[Market Commentary] European stocks fall, but Nasdaq hits a new high. Attention on the dominance rate of cryptocurrencies
June 24, 2021 (Thursday) Guest Article⇒ The shelf life of this article is until June 26 at 13:00.
■ The biggest concern in traditional financial markets is Western inflation; tapering (rate hikes in 2023?) is the focus
■ The biggest concern in the crypto asset industry is regulatory actions such as China’s mining crackdown
While the U.S. and Asian markets were mixed, European stocks fell. Germany’s DAX declined by1.15%compared to the previous day, and France and Switzerland did not perform well. In U.S. stocks, Tesla rose and the Nasdaq reached a new high. The U.S. manufacturing PMI for June (flash) rose from 62.1 in May to 62.6, beating market expectations of 61.5.
Gold fell modestly and is around the 1,770-dollar level. Crude oil briefly touched 74 dollars but retraced to the low- to mid-70s, continuing the uptrend since late May. According to the U.S. Energy Information Administration, U.S. crude oil inventories fell by 7.6 million barrels to 459.1 million barrels. Natural gas is also steady, remaining in the high-price range and aiming for a new recent high.
The crypto asset market remains firm. Although there were concerns about a breakdown when Bitcoin slipped below 30,000, it is recovering modestly, and other cryptos are also recovering. The dominance rate shows Bitcoin's share rising while Ethereum’s dominance rate falls. The DeFi/NFT boom has cooled, suggesting a gradual return to traditional crypto assets.
Today, the Bank of England’s key interest rate decision is scheduled, so it’s wise to watch the pound closely.
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