Market Wrap: Gold and oil rise, while crypto and stocks continue to fall
Market Wrap: Gold and oil rise, while crypto and stocks continue to fall
- The oil price has risen to the highest price since 2008, since the allies of the United States and Europe are trying to ban Russian imports
- The correlation of Bitcoin with safe ports at the beginning of last week was fleeting, with Bitcoin declining by about 21.4 % since the beginning of the year, while gold recorded 11 % in the same time
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crude oil jumped at its highest price since 2008, since investors did the lack of Russian oil. WTI Crude rose by 4.4 % that day and closed $ 119.
US Foreign Minister Antony Blinking "Speaks to our European partners and allies in order to check the prospect of a ban on the import of Russian oil in a coordinated way and at the same time ensure that there is still an appropriate oil offer on the world markets".
Gold also continued in the middle of market uncertainty. Since Russia has marched into Ukraine, gold has increased by 4.6 %.
increasing oil prices and the continuing conflict in Ukraine are probably guilty for the sale on Monday. The S&P 500 fell by almost 3 %. The Nasdaq fell by 3.75 % and the Dow lost almost 800 points with a decline of 2.37 %.
Bitcoin seems to have lost his short correlation to gold at the beginning of last week. Initially, it seemed as if the application of Bitcoin as an anti-censorship tool and means to escape the falling value of the ruble, contribute to reforming its narrative as a digital gold.
Instead, Bitcoin and other crypto-assets continue to like together with the stock markets, which indicates that speculation is still the main drive factor for its price fluctuations. Bitcoin lost $ 600 with a decline of 1.59 % until the end of the stock trading. Ether fell by 2.79 % and lost just more than $ 70.Top stories
story: Espresso Systems goes to the public with a $ 32 million increase
- The company will use the capital to expand the team and its products, including its Ethereum Virtual Machine application,
- espresso plans to create bridges between Ethereum and other large chains so that the border between Layer-1 and Layer-2 can be “blurred”, his co-founder and CEO told Blockworks
story: planned Vaneck ETF aims to invest in Miner - both in crypto and in gold
- Vaneck proposed an ETF in December that would invest in concepts and investment offers that are coupled to gold or Bitcoin
- investors buy Bitcoin and those who buy gold are “very different,” says the crypto editor of ETF.com
Story: Morgan Stanley increases GBTC shares, SEC weighing ETF conversion from
- The Morgan Stanley Growth Portfolio kept 4.3 million GBTC shares on December 31, most of all the company's funds
- managers of Coinbase and Blockfi are among the youngest authors of letters to the Sec who support the conversion of GBTC into an ETF
story: Immutable noted of $ 2.5 billion after financing the series C
- The number of employees will increase from 170 to 350 full -time employees in the next year, co -founder Robbie Ferguson told Blockworks
- Immutable collected $ 60 million in Serie B financing in September
go forward
The correlation of Bitcoin with gold was short-lived, which indicates that a large part of his start was speculated during the early stages of the Ukraine conflict by dealers that it would be used more. The time will show whether individuals in Russia and Ukraine start using it as a means of wealth storage.
Investors should expect volatility until the upcoming FED session in mid-March, on which the interest rates are determined.
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The Post Market Wrap: Gold, Oil Push Higher While Crypto, Stocks Continue to Tumble is not a financial advice.
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