(BTC) Bitcoins Price Crashes, Could The Nasdaq Be In Recovery Mode?, (GBP/USD) Bullish Market Sentiment For The Pound Sterling Against The USD

"Stock selloff resumes, bitcoin nears USD 30k" | Oanda

Summary:

  • Rising inflation and hawkish reserve banks left investors risk averse.
  • No particular news driving the stock price turn around for the market.

Read next: Stock Market Showing Signs Of Slight Recovery Amidst U.S CPI Report Release 

Bitcoins prices crashing

The price of Bitcoin crashed almost 7% during the trading day on Thursday. The reason for this seems to be the same as what is happening with investors on the wider financial market, investors are turning risk averse and selling off their Bitcoin holdings in the wake of economic insecurity. The current crash is dropped lower than the value during the crash in July 2021.

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The Fed’s increasing interest rates was an initial driver for investor sentiment to change bearish, the increasing interest rates made it more expensive to make bets on the financial markets. Investors are less confident in the ability of cryptocurrencies to hold their value as regulators battle rising inflation.

(BTC) Bitcoins Price Crashes, Could The Nasdaq Be In Recovery Mode?, (GBP/USD) Bullish Market Sentiment For The Pound Sterling Against The USD - 1

Bitcoin USD Price Chart

GBP likely to weaken further

According to dailyfx.com, investors are betting on the Pound Sterling to strengthen against the US Dollar. The information the market has right now is that the UK economy is slowing, and likely to enter into a period of stagflation, this will likely cause the value of the GBP to weaken further. The future value of the GBP is not looking too bright.

Nasdaq turns around.

The Nasdaq has seen poor market performance during the trading week. However, during trading on Thursday, we have seen the stock price for the Nasdaq turn around. According to finance.yahoo.com, there does not seem to be any particular news driving this stock turn around.

(BTC) Bitcoins Price Crashes, Could The Nasdaq Be In Recovery Mode?, (GBP/USD) Bullish Market Sentiment For The Pound Sterling Against The USD - 2

Nasdaq Price Chart

Read next: Tech Stocks Plunging!? Trade Desk Earnings Announcement Pushes Tech Giant Stock Down, Russian Ruble Strengthening and Ford Motor Co. 

Sources: slate.com, poundsterlinglive.com, finance.yahoo.com

"Stock selloff resumes, bitcoin nears USD 30k" | Oanda

Rebecca Duthie

Remote Editor and writer Intern
FXMAG.COM

Rebecca has a bachelors degree in Investment Management, a Post Graduate Diploma in Financial Planning and is currently enrolled in a Masters program in International Management with a Specialization in International Finance.