Source: Fortune
Summary
Bitcoin’s price has dropped to its lowest since April, down nearly 2% in 24 hours, and other cryptocurrencies like Ethereum have also fallen. Precious metals, including gold, silver, platinum, and copper, have also seen a dramatic downturn. The volatility comes as President Trump nominated Kevin Warsh to succeed Jerome Powell as Fed chair and investors remain uneasy over Big Tech’s investments in AI. Microsoft’s strong earnings failed to ease investor anxiety, and its stock plummeted over 10% in after-hours trading.
Our Reading
The numbers tell one story. Bitcoin’s price has been flagging since October, and the crypto market has turned bearish. Microsoft’s stock drop and gold prices “kick-started the move lower in risk.” The crypto market’s downturn has prompted some analysts to say it’s a “mild Crypto Winter.” Institutional interest in stablecoins and new crypto regulation has others cautiously optimistic. The crypto market’s performance has diverged from the S&P 500 over the past three months.
Author: Evan Null
