Cryptocurrency Bitcoin prices fell below the $19,000 mark due to the fall in the New York Stock Exchange (NYSE).
According to Coinmarketcap on the 7th, Bitcoin prices were traded at 18,869 dollars at 8:10 a.m. in GMT+8, down 4.94% from 24 hours ago.
Bitcoin prices have fluctuated around 20,000 dollars in September, but have plunged.
The price of Ethereum, the second-largest market capitalization, fell 3.77% from 24 hours ago to $1,566.94 at a similar time.
Bitcoin prices seem to be falling as sentiment of avoiding risky assets spreads after U.S. Federal Reserve Chairman Jerome Powell’s hawkish remarks.
The New York Stock Exchange, which opened in three days due to the Labor Day holiday, fell in unison amid concerns that a rate hike by major global central banks could lead to an economic recession.
On the New York Stock Exchange (NYSE), the Dow Jones 30 Industrial Average closed at 31,145.30, down 173.14 points and 0.55% from the 2nd.
The Standard & Poor’s 500 index closed at 3908.19, down 16.07 points and 0.41 percent from the weekend.
The tech-heavy Nasdaq Composite Index closed at 11,544.91, down 85.96 points and 0.74% from the weekend. It fell for seven consecutive trading days.
Buying was preceded by a rebound in the past three weeks due to the observation of a prolonged U.S. financial tightening, but it was pushed back by selling caused by concerns over a global economic slowdown.
As the U.S. government bond yield (market interest rate) soared, the Asian stock market is starting to fall all at once.
As of 9:20 a.m. on the 7th, Japan’s Nikkei was down 0.65%, Korea’s KOSPI was down 0.80%, and Australia’s ASX index was down 0.09%.
This is attributed to a surge in U.S. government bond yields. Benchmark 10-year water is 3.338%, and 2-year water is 3.499%, the highest since 2007. A reversal of short- and long-term returns, which is considered a barometer of the economic downturn, also occurred.
This is because the U.S. macroeconomic indicators announced earlier have improved significantly.
Immediately after these indicators were released, Federal funds rate futures traded on the Chicago Mercantile Exchange (CME) reflected the Fed’s 74% chance of raising interest rates by 0.75 percentage points at the FOMC in September. It was only 57 percent the previous day.
