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Fear of War, Monkeypox Causes Stock and Crypto Markets to Churn While Precious Metal Spike Higher

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Stock and cryptocurrency markets saw volatility on Thursday after fluctuating during tensions between China and Taiwan on Tuesday and Wednesday. Major indices such as the S&P 500, Dow Jones and NYSE lost a few percent today, while the global cryptocurrency market cap lost 2.5% in 24 hours to just above the $1.1 trillion range. Precious metals, on the other hand, are trading higher after the administration of US President Joe Biden announced that the monkeypox virus is a public health emergency in the United States.

Tensions in China and Taiwan and reports of monkeypox cause stock and crypto prices to fluctuate, while precious metals markets rise, catching safe-haven demand

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On August 4, the day after the visit of the American representative from California, Nancy Pelosi, to discuss democracy with Taiwanese President Tsai Ing-wen. There were some fluctuations in world markets ahead of the US diplomat’s visit to Taipei, as well as during Wednesday’s visit.

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The day before, on August 3, the stock and precious metals markets fell, while the cryptocurrency managed to consolidate for another day. US Equity Markets bathed again on Thursday, when the Dow dropped 85 points during EST afternoon trading sessions. Cryptocurrencies followed falling stock markets during the day.

Fear of War, Monkeypox Causes Stock and Crypto Markets to Crash as Precious Metals Rise
The Dow Jones Industrial Average as of August 4, 2022.
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While the Nasdaq rose, the S&P 500, NYSE and many other stocks suffered losses throughout the day. The crypto economy has also taken a beating as the total volume of digital assets lost 2.5% in the last 24 hours against the US dollar today.

Fear of War, Monkeypox Causes Stock and Crypto Markets to Crash as Precious Metals Rise

Leading crypto asset bitcoin (BTC) on Thursday afternoon, it fell 5% from $23,548 to $22,395. Ethereum (ETH) too lost 5% today after hitting a 24 hour high of $1666/unit to a low of $1545/coin. From the top ten applicants for the market capitalization of cryptocurrency sunlight (sun) lost the most unprofitable 5.6% during the day and polka dots (dot) shed 5.5%.

Fear of War, Monkeypox Causes Stock and Crypto Markets to Crash as Precious Metals Rise
BTC/USD 4-hour chart from August 4, 2022.

War rages in Europe between Ukraine and Russia, and tensions between China and Taiwan have escalated this week. While Asia is grappling with tensions, Europe is dealing with an energy crisis and recession. The US is also experiencing what many consider to be a recession, although US bureaucrats and their pundits say otherwise.

War fear and monkeypox cause stock and cryptocurrency markets to crash as precious metals rise
Three of the four leading indexes on Thursday showed new losses after a stormy day the day before. The losses are blamed on tensions between China and Taiwan, monkeypox and the upcoming July jobs report.

On Thursday, the US Department of Labor published weekly jobless claims data showing claims increased by 6,000 to 260,000. As the weekend approaches, stock traders interested in the US employment report for July, due on Friday. A couple of hours before Thursday’s close, several of Wall Street’s leading indices, such as the Dow and the S&P 500, recovered slightly. By the close of Wall Street trading on Thursday, three of the four major indices were down.

Fear of War, Monkeypox Causes Stock and Crypto Markets to Crash as Precious Metals Rise
Gold price on August 4, 2022.

Meanwhile, the gold and silver markets saw some relief on Thursday as both assets rose. The price of gold per ounce jumped by 1.64%, while the price of silver per ounce against the US dollar increased by 1.04%. August 4 Jim Wyckoff of Kitco attributed precious metals sparked tensions in Asia when he said U.S. gold and silver prices rose “on safe-haven demand as tensions between China, Taiwan and the U.S. escalated this week.”

In addition, on Thursday, it was reported that the US had officially declared the Monkeypox virus a public health emergency. The Washington Post (WP) reporter Dan Diamond explained that “two officials who spoke on condition of anonymity” said the Biden administration would declare a monkeypox outbreak and a public health emergency. Diamond wrote that the message comes from White House Secretary of Health and Human Services Xavier Becerra.

Following the report, Becerra declared a U.S. public health emergency during an afternoon briefing. “We are ready to take our response to the next level in the fight against this virus, and we urge every American to take monkeypox seriously,” the secretary of health said. emphasized to the press.

What do you think of the stock and crypto market action on Thursday as gold and silver rose slightly? Let us know your thoughts on this in the comments section below.

Denial of responsibilityA: This article is for informational purposes only. This is not a direct offer or solicitation to buy or sell, nor is it a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly liable for any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods or services mentioned in this article.



Credit : news.bitcoin.com

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