btc price

On Wednesday, Wall Street’s main indices dropped for the third consecutive year as investors shied away from riskier assets due to a sharp drop in cryptocurrency and inflation concerns.

As a result of China’s decision to exclude financial and payment firms from providing cryptocurrency services, Bitcoin and Ether were on their way to reporting their biggest one-day loss since March last year.

Coinbase Global was down 5.6 percent, bitcoin bank Silvergate Capital Corp was down 3.0 percent, and cryptocurrency miners Riot Blockchain and Marathon Digital Holdings were down 7.5 percent and 9.0 percent, respectively.

Tesla Inc. dropped 4.2 percent, while payment firms Mastercard, Square, and PayPal, which accept crypto payments, fell between 0.6 and 3.2 percent.

“Today is all about the collapse in cryptocurrency, and the plunge is boiling over into stock markets, which are now roiled by inflation fears,” Dennis Dick, Head of Markets Structure, Proprietary Trader at Bright Trading LLC in Las Vegas, said.

“We’ve seen stocks flee to commodities and other asset groups as buyers seek refuge from inflationary consequences, but now most reserves are overcrowded, and the Fed is tethered that stricter policy will mean most of the cash is gone, and the markets could vanish.”

Investors would still pay attention to the minutes from the April Fed meeting, where the central bank held rates unchanged. At 2:00 p.m. ET, the statement will be issued (1800 GMT).

Despite promises from Fed officials that the price hike will be temporary, high inflation and signals of labor shortages have sparked inflation worries and rocked financial markets in recent weeks.

Financials and commodities led the declines in all 11 main S&P markets. The CBOE volatility index, which gauges investor apprehensions, increased 2.5 points to 23.82.

As disappointing housing data offset better-than-expected Walmart and Home Depot gains, major Wall Street indexes dropped in a late sell-off Tuesday.

Lowe’s Companies Inc., a US home improvement retailer, contributed to the stimulus packages’ unexpectedly strong quarterly revenue rise and Target Corp.’s sales increase.

Target climbed 4.7 percent while Lowe’s dropped 2.3 percent.

The Dow Jones Industrial Average was 414.91 points, or 1.22 percent, lower at 33,645.75, the S&P 500 was 44.22 points, or 1.07 percent, lower at 4,083.61, and the Nasdaq Composite was 115.69 points, or 0.87 percent, lower at 13,187.95 at 11:48 a.m. ET.

After touching a weekly record, the yield on the 10-year Treasury Note dropped. [United States]

Take-Two Interactive Software Inc gained 5.2 percent after posting quarterly earnings and sales that were higher than analysts’ expectations.
On the NYSE, the relegation/relegation ratio was 4.21 to 1 and on the Nasdaq, it was 2.84 to 1.

The S&P index reached two new 52-week highs and made no new lows, while the Nasdaq Composite reached 12 new highs and 35 new lows.

By Karen Stone

Reporter Karen Stone is a reporter for The Ticker Times. After graduating from DNYU Stern School of Business, Karen got an internship at New York 4 where she worked on profiling local businesses. Karen was also was a columnist for the Huff Post. Karen mostly covers business and community events. Tel: 206-332-0220 Location: 1304 6th Ave, Seattle, WA 98104, USA Email: [email protected]