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Fear of War, Monkeypox Causes Stock and Crypto Markets to Churn While Precious Metal Spike Higher

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Fear of War, Monkeypox Causes Equity and Crypto Markets to Churn While Precious Metal Spike Higher

Stock and cryptocurrency markets on Thursday saw volatility, after experiencing fluctuations during the tensions between China and Taiwan on Tuesday and Wednesday. Major indexes like the S&P 500, Dow Jones, and NYSE have shed a few percentages today, while the global cryptocurrency market capitalization lost 2.5% in 24 hours, dropping to just above the $1.1 trillion range. Precious metals, on the other hand, traded higher as U.S. president Joe Biden’s administration declared the Monkeypox virus a public health emergency in the United States.

China and Taiwan Tensions and Monkeypox Reports Cause Stock and Crypto Prices to Fluctuate, Precious Metal Markets Rise Catching ‘Safe-Haven Demand’

Stock and crypto traders faced some headwinds on August 4, the day after the American representative from California, Nancy Pelosi, visited Taiwan to discuss democracy with the Taiwanese president Tsai Ing-wen. Global markets saw some fluctuations before the U.S. diplomat visited Taipei and during the visit on Wednesday as well.

Equities and precious metals markets slid the day before on August 3, while the crypto economy managed to consolidate for another day. U.S. equities markets took a dip again on Thursday as the Dow Jones dropped 85 points lower during the afternoon (EST) trading sessions. Cryptocurrencies followed the drop in stock markets during the course of the day.

While Nasdaq was up, the S&P 500, NYSE, and many other stocks saw losses during the course of the afternoon trading sessions. The crypto economy saw losses as well, as the entire lot of digital assets lost 2.5% in the last 24 hours against the U.S. dollar.

Fear of War, Monkeypox Causes Equity and Crypto Markets to Churn While Precious Metal Spike Higher

The leading crypto asset bitcoin (BTC) slipped 5% on Thursday afternoon from $23,548 to $22,395 in value. Ethereum (ETH) too lost 5% today after tapping a 24-hour high at $1,666 per unit down to a low of $1,545 per coin. Out of the top ten crypto market cap contenders, solana (SOL) lost the most losing 5.6% during the day and polkadot (DOT) shed 5.5%.

In Europe, the Ukraine-Russia war rages on and tensions between China and Taiwan have escalated this week. While Asia deals with the tensions, Europe is dealing with an energy crisis and a recession. The U.S. is also dealing with what many believe is a recession even though American bureaucrats and their experts have stated otherwise.

On Thursday, the U.S. Labor Department published the weekly jobless claims data, which notes claims increased by 6,000 to 260,000. As the weekend approaches, stock traders have been interested in America’s July jobs report, which is due to be published on Friday. A couple of hours before the closing bell on Thursday, a few of the top Wall Street indexes like the Dow, and the S&P 500 rebounded slightly. By the end of Wall Street’s trading day on Thursday, three out of the four major indexes were down.

Meanwhile, gold and silver markets saw some relief on Thursday as both assets climbed higher. Gold’s price per ounce jumped 1.64%, while silver’s value per ounce against the U.S. dollar increased 1.04%. On August 4, Kitco’s Jim Wyckoff attributed the precious metals spike to tensions in Asia when he said that gold and silver prices were higher in the U.S. due to “on safe-haven demand as China-Taiwan-U.S. tensions have escalated this week.”

Furthermore, on Thursday, reports detail that the U.S. has officially declared the virus Monkeypox a public health emergency. The Washington Post (WP) reporter Dan Diamond explained that “two officials who spoke on the condition of anonymity” said that the Biden administration would declare monkeypox an outbreak and a public health emergency. Diamond wrote that the message would stem from the White House Health and Human Services secretary Xavier Becerra.

Following the report, Becerra ended up declaring monkeypox a public health emergency in the U.S., during an afternoon news briefing. “We’re prepared to take our response to the next level in addressing this virus, and we urge every American to take monkeypox seriously,” the health secretary stressed to the press.

What do you think about the stock and crypto market action on Thursday while gold and silver prices saw some gains? Let us know your thoughts about this subject in the comments section below.

The Fed Is ‘Resolute’ on Hiking Interest Rates, Tightening Monetary Policy to Tame Inflation — Gold and Stocks Sink

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Several reports detail that U.S. Federal Reserve officials are resolute on tightening monetary policy and increasing the federal funds rate until inflation in America is alleviated. Chicago Fed president Charles Evans explained on Tuesday that the central bank would likely keep up the larger than usual rate hikes until inflation is remedied.

The Fed Is ‘Nowhere Near’ Done When It Comes to Tighter Policy, Central Bank Has Not Seen a ‘Turn in Inflation’

The Federal Reserve is in a predicament as inflation in America is the highest its been since the 1980s. On Tuesday, a report quoting three members of the U.S. central bank indicates that the Fed’s policymakers are still convinced more rate hikes are needed to tame the country’s rising inflation.

San Francisco Fed president Mary Daly explained during a Linkedin interview “we are still resolute and completely united” in getting inflation down. Daly stressed the Fed was “nowhere near” done as far as implementing monetary policy measures and in terms of fighting inflation, she said the central bank still has “a long way to go.”

“My modal outlook, or the outlook I think is most likely, is really that we raise interest rates and then we hold them there for a while at whatever level we think is appropriate,” Daly remarked. Cleveland Fed president Loretta Mester’s opinion was similar, as she told the Washington Post (WP): “we have more work to do because we have not seen that turn in inflation.”

Chicago Fed president Charles Evans shared his opinion this Tuesday as well. Evans explained to reporters that the Fed would likely continue large interest rate increases until inflation is down. While he spoke about larger than usual rate hikes in the 75 bps range, Evans also clarified that a 50 basis point rate hike could still happen.

“If you really thought things weren’t improving… 50 bps is a reasonable assessment, but 75 bps could also be okay. I doubt that more would be called for,” Evans said. Amid the hawkish statements from the Fed members on Tuesday afternoon (EST), cryptocurrencies, stocks, and gold markets dropped in value. The U.S. dollar, on the other hand, has strengthened against the Japanese yen and other major fiat currencies after a brief downturn.

Volatility Strikes Equities, Gold, Cryptocurrencies

By the closing bell on Tuesday, all of the major stock indexes were down, including the Dow Jones Industrial Average, Nasdaq, NYSE, and the S&P 500. Cryptocurrency markets also shed some gains and the market capitalization is hovering just above $1.13 trillion. Bitcoin (BTC) slipped under the $23K per unit zone and ethereum (ETH) dropped under $1,600 per coin on Tuesday.

During the course of the day on Tuesday, both leading crypto assets managed to climb back above those regions. The following day on August 3, the entire crypto economy is up just over 2%. Equities and the crypto economy have started showing a bit more volatility as tensions rise between China and Taiwan. Gold is also down this month as one ounce of fine gold exchanged hands for $1,810 per unit on July 1, and today gold is trading for $1,765 per unit.

The Fed Is ‘Resolute’ on Hiking Interest Rates, Tightening Monetary Policy to Tame Inflation — Gold and Stocks Sink

Analysts say gold’s recent slide is due to a strong U.S. dollar as the DXY index charts show the greenback remains robust after it dropped last week. “Gold pared gains after Wall Street became optimistic that tensions between the two world’s largest economies would get out-of-hand,” OANDA’s senior market analyst Edward Moya told Kitco News. “A strong dollar is also weighing on gold, as the greenback’s pullback over the past couple weeks appears to be over.”

What do you think about the statements from various Fed members and the market reaction following the hawkish commentary and tensions between China and Taiwan? Let us know what you think about this subject in the comments section below.

BNB Was the Top Ten’s Best Market Performer in Q2, Bitcoin Takes Second Place — Solana Performed the Worst

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With the first half of the year gone, statistics from the second quarter of 2022 indicate that the crypto economy has tumbled significantly in value, and crypto tokens in the top ten market positions have lost 30% to 60% in USD value during the past three months. Q2 data further shows that binance coin managed to avoid the losses its competitors have taken, and solana was the worst market performer out of the top ten crypto assets by market capitalization.

Top Ten Crypto Assets Suffered Significant Losses During the Last Quarter

It’s been a crazy Q2, to say the least, as numerous crypto assets within the digital currency economy are at much lower values than they were three months ago. During the second quarter of 2022, bitcoin (BTC) for instance, shed 42.92% of its value against the U.S. dollar.

Statistics also show that ethereum (ETH), the second-largest crypto asset by market cap, lost 47.24% over the last three months. While much of the crypto economy’s losses stemmed from the aforementioned two crypto assets, a wide variety of top-positioned digital currencies have shed massive value.

The Binance Smart Chain network’s BNB, however, is only down 33.67% in Q2, which makes BNB the best performer during the second quarter among the top ten crypto assets. BTC’s 42% plunge was the second best market performance out of the top ten, while cardano (ADA) managed to capture the top ten’s third best market performance in Q2.

ADA lost 45.49% in value against the U.S. dollar in three months. XRP lost 48.99% in Q2, while dogecoin (DOGE) lost 48.51%. Solana (SOL) was the top ten’s worst market performer as it lost 59.19% during 2022’s second quarter.

Dozens of Relatively Unknown Tokens Rise, $930 Billion Erased from the Crypto Economy in Q2

Most of Q2’s top-performing crypto assets that are not in the top ten positions were relatively unknown digital currencies. The largest gains recorded in Q2 were captured by the tokens like smartofgiving (AOG), followed by pitbull (PIT), and bosagora (BOA). The worst performers in Q2 include bluesparrow, piedao, terra luna classic, and wrapped terra luna classic.

Hundreds of coins out of the 13,414 crypto assets traded on 514 exchanges worldwide have lost more than 90% in value in Q2. In contrast, there are only a few dozen crypto assets that did perform well compared to the hundreds of coins that lost value during the second quarter. During the last three months alone, $930 billion in USD value has left the crypto economy.

What do you think about the second quarter’s crypto market performances? Let us know what you think about this subject in the comments section below.

Rebase Token Economy Dropped From $8 Billion to $577 Million in 7 Months

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Rebase Token Economy Dropped From $8 Billion to $577 Million in 7 Months

Seven months ago, the top rebase crypto tokens by market capitalization were collectively worth $8.03 billion and since then, the entire rebase token economy has lost more than 92%, dropping to $577 million. Olympus has dropped 99% since the asset’s all-time high (ATH), klima dao shed 99.9%, and wonderland is down 99.8% from its ATH.

Elastic Rebase Tokens Fall Short of Expectations, Sliding 92% Since November 2021

Last year when the bull run started, rebase tokens were becoming extremely popular and their fiat values jumped a great deal toward the end of 2021. These days, much like algorithmic stablecoins, rebase tokens have seemingly scared investors away, as they operate in a similar manner.

Basically, a rebase or elastic token is a type of crypto asset that adjusts the coin’s supply by the way the price responds to market changes and the reserves the project holds. Olympus (OHM) was one of the first rebase tokens, and the project sparked a great deal of rebase token forks that tried different rebasing mechanisms.

At the end of last year, rebase tokens were at the top, in terms of fiat value, as the entire rebase token economy was valued at $8.03 billion on November 21, 2021. Today, statistics show the top rebase tokens by market cap are collectively valued at $577 million. Most of the top rebase tokens reached all-time highs in November 2021, and olympus (OHM) was the leading rebase token in terms of market capitalization.

On that day in November, the free-floating currency backed by the Olympus DAO treasury was exchanging hands for $856 per unit. Although, OHM’s ATH was recorded before November, as it reached $1,415.26 per unit on April 25, 2021. Today, however, OHM is swapping for much lower prices as OHM’s fiat value has been $13.60 to $14.41 per unit during the last 24 hours.

Last November, wonderland (TIME) was the second-largest rebase token in terms of market valuation and today, it holds the eighth position. That day seven months ago, TIME was trading for $8,962 per unit after reaching an ATH two weeks prior. TIME, an Avalanche-based fork of OHM, hit $10,063 per unit on November 7, 2021.

On July 11, 2022, wonderland (TIME) is now worth $22.11 per unit after losing 99.8% against the U.S. dollar since the rebase token’s ATH. Similarly, klima dao (KLIMA) was trading for $1,644 per unit seven months ago and today, KLIMA is trading for a much lower value at $3.20 per unit.

Like wonderland (TIME), KLIMA also dropped positions among the top rebase tokens from third back in November 2021, to the seventh position during the second week of July 2022. Seven months ago, three of the top four rebase tokens were trading for four-digit prices and today the coins are exchanging for 3 to 1-digit values.

OHM is still the largest rebase token in terms of market valuation, but after some market position shifts, the second and third spots currently belong to temple dao (TEMPLE) and snowbank (SB). Data shows that as far as rebase token market performances, most of the losses took place from highs in November 2021 to mid-April 2022.

By April 16, 2022, the top rebase tokens by market capitalization combined dropped to $1.14 billion, as a great majority of the top rebase coins in the crypto economy had dropped by 90% or more in USD value. Metrics show that from mid-April 2022 up until now, another 49.38% in fiat value was shaved off of the $1.14 billion collectively held by the top rebase tokens 86 days ago.

What do you think about the market performance of rebase tokens like olympus, wonderland, and klima dao over the last seven months? Let us know your thoughts about this subject in the comments section below.

70 to 90% Down — Crypto Economy’s Decline Shakes Out $2 Trillion in 8 Months

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During the past eight months, crypto assets have shed enormous value against fiat currencies like the U.S. dollar. Bitcoin has shed 69% since the leading crypto asset’s all-time high on November 10, 2021, when the digital currency’s value tapped $69K per unit. The crypto economy has seen some healing as the market capitalization of all 13,413 tokens in existence is hovering just below the $1 trillion mark.

Today’s Top 10 Crypto Assets Have Lost 70 to 90% in USD Value

At the time of writing the entire crypto-economy is worth $983.65 billion after it lost more than $2 trillion during the past eight months. Every major crypto asset in the top ten standings (except for stablecoins) has shed well over 65% or more in USD value.

For instance, bitcoin (BTC) reached a lifetime high at $69K and today, it’s down 69% from that price high. Roughly 46.21% of BTC’s losses took place during the past 90 days. BTC’s market dominance is coasting along above the 40% range at 41.352%.

The second-largest crypto asset in terms of market valuation ethereum (ETH) is down 75.46% from the high it saw eight months ago. ETH traded hands for $4,850 per unit on November 10, 2021. 60.11% of ethereum’s losses were recorded during the last three months.

Over the last 12 months, ETH has shed 44.8% and its market capitalization of $142.40 billion represents 14.5% of the entire crypto economy. An interesting fact about 2022’s crypto-economy is that three stablecoin assets are now top ten contenders.

When this phenomenon first occurred, the stablecoin terrausd (UST) was still trading for $0.99 to $1 per unit. Moreover, the Binance-issued stablecoin BUSD was close to entering the top ten as well on May 6, 2022. Then UST de-pegged and the token plummeted to $0.00601 per unit on June 18, 2022.

Since then, BUSD managed to climb a few positions, and the stablecoin’s market cap is now ranked in the sixth position. Just above BUSD is Binance’s BNB token which is ranked in the fifth position this weekend.

BNB’s all-time high (ATH) was more than eight months ago as it reached $686 per unit on May 10, 2021. BNB is down 65.6% today from the ATH and year-to-date BNB has lost 25.7%. XRP’s ATH was four years ago and today it is 90% lower than the $3.40 per unit high XRP saw on January 7, 2018.

Bitcoin and Ethereum Command Over 55% of the Crypto Economy, While DOGE, SOL, ADA, XRP, and BNB Represent Close to 10%

Cardano’s (ADA) ATH was on September 2, 2021, or ten months ago when it reached $3.09 per coin. ADA is down today 84.7% from the ATH and 25.3% of the value was lost during the past 30 days.

Solana (SOL) reached an ATH four days before BTC’s and ETH’s price highs when it reached $259 on November 6, 2021. SOL is now down 85.6% from that price high and 6.6% was shaved during the last month. In the tenth-largest position, in terms of cryptocurrency market caps, dogecoin (DOGE), is down around 90.7% from the token’s price high.

Dogecoin’s ATH was recorded on May 08, 2021, when DOGE tapped $0.731 per unit that day. 15.1% of the meme coin’s value has been lost during the past month. Dogecoin’s market dominance today is 0.921%, while solana’s (SOL) dominance rating is 1.301%.

Cardano’s market valuation equates to 1.619% of the crypto economy and xrp (XRP) is around 1.667%. BNB commands 3.934% of the crypto economy’s USD value and besides ETH, BTC, and stablecoins the combined market cap of DOGE, SOL, ADA, XRP, and BNB equates to 9.442% of today’s $983 billion value.

What do you think about the top ten coins and how much they have lost since the all-time price highs? Let us know your thoughts about this subject in the comments section below.