnings that exceeded analysts’ forecasts.
  6. In addition, market participants seem to have already priced in the Fed’s plan to increase interest rates, which is predicted to be 75 basis points at the end of the month.
  7. They remain confident the Fed will keep its promise to raise its benchmark interest rate in the range of 50 to 75 basis points even though the European Central Bank yesterday surprisingly raised interest rates by 50 basis points.

Read Also: Market Summary 2022: JCI Appears To Rise, Crypto Is Even Lower

Down in the Market for a Moment, Crypto Rises Back 2022!

Crypto Asset

  1. Several crypto assets returned Wednesday morning after the previous “turnback” yesterday.
  2. Launching Coinmarketcap at 8:06 am, nine out of 10 crypto assets have returned to the green zone in the last 24 hours.
  3. The value of Bitcoin (BTC) has surrendered to a 0.18% decline in the last day and is now perched at US$23,238 per chip. It is strongly suspected that the value of BTC is still lying down following the news that Tesla “washed out” its managed BTC of US$936 million in order to increase its cash position in the second quarter.
  4. However, the altcoin gang actually looks cooler than BTC.
    XRP, Cardano (ADA), Dogecoin (DOGE) and Polkadot (DOT) compact values ​​grew by more than 1% in the past day.
  5. Meanwhile, the value of Binance Coin (BNB), Ether (ETH), and Solana (SOL) grew 3% at the same time.
  6. In the ranks of major crypto assets, there is Polygon (MATIC) which has the most beautiful swing after posting a value growth of 10.04% in the last day.
  7. Analysts assume that market participants are back in the altcoin market after monitoring the performance of US stock indexes.
  8. Understandably, so far, market participants use the US stock index, especially the Nasdaq, as a benchmark to see investors’ risk appetite in general. Furthermore, altcoins are also seen as riskier digital assets than BTC.
  9. In addition, market participants also believe that the Fed will not be too aggressive in raising its benchmark interest rate at the end of this month. Thus, they are optimistic that the US central bank will only raise interest rates by a maximum of 75 basis points.
  10. Their confidence stems from the US initial jobless data this week which touched 251,000, 4.5% higher than the analyst consensus of 240,000. As a result, there is a possibility that the Fed will not want to raise the benchmark interest rate in order to maintain employment.
  11. Furthermore, the spotlight on the crypto stage is now on the Curve (CRV) whose value grew by 20.24% in the past day. This step was followed by Synthetix (SNX), whose value also jumped 14.52% at the same time.

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Gold

  1. The price of gold in the spot market was perched at US$1,716 per ounce at 08.25, up from yesterday’s US$1,693 per ounce.
  2. The luster of the precious metal glowed again after the value of the US Dollar fell again. For your information, the weakening of the value of the greenback asset will make the price of gold relatively cheaper for market participants who rarely transact using this currency.
  3. In addition, market players are keen to collect gold after market players are increasingly worried about the potential for a global economic recession. Understandably, gold has been considered as a qualified hedging asset instrument in times of economic uncertainty.

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