In the crypto news today, we see a major downward trend in the latest equity market data. According to the news, the Dow Jones Industrial Average has suffered its worst week since the global financial crisis of 2008, losing 1,655 points or about 7% in its worst week-on-week decline in the past decade with no signs of immediate recovery.
According to reports by the CNBC, the Federal Reserve’s rate hike on Wednesday and the extended government shutdown on Friday are instrumental to the losses suffered in the financial market. Aside from Dow, the S&P 500 fell 2.1% to close at 2,416.58 and the Nasdaq Composite lost 2.99% at 6,332.99 following the big losses in technology stocks including the ones of Facebook, Amazon and Apple.
While the Dow is right now looking at the possibility of a recession after nearly eight years of bullish equity market conditions, Bitcoin is retrieving – even though it fell from a peak of $19,500 over the course of a long drawn out year where it was unable to rise amidst severe uncertainty.
The BTC/USD trend right now hovers near the $4,200 mark in a new recovery that comes in contrast to the possible Dow recession. Many believe that right now, the only way for Bitcoin to recapture its all-time high valuation is through the entry of institutional investors in the crypto market. Amidst the uncertainty and competing visions for Bitcoin’s future, some analysts continue to make optimistic pronouncements about the asset’s performance in the short term.
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