The Magazine for Asian Investors
Bitcoin fell to nearly $21,000 today in line with U.S. equity markets on fears the U.S. Federal Reserve (Fed) will continue to raise interest rates to curb inflation.
- The Dow Jones Industrial Average fell 643.13 points, or 1.91%, to close at 33,063.61.
- The S&P 500 fell 90.49 points, or 2.14%, to close at 4,137.99 points.
- The Nasdaq fell 323.64 points, or 2.55%, to close at 12,381.57.
The bitcoin price fell 0.54% this morning to $21,389.40.
Bitcoin surpassed $69,000 in November 2021, reaching its highest level in history, before falling below $20,000 in June 2022. Investors are concerned that the Fed’s accelerated rate hikes and balance sheet cuts will weigh on market liquidity.
In addition, investors are worried about the Chinese economy after Chinese Premier Li Keqiang admitted that China is in an extremely difficult situation to stabilize its economy.
Investors will be keeping an eye on the Fed’s annual meeting in Jackson Hole, Wyoming, Aug. 25-27.
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Tuesday, August 23, 2022