[Market Commentary] Bitcoin bullish sentiment on the rebound. Precious metals, starting with gold, are falling
Contribution on Friday, June 4, 2021⇒ This article expires at 13:00 on June 7.
■ The biggest concern in financial markets is inflation in the US and Europe (strong US economic indicators), and tapering in various countries
■ The biggest concern in the cryptocurrency industry is China’s regulation and US taxation & regulation
European markets corrected. The German DAX barely managed a small gain of 0.19% from the previous day, while the UK FTSE100 fell 0.61% and the French CAC40 dropped 0.21%. US stock indices also showed weak movement, with the Nasdaq-100 down 1.07% and the Philadelphia Semiconductor Index down 1.81%, signaling a reaction from technology stocks.
Tesla stock in the USwas weak due to reports that orders in China halved in May, expanding the decline; yesterday it fell from -3% to -5% on Thursday, June 3. (No campaign, this brokerallows trading of Tesla CFDs with 20x leverage and no swap). The strong US ADP employment data caused the US 10-year yield to climb into the 1.62% range, and as a resultgold plummeted to $1,870. Copper continued to fall, and precious metals such as gold, silver, and platinum also declined. NY crude oil remained steady. The US ISM Non-Manufacturing PMI was at a historical high.
[Source] Trading View Copper shown as a candlestick, line chart shows platinum, silver, gold from the top
In today’s employment data release, attention is on how the $1.9 trillion pandemic relief measures affected the economy. The dollar index rose about 0.6%, bringing the USDJPY to a long-sought 110 level. This marks a level seen around late March to early April this year. The dollar-straight index largely declined, with particular attention on the decreases in Oceania currencies such as the NZD and AUD.
India’s stock index NIFTY 50 rose 0.73%, continuing to hit new highs. Notable news is that Russia announced it would completely remove (zero out) US dollar assets from the National Welfare Fund (NWF) and increase the share of euros, yuan, and gold. This could accelerate dollar de-dollarization globally.
The cryptocurrency market continues to rise, with an optimistic mood spreading. On social media, articles about a bubble burst are met with sneering comments, suggesting a reduced sense of crisis. With the weekend approaching, vigilance is still warranted.
Over the last 24 hours, Bitcoin is in the 37,000-dollar range and Ether in the 2,700-dollar range, moving 4–6% in either direction.※ Fell sharply around 10:00.Dogecoin rose briefly after Coinbase announced Dogecoin trading on the Coinbase Pro platform, but has fallen about 7% as a correction.
Attention in traditional financial markets centers onthe US employment report at 21:30This is within the last 1–2 years, as economic indicators and monetary policy have begun to influence Bitcoin’s price, making Bitcoin resemble a financial instrument.
【Trading ideas stocks】
DAX, NIFTY 50
NY crude oil
Bitcoin, Ether
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