Home Markets War scare, Monkeypox causes stock and crypto markets to churn as precious metals soar – Reuters

War scare, Monkeypox causes stock and crypto markets to churn as precious metals soar – Reuters

War scare, Monkeypox causes stock and crypto markets to churn as precious metals soar – Reuters

Equity and cryptocurrency markets saw volatility on Thursday, after seeing swings during tensions between China and Taiwan on Tuesday and Wednesday. Major indices like the S&P 500, Dow Jones and NYSE lost a few percentage points today, while the global cryptocurrency market capitalization lost 2.5% in 24 hours, dropping just above the range. of $1.1 trillion. Precious metals, on the other hand, traded higher when US President Joe Biden’s administration declared the Monkeypox virus a public health emergency in the United States.

Tensions in China and Taiwan and reports of monkey pox cause stock and crypto prices to fluctuate, precious metals markets surge, capturing ‘safe haven demand’

Stock and crypto traders faced headwinds on August 4, the day after U.S. Representative from California Nancy Pelosi visited Taiwan to discuss democracy with Taiwanese President Tsai Ing-wen. Global markets saw some swings ahead of the US diplomat’s visit to Taipei and during Wednesday’s visit as well.

Stocks and precious metals markets fell on the eve of August 3, while the crypto-economy managed to consolidate for another day. US stock markets dived again Thursday as the Dow fell 85 points during afternoon (EST) trading sessions. Cryptocurrencies followed the decline in stock markets during the day.

Scared of war, Monkeypox causes equity and crypto markets to churn as precious metals soar
Dow Jones Industrial Average on August 4, 2022.

While the Nasdaq was up, the S&P 500, NYSE and many other stocks posted losses during the day. The crypto economy also saw losses, as all digital assets today lost 2.5% in the last 24 hours against the US dollar.

Scared of war, Monkeypox causes equity and crypto markets to churn as precious metals soar

The main crypto asset Bitcoin (BTC) slipped 5% on Thursday afternoon from $23,548 to $22,395 in value. Ethereum (ETH) too lost 5% today after hitting a 24-hour high of $1,666 per unit to low of $1,545 per coin. Among the top ten contenders for crypto market capitalization, solane (SOL) lost the biggest loser 5.6% during the day and peas (DOT) lose 5.5%.

Scared of war, Monkeypox causes equity and crypto markets to churn as precious metals soar
BTC/USD 4-hour chart on August 4, 2022.

In Europe, the Ukraine-Russia War is raging and tensions between China and Taiwan have escalated this week. While Asia faces tensions, Europe faces an energy crisis and a recession. The United States also faces what many see as a recession even though American bureaucrats and their experts have declared Otherwise.

Scare of War, Monkeypox Causes Stock and Crypto Markets to Churn as Precious Metals Soar
Three of the four major indices on Thursday posted more losses after a turbulent day earlier. The losses are blamed on tensions between China and Taiwan, Monkeypox and the upcoming July jobs report.

On Thursday, the US Department of Labor published weekly jobless claims data, which shows claims rose by 6,000 to 260,000. Heading into the weekend, stock traders were interested in the July US jobs report, due out on Friday. Hours before the closing bell on Thursday, some of Wall Street’s major indexes like the Dow and S&P 500 rebounded slightly. At the end of the Wall Street trading day on Thursday, three of the four major indexes were down.

Scared of war, Monkeypox causes equity and crypto markets to churn as precious metals soar
Gold price on August 4, 2022.

Meanwhile, gold and silver markets saw some relief on Thursday as both assets surged higher. The price of an ounce of gold jumped by 1.64% while the value of an ounce of silver against the US dollar rose by 1.04%. On August 4, Kitco’s Jim Wyckoff assigned precious metals increase tensions in Asia when he said gold and silver prices were higher in the United States “on safe-haven demand as tensions between China, Taiwan and the United States United have intensified this week.”

Additionally, on Thursday, reports detail that the United States has officially declared the Monkeypox virus a public health emergency. Washington Post (WP) reporter Dan Diamond Explain that “two officials who spoke on condition of anonymity” said the Biden administration would declare monkeypox an epidemic and a public health emergency. Diamond wrote that the message would come from White House Health and Human Services Secretary Xavier Becerra.

Following the report, Becerra ended up declaring monkeypox a public health emergency now in the United States, during an afternoon press briefing. “We are ready to take our response to the next level to fight this virus, and we urge all Americans to take monkeypox seriously,” the health secretary said. stress to the press.

Keywords in this story

Biden Administration, Bitcoin, BTC, China, crypto-economy, Crypto Markets, DOW, actions, stock markets, ETH, Ethereum, gold, health secretary, Jim Wyckoff, Kitco, market updates, Monkeypox, Nasdaq, NYSE, public health emergency, S&P500, silver, Stock markets, Taiwan, Ukraine-Russia War, Wall Street indices, War, White House, Xavier Becerra

What do you think of the action in the stock and crypto markets on Thursday as gold and silver prices posted gains? Let us know your thoughts on this in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News about disruptive protocols emerging today.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Please enter your comment!
Please enter your name here