NYSE:SOS saw its recent slide continue alongside a broader market meltdown to close out yet another losing week. On Friday, shares of SOS plummeted by 6.11% and closed the tumultuous trading week at $0.41. The closing price on Friday represents an all-time low for the Chinese crypto-miner, which was once a popular play on the Bitcoin market as recently as last year. The bearishness continued on Friday as the markets extended their recent declines. The Dow Jones sank by 981 basis points for its single worst performance since 2020. While the S&P 500 and NASDAQ fell by 2.77% and 2.55% respectively during the session.
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Equities were not the only markets under water as the crypto markets continued to trade in sympathy to the S&P 500. Bitcoin and Ethereum have both fallen below the key price levels of $40,000 and $3,000 respectively as of Friday afternoon, as both blue-chip crypto markets are now in the red for the week. As investors continue to move to a risk-off environment, we could see the same downward selling pressure in cryptocurrencies that we have seen in global stock markets as of late.
Former Donald Trump-aide, Anthony Scaramucci, has started a new fund for Bitcoin mining through his investment fund, SkyBridge Capital. So far the fund has raised $7 million and has already invested in Bitcoin miner, Genesis Digital Assets. Some other mining companies that SkyBridge has invested in include Marathon Digital Holdings (NASDAQ:MARA) and Riot Blockchain (NASDAQ:RIOT).
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EUR/USD has lost its traction after having recovered toward 1.0750 on upbeat German IFO data in the European morning. With safe-haven flows dominating the financial markets, however, the greenback preserves its strength and continues to weigh on the pair. Investors await mid-tier US data releases and Wall Street's opening bell.
GBP/USD continues to push lower toward 1.2700 on Monday, pressured by disappointing UK data and the risk-averse market environment. Wall Street's main indexes remain on track to start the day sharply lower, suggesting that the dollar is likely to hold its ground in the second half of the day.
Gold stays on the back foot and falls toward $1,900 on Monday after having lost 2% last week. Although the benchmark 10-year US T-bond yield is down sharply on Monday, the broad-based dollar strength is forcing XAU/USD to push lower.
Bitcoin price has slid below a crucial support level slowly indicating that the sellers are overwhelming the buyers into a slow death. Ethereum, Ripple and altcoins could see a similar bearish fate.
Another directionless week for equities as some initial enthusiasm was knocked on the head from firstly Netflix (NFLX) and then rising bond yields. Netflix found plenty of willing sellers but not too many willing subscribers.
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