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2022-04-06 11:29:20
Bitcoin had a few green candles yesterday and the price returned to around $43,200. The major altcoins also have many followers. And stocks fell slightly in Dow Jones, while the other two indexes increased very small, almost flat.
Crypto has recently been highly correlated with US stocks. The stock market is still affected by the economic reports in 2021. Retail sales fell more than expected in December as soaring prices hit spending, the Commerce Department said. The previous monthly sales report to end the year showed a 1.9% drop, significantly worse than the Dow Jones estimate of only a 0.1% drop.
Federal Reserve officials have in recent days emphasized the importance of reducing inflation, with many policymakers saying they expect to begin raising interest rates as soon as next March. . The Biden administration has joined central bank leaders in blaming price increases on pandemic-specific factors such as massive demand for goods versus services and supply chain issues. However, the price increase occurred after unprecedented amounts of cash injected into the economy from both fiscal and monetary policy. Some other information also said that the reason for the decrease in retail sales was because people had shopped before December to keep the goods delivered. Therefore, sales in December fell much more than expected.
Another information related to interest rate increase was mentioned yesterday. JPMorgan Chase & Co. CEO Jamie Dimon has said that the Fed could raise its benchmark interest rate seven times to combat rising inflation, though he did not specify how quickly that could happen. However, with the Fed’s eight-times-a-year meeting schedule, if according to Jamie Dimon’s prediction, all meetings are determined to raise interest rates. Thuan thinks this is very unlikely. Therefore, this information does not have much impact on the stock market as well as crypto.
In the short term, there are many times when BTC price is positively correlated with the crypto market. In general, the correlation of BTC also depends on many factors such as timing, new investors entering the market, the general situation of finance, politics,… In the long term, we still see that BTC has its own growth and development.
Some other information:
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Jack Dorsey’s company Square plans to create a decentralized and fairer BTC miner. However, they have not announced specific information about the device.
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The University of San Diego is accepting crypto donations.
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The Tesla Company has accepted payment of goods and accessories in Dogecoin. At the same time, once paid in crypto, the user cannot exchange or return the goods.
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FTX Forms a $2 Billion Fund to Invest in Crypto Startups
Amy Wu leads the fund, joining from Lightspeed Venture Partners, the fund could invest all of this money next year, focusing on gaming companies, insurance and security products
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