Fear of War, Monkeypox Make Stock and Crypto Markets Rumble as Precious Metals Soar Higher – Bitcoin Market Updates

Stock and crypto markets saw volatility on Thursday, after experiencing fluctuations during tensions between China and Taiwan on Tuesday and Wednesday. Major indices like the S&P 500, Dow Jones, and New York Stock Exchange have lost a few percentage points today, while the global cryptocurrency market capitalization lost 2.5% in 24 hours, falling just above the 1 range. .1 billion dollars. Precious metals, on the other hand, traded higher as US President Joe Biden’s administration declared the monkeypox virus a public health emergency in the United States.

Sino-Taiwan tensions and monkeypox reports send stock and crypto prices fluctuating, precious metals markets rally as ‘safe haven demand’ caught

Stock and crypto traders faced some hurdles on Aug. 4, a day after U.S. Representative from California Nancy Pelosi visited Taiwan to talk democracy with Taiwanese President Tsai Ing-wen. Global markets saw some fluctuations before the US diplomat visited Taipei and also during Wednesday’s visit.

Stock and precious metals markets fell the day before, on August 3, while the crypto economy managed to consolidate for another day. US stock markets fell again on Thursday as the Dow Jones dropped 85 points during the afternoon trading sessions (EST). Cryptocurrencies followed the decline of the stock markets during the course of the day.

Fear of War, Monkey Pox Make Stock & Crypto Markets Rumble While Precious Metals Soar Higher
Dow Jones Industrial Average Index on August 4, 2022.

While the Nasdaq rose, the S&P 500, NYSE and many other stocks posted losses over the course of the afternoon trading sessions. The crypto economy also saw losses as all digital assets lost 2.5% in the last 24 hours against the US dollar.

Fear of War, Monkey Pox Make Stock & Crypto Markets Rumble While Precious Metals Soar Higher

The leading crypto asset bitcoin (BTC) fell 5% on Thursday afternoon from $23,548 to $22,395 in value. Ethereum (ETH) also lost 5% today after hitting a 24-hour high of $1,666 per unit to as low as $1,545 per coin. Of the top ten crypto market cap contenders, solana (SOL) lost the most 5.6% on the day and polkadot (DOT) lost 5.5%.

Fear of War, Monkey Pox Make Stock & Crypto Markets Rumble While Precious Metals Soar Higher
BTC/USD 4-hour chart on August 4, 2022.

In Europe, the war between Ukraine and Russia continues and tensions between China and Taiwan have intensified this week. As Asia grapples with tensions, Europe faces an energy crisis and recession. The United States is also grappling with what many believe to be a recession even though US bureaucrats and their pundits have said otherwise.

Fear of War, Monkey Pox Make Stock & Crypto Markets Rumble While Precious Metals Soar Higher
Three of the four major indices posted further losses on Thursday after a turbulent day earlier. The losses are attributed to Sino-Taiwan tensions, monkeypox and the upcoming July jobs report.

On Thursday, the US Department of Labor released weekly jobless claims data, showing claims increased by 6,000 to 260,000. As the weekend approaches, stock traders have become interested in the US jobs report for July, due out on Friday. A couple of hours before the closing bell on Thursday, some of Wall Street’s major indices like the Dow Jones and S&P 500 rallied slightly. At the end of Wall Street trading on Thursday, three of the four major indices were down.

Fear of War, Monkey Pox Make Stock & Crypto Markets Rumble While Precious Metals Soar Higher
Gold price on August 4, 2022.

Meanwhile, gold and silver markets saw some relief on Thursday as both assets rose. The price per ounce of gold increased by 1.64%, while the value of an ounce of silver against the US dollar increased by 1.04%. On August 4, Kitco’s Jim Wyckoff attributed the rise in precious metals to tensions in Asia when he said gold and silver prices were higher in the US due to “safe haven demand, as that the tensions between China, Taiwan and the US.

Also, on Thursday, reports detail that the US has officially declared the Monkeypox virus a public health emergency. Washington Post (WP) reporter Dan Diamond explained that “two officials who spoke on condition of anonymity” said the Biden administration would declare monkeypox an outbreak and a public health emergency. Diamond wrote that the message would come from the White House Secretary of Health and Human Services, Xavier Becerra.

After the report, Becerra ended up declaring monkeypox a public health emergency in the US during an evening press conference. “We are prepared to take our response to the next level to address this virus, and we urge all Americans to take monkeypox seriously,” the health secretary stressed to the press.

Tags in this story

Biden Administration, Bitcoin, BTC, China, Crypto Economics, Crypto Markets, DOW, Stocks, Stock Markets, ETH, Ethereum, Gold, Secretary of Health, Jim Wyckoff, Kitco, Market Updates, Monkeypox, nasdaq, NYSE, Public Health Emergency , S&P 500, silver, Stocks, Taiwan, Ukraine-Russia War, Wall Street Indices, War, White House, Xavier Becerra

What do you think about the stock and crypto market action on Thursday, while gold and silver prices posted some gains? Let us know your thoughts on this topic in the comments section below.

jamie redman

Jamie Redman is the news lead at Bitcoin.com News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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