Volatility was witnessed in the stock and cryptocurrency markets on Thursday after experiencing volatility during tensions between China and Taiwan on Tuesday and Wednesday. Major indices such as the S&P 500, Dow Jones and NYSE are down a few percentage points today, while the global cryptocurrency market capitalization is down 2.5% in 24 hours, just above the $1.1 trillion threshold. Precious metals, on the other hand, traded higher as the administration of US President Joe Biden declared that the monkeypox virus was a public health emergency in the United States.
Stock and crypto prices fluctuate due to China and Taiwan tensions and reports of monkeypox, growth in the precious metals market is catching up to ‘safe-haven demand’
Stock and crypto traders faced some headwinds on August 4, the day after US Representative Nancy Pelosi of California traveled to Taiwan to discuss democracy with Taiwanese President Tsai Ing-wen. Global markets witnessed some volatility ahead of the US diplomat’s visit to Taipei and also on Wednesday.
Equity and precious metals markets fell a day earlier on August 3, while the crypto economy managed to consolidate for another day. US stock markets fell again on Thursday as the Dow Jones fell 85 points during the afternoon (EST) trading session. Cryptocurrencies following a fall in the stock markets during the day.
While the Nasdaq was up, the S&P 500, NYSE and several other stocks posted losses during the day. The crypto economy also suffered, as the entire digital asset is down 2.5% over the past 24 hours against the US Dollar today.
Major crypto asset Bitcoin (BTC) fell 5% on Thursday afternoon from $23,548 to $22,395. Ethereum (ETH) also broke 5% today after tapping a 24-hour high of $1,666 per unit from a low of $1,545 per coin. Among the top ten crypto market cap contenders, Solana (SOL) lost the most during the day at 5.6% and Polkadot (DOT) lost 5.5%.
In Europe, the Ukraine-Russia war continues and tensions between China and Taiwan have escalated this week. While Asia is grappling with tensions, Europe is grappling with energy crisis and recession. American bureaucrats and their experts have said otherwise, even though many believe the US is also dealing with a recession.
On Thursday, the U.S. Department of Labor published weekly jobless claims figures, which notes a rise in claims from 6,000 to 260,000. As the weekend draws to a close, stock traders are increasingly interested in America’s July Jobs Report, which is due to be published Friday. Hours before the closing bell on Thursday, some of Wall Street’s top indexes such as the Dow and the S&P 500 rebounded slightly. By the end of Wall Street’s trading day on Thursday, three of the four major indices were down.
Meanwhile, gold and silver markets witnessed some respite on Thursday as both the assets climbed higher. Gold rose 1.64% per ounce, while silver rose 1.04% per ounce against the US dollar. On August 4, Jim Wyckoff of Kitco attributed the rise in precious metals to tensions in Asia, when he said gold and silver prices in the US were “higher on safe-haven demand as China-Taiwan-US tensions rose this week.” has increased.”
Furthermore, on Thursday, the report detailed that the US has officially declared the monkeypox virus a public health emergency. Washington Post (WP) reporter Dan Diamond reported that “two officials who spoke on condition of anonymity” said the Biden administration would declare an outbreak of monkeypox and a public health emergency. Diamond wrote that the message would come from the White House Secretary of Health and Human Services, Javier Becerra.
Following the report, Becerra, during an afternoon news briefing, declared monkeypox a public health emergency in what is now the US. “We stand ready 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 showed some gains? Tell us your thoughts about this topic in the comment section below.
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