BM Market Report 06/09 – 2018: A Tech Sell-Off and A Cryptocurrency Collapse

BM Market Report 06/09 – 2018: A Tech Sell-Off and A Cryptocurrency Collapse

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Markets and Indexes

After last week’s impressive gains and a few days with stable conditions, the markets finally turned yesterday. In connection to a major sell-off in the tech industry, the S&P 500 and the Nasdaq Composite both dropped.

In the past 24 hours, the Dow Jones Industrial Average rose 22.51 points. However, the index is still trading downwards over the week.

That being said, the American stock market’s struggles are nothing compared to the complete meltdown that happened on the cryptocurrency market. At the time of writing, some of the largest digital assets are down 20 percent. You will get more details about the collapse further down.

Stocks

Amazon, Netflix, Microsoft, Apple, Facebook, and several other tech giants fell between 2 and 4 percent during Wednesday trading. Twitter shares fell more than 6 percent as a result of CEO Jack Dorsey speaking in front of the Senate.

The one thing that could the save the market from further damage is a few of the company reports coming out today.

In addition, there are another half dozen or so reports planned for this afternoon that has the potential of creating a bit of a stir.

Forex

  • USD/CNY remains stable for now. However, as the United States Government is preparing to escalate the trade war by the end of the week, China will most likely retaliate using the yuan instead of more tariffs.
  • Positive Brexit news saw GBP/USD soar on Wednesday which eventually spread to the USD/EUR that saw its best trading day in more than two weeks.

Commodities

The United States is set to release a report on their crude oil supply later today which could have a major effect on both the price of crude oil and the USD. It’s by far one of the most important trading events today.

Cryptocurrency

Yet another massive backlash has hit the cryptocurrency market and today everything is trading in the red. The situation was initiated by Goldman Sachs announcing that they are postponing their cryptocurrency trading desk.

  • Bitcoin is currently down 12.23 percent, trading at $6,400 meaning it’s dropped close to $1,000 in 24 hours.
  • Ethereum is down over 20 percent trading in the low 200’s.
  • XRP is down 13.40 percent.
  • Bitcoin Cash is has dropped almost 20 percent.

Similar patterns can be found all across the market with most of the top 100 assets having dropped double digits.

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