BM Market Report 12/10 – 2018: Stock Market Sell-off Continues and Coinbase List First ERC-20

BM Market Report 12/10 – 2018: Stock Market Sell-off Continues and Coinbase List First ERC-20

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Markets and Index

The American stock market extended its losses during Thursday and a real worry is now spreading among some investors.

  • The S&P 500 dropped 57.31 points (2.06 percent),
  • The Nasdaq Composite dropped 92.99 points (1.25 percent).
  • The Dow Jones Industrial Average did the worst once again falling 545.91 points (2.13 percent).

Stocks

As we enter the last trading day of the week, the world’s analysts seem incapable of agreeing on what is going to happen on the stock market. Roughly half of them claim that the sell-off was overdue but that it has passed and that stocks will start to recover, while the rest claim that this is the beginning of a bear market.

  • Square plunged 15 percent after losing it’s CFO and the company is now struggling to stay on its feet.
  • Tencent Music, the Chinese streaming music giant, has postponed its IPO until November due to the ongoing sell-off.

Also, three major bank reports are planned for later today from JP Morgan Chase, Wells Fargo, and Citigroup.

Forex

USD failed to increase off the stock market sell-off despite its role as the global reserve currency.

GBP/USD is nearing a weekly high thanks to more positive Brexit news as well as the falling dollar.

Commodities

OPEC Secretary-General Mohammad Barkindo stated on Thursday that the oil market is well supplied but that there are worries that we’ll end up with a surplus in 2019.

Cryptocurrencies

Similar to the stock market, the bloodbath on the cryptocurrency market continued and is set to extend during Friday. However, there are some positive developments. For example, Coinbase just listed their first ERC-20 token the 0x.

  • Bitcoin is down 0.25 percent in the past 24 hours, marking one of the smallest decreases.
  • Ethereum has fallen another 6.27 percent since yesterday.
  • XRP is down 4.71 percent since yesterday morning.

The biggest gainers since Thursday is Loom Network, 0x due to the Coinbase listing, and Eternal Coin.

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