[Market Commentary] Bitcoin becomes legal tender! Psychological caution in stock markets eases
Contributed on Monday, June 7, 2021⇒ This article’s shelf life is until 13:00 on June 9.
■ The biggest concerns in financial markets are Western inflation, with the G7 tax reforms also in focus
■ The crypto asset industry’s biggest concerns are taxation and remittance regulations in China and the United States, and BTC becoming legal tender
Nasdaq 100 and the Philadelphia Semiconductor Index both closed up 1.78% and 2.39% respectively from the previous day, indicating strength. The U.S. employment data came out stronger than the previous month (though worse than market expectations), easing psychological concerns about stocks.The yield on the U.S. 10-year Treasuries fell to 1.61%, and gold rebounded, hovering near $1,890. The German DAX extended gains, reaching a new high with a 0.39% rise from the previous day. Tesla stock, which had fallen previously, rebounded to +4.58% after a -5% drop.Copper rebounded, and precious metals gold, silver, and platinum also rose together. NY crude oil continued its uptrend. Grains such as corn showed gains with a gap up as of Monday.
The U.S. dollar index fell by 0.4%, sending the USDJPY to the 109.60 area. Most major dollar crosses remained firmer. A major news item is that on June 11-13, G7 finance ministers reached an agreement to establish a 15% minimum corporate tax rate as part of global tax reform ahead of the G7 summit.
In the crypto market,El Salvador adopting Bitcoin as its legal tender has become a hot topic. The handling of Bitcoin in legal tender, especially regulatory responses, is not yet clearly defined,and somewhat confusing. The lack of positive impact on prices is believed to be due to these circulating expectations.
【Trendy Stocks for Trading】
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