On hindsight, it was only a matter of time before bitcoin joined the ranks of assets to make fresh all-time highs. Following in the footsteps of the Dow Jones, S&P 500, Nasdaq Composite, gold, Nikkei 225, DAX, CAC 40 and probably many others I’m forgetting, bitcoin hit new highs of around $69k early this week, although depending on the exchange the price may or may not have actually surpassed valuations from November 2021. It wasn’t the cleanest of record breaks.
Much cleaner has been the price action in gold. The shiny metal kept much of its momentum from last Friday’s surge, gaining 1.5% and 0.6% over the last two sessions, bringing it up to $2,127 an ounce by Tuesday’s close. The consistent moves to the upside are in stark contrast to the flash in the pan moment experienced last December when gold briefly shot up to $2,140 before getting obliterated and closing the day in the red.
Jerome Powell, chairman of the Federal Reserve, is set to give testimony before Congress starting in the next few hours. The event will last two days and is expected to lay out the Fed’s strategy for interest rate changes this year and beyond. Several members have previously warned against betting on early rate cuts, insisting instead that bringing inflation under control is the prerequisite to any form of monetary easing.
Anticipation behind the event is perhaps keeping market participants on the back foot, as evidenced by the dismal performance of US stocks yesterday. Tech stocks especially have finally cooled off a little, with the Nasdaq Composite losing 1.65% on Tuesday and the Dow Jones and S&P 500 both losing a percentage point each.
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