Investors flocked to cryptocurrencies at the start of the year partly thanks to the success of coins like Bitcoin and Ethereum, as well as newcomers like KODAKCoin. The investing scene is a lot different now though as a lot of cryptos are starting to slide down and it’s going down along with other markets too.
As of this writing, many digital coins are still suffering. Bitcoin’s 24-hour movement showed around 1 percent decrease. Ethereum and XRP’s prices slid down by 7.94 percent and 8.42 percent, respectively. At the same time, the global market and tech stocks are crumbling too, hitting an eight-month low.
In total, the crypto market has lost almost $20 billion, most of which were from the major coins.
Nonetheless, many investors are still willing to partake in the crypto market. Ivy League and other major U.S. universities including Harvard, Stanford and MIT are just some institutions that are currently diving into crypto funds. This shows a growing acceptance for cryptos among institutional investors, although it might not be enough to bring back the strong interest in cryptos for now.
Investors might find it hard to seek out positive movement in stocks today as other markets are suffering too. It is a chain of events that first started with the decline in Wall Street.
US stock market triggers a chain of effect?
Dow Jones recorded its third-worst performance ever, dropping by about 832 points. Many of the stocks that suffered the most include Facebook, Netflix, Apple and Amazon which are all a part of the acclaimed FAANG stocks. NASDAQ, on the other hand, already dropped 8 percent this October. The FTSE 100 fell to six-month low.
Asian markets followed shortly after Wall Street’s dive, reports CNBC. Affected heavily is the Hang Seng index, which suffered a 3.88 percent loss yesterday while the Shanghai composite fell by 5.22 percent to end the day at 2,583.46. The Shenzhen composite, meanwhile, dropped by 6.445 percent to 1,293.90. Analysts claim that China is suffering more due to its ongoing trade war with the Trump administration.
In Taiwan, Taiex shed 6.31 percent to 9,806.11. Apple supplier Largan Precision suffered a 9.89 percent loss. Japan was not safe too as the Nikkei 225 dropped by 3.89 percent to 22,590.86 while the Topix index shed 3.52 percent.
The global market is having a hard time due to global economic growth and trade war concerns between major economies. In a statement released to Business Insider, Nordea Asset Management Senior Macro Strategist Witold Bahrke said the huge volume of negative news on economies triggered the sell-off of stocks. Investors are beginning to pull out their major shares are they are expecting more negative movement soon.
Investors need to be cautious for now not only because of market volatility but also because of global economic concerns. Trade war tensions are still gravely affecting various markets, and as the issue deepens, we might see more declines in the coming weeks.
(Featured image by DepositPhotos)
Could this breakthrough end animal testing forever?
The microbiologist Elisabeth Mertl hopes to end animal testing for good. The scientist has developed tests that are arguably faster...
What does your reflection in the mirror say about your health?
In the past year, at-home health has made leaps and bounds in disease prevention and wellness maintenance with MIRROR, an...
Germany looks to increase investment in Africa
The big Africa conference will take place on Tuesday November 19, in Berlin. Chancellor Angela Merkel will welcome the presidents...
How transparency can help CBD companies beat the competition
Veritas Farms Inc (OTC:VFRM) and Serious Seeds, two companies from two different continents, have the same policy when it comes...
How Luxembourg’s government is encouraging sustainable investing
Sustainable Investing is gradually becoming more popular. Most banks in Luxembourg today offer a wide range of sustainable products and...
- Business7 days ago
Breaking business news from Canopy Growth, Walmart, Nvidia, and more
- Featured7 days ago
How fintech is helping Italians ditch cash
- Cannabis7 days ago
Drake and Canopy Growth are launching a cannabis company
- Featured7 days ago
Corn and Oats closed a little higher and other updates to agricultural stocks