Coin stock | Mixed global stock markets; Bitcoin steadily holds near $20,000

Coin stock | Mixed global stock markets; Bitcoin steadily holds near $20,000

After most Asian markets declined, European benchmarks are higher, and the price of bitcoin was trading at around $20,000.

Japan (AP) — After most Asian markets declined on Monday, European averages rose, while the price of bitcoin remained close to $20,000.

While oil prices initially Monday slid back, U.S. futures climbed.

After bouncing over the weekend, the cost of the most widely used cryptocurrency in the world stayed close to the psychological ceiling of $20,000. Bitcoin dropped as much as 10% at one stage, reaching less than $18,600, according to the cryptocurrency news website CoinDesk.

It was valued at $20,650.56 as of Monday at 0500 ET (0900 GMT).

The CAC 40 in France increased 0.2% to 5,893.20. The DAX in Germany increased 0.2% to 13,150.16. The FTSE 100 in Britain increased 0.5% to 7,049.87. Due to the Juneteenth holiday, American markets are closed on Monday. The S&P 500 future increased by 0.5%, while the Dow industrials’ future increased by 0.4%.

As anticipated, China maintained its prime rates for loans with terms of one year and five years.

Rate reductions in the upcoming months are still expected because we anticipate a gradual economic recovery under the COVID-zero policy, given China’s struggles to contain outbreaks and its already fragile economy. The government should provide additional fiscal stimulus after this rate pause, according to Iris Pang, chief economist for Greater China at ING.

The benchmark Nikkei 225 index for Japan fell 0.7% to close at 25,771.22. S&P/ASX 200 Australia fell 0.6% to 6,433.40. The Kospi in South Korea fell 2.0% to 2,391.03. The Shanghai Composite barely changed, edging down less than 0.1% to 3,315.43, while Hong Kong’s Hang Seng nudged up 0.4% to 21,163.91.

Contrary to the U.S. Federal Reserve and central banks in many other nations, China and Japan, two of the world’s three largest economies, are not hiking interest rates. Markets have retracted after share prices surged as a result of tremendous support during the pandemic due to concerns that the global economy will enter a recession if policymakers move too quickly with interest rate hikes and other measures to tighten monetary policy.

Despite worries about the declining value of the yen, Japan’s central bank maintained its near-zero interest rate policy last week.

The American dollar went down from 135 Japanese yen late on Friday to 134.76 yen. The price of a euro increased from $1.0489 to $1.05.

Later this week, Federal Reserve Chair Jerome Powell is scheduled to give testimony on monetary policy to the Senate Banking Committee and the House Financial Services Panel.

The Federal Reserve’s actions have caused the markets to brace for an environment with rising interest rates. Higher rates can reduce inflation, but they also run the danger of weakening the economy and starting a recession. Additionally, they frequently lower the value of stocks, cryptocurrencies, and other investments.

The Federal Reserve raised its benchmark short-term interest rate by three times the average amount last week, marking the highest increase since 1994. At its next meeting in July, it might consider another such mega-hike. Additionally, a recent study on the American economy revealed that industrial production last month was worse than anticipated.

On the New York Mercantile Exchange, benchmark U.S. crude fell 42 cents to $109.14 a barrel in electronic trading. On Friday, it fell by $7.26 to $107.99 per barrel. The benchmark crude, Brent, lost $1.35 to $111.77 per barrel.

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