Recent stock trading data show that the Dow Jones Industrial Average Index has experienced the worst week since the 2008 global financial crisis. The index lost 1655 points or about 7%, it was the worst weekly decline in 10 years and with no obvious signs of recovery.
According to CNBC, the increase in the rate of the Federal Reserve System contributes to the losses of the financial market. Along with the Dow Jones S & P 500 index fell 2.1%, closing at 2416.58, and the Nasdaq Composite index lost 2.99% at 6329.99 after a significant loss to Facebook, Amazon and Apple.
Both the Dow and the S & P 500 are in the red by at least 9% in 2018, and both are preparing for the worst December figures since the Great Depression of 1931.
Sri-Kumar Global Strategies President Komal Sri Kumar noted :
“Now we see a lot of signs of recession. I would say that the risk lies in the fact that there are many mergers: the trade will not end soon, and the Fed has completely misjudged the market, suggesting two more rate increases next year. ”
While Dow Jones may be in recession after a nearly eight-year bullish rally in the stock market, Bitcoin shows a slight recovery.
At the moment, the BTC / USD pair continues to fluctuate around $ 4,000, remaining at the time of this writing at $ 4,171. Analysts believe that the decrease in shorts on cryptocurrency margin trading platforms has led to a rise in many currencies that were resold at that time.
Some users believe that the only way to raise Bitcoin to a record maximum is to enter the market of institutional investors. Others, including Bitpay CEO Stephen Couple, believe that Bitcoin adoption will contribute to this goal.
It is curious that some, sometimes overly optimistic crypto-enthusiasts, among whom Tom Lee, co-founder of the Fundstrat, have stopped making predictions about the price of bitcoin.
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