After a painful week for the stock market in the U.S., the S&P 500 had its best day since July, growing by 2.59%. S&P 500 futures are also up over 1.8%. This has led Bitcoin to rise over 4% overnight. This rise in the stock market resulted from weak manufacturing data that came in yesterday. The U.S.
Optimism in global markets has decreased further, as there are concerns around the solvency of banking giant Credit Suisse. Their stock price has dropped by over 60% this year alone. Most of the recent fears have arisen after a report released from ABC Australia, which said, "A major international investment bank is on the brink".
Volatility is scarce in the crypto market, with Bitcoin (CRYPTO: BTC) hovering around $19,000, but extreme volatility is due today. Many investors are currently sidelined, as they eagerly anticipate the news of the Federal Reserve (U.S.
The crypto market has dropped below $1 trillion again, as Bitcoin (CRYPTO: BTC) nears towards the local bottom of $17,600. On chain analytics also demonstrate bearish sentiment among market participants.
Amongst the uncertainty surrounding the current macro-economic environment (hence impacting the crypto market) we received some positive macro news last week - supply chain issues might finally be resolved!
Volatility remains low in the crypto market, as investors are bracing for tomorrow’s critical Jackson Hole speech. This is an annual symposium, held in Jackson Hole, Wyoming, and attended by central bankers, finance ministers, academics, and financial market participants from around the world.