What to know:
- Bitcoin’s been on a rollercoaster, climbing 23% since Trump’s election and briefly flirting with $109K. Meanwhile, Strategy (MSTR) is strutting around with a 34% gain like it owns the place. 🎢
- European stocks are having a grand old time (DAX +20%, FTSE 100 +6%), while U.S. markets are sulking (Nasdaq & S&P 500 down ~2%). Gold’s feeling fancy, soaring past $3,030 per ounce (+11%). 💰
- The U.S. Dollar Index (DXY) is as flat as a pancake after a nosedive, giving the euro and British pound a little boost. Oil prices? Down ~7% as the U.S. flexes its energy muscles. 🛢️
Well, folks, it’s been over four months since pro-crypto Donald Trump won the U.S. presidential election, and the financial markets have been more chaotic than a cat in a room full of rocking chairs. Tariffs, geopolitical tensions, and conflicts in the Middle East and Ukraine-Russia have kept everyone on their toes. 🐾
Bitcoin (BTC) has surged over 23% since the Nov. 5 election, hitting an all-time high of over $109K in January. Sure, it’s taken a 30% tumble since then, but it’s still one of the best performers out there. Strategy (MSTR), often seen as a bitcoin proxy, has gained 34%, bouncing back like a rubber ball under the Trump administration. 🏀
Ethereum’s ether token (ETH) hasn’t been so lucky, falling by as much as 18%. The Valkyrie Bitcoin Mining ETF is also struggling, down almost 30%. Meanwhile, investors are flocking to BTC, pushing its dominance rate up by 2% to over 61. 🐑
European equities are shining brighter than a polished penny, with the German DAX up 20% and the UK’s FTSE 100 gaining 6%. Meanwhile, U.S. stocks are looking a bit peaky, with the Nasdaq and S&P 500 both down around 2%. Gold, the eternal safe haven, has hit new all-time highs, surpassing $3,030—an 11% increase. 🏅
The U.S. Dollar Index (DXY) is as flat as a board, but under Trump, the dollar has weakened significantly, giving a boost to risk assets and major currencies like the Euro and the Great British Pound. 💷
Meanwhile, the U.S. 10-year Treasury yield has dipped slightly to 4.2%, a key metric the administration is keeping an eye on. Oil prices have dropped by around 7% as the U.S. continues to dominate the energy scene. ⛽
Some of the so-called “Magnificent 7” stocks are having a rough time, with NVIDIA (NVDA) down 16% and Tesla (TSLA) declining 6%. 🚗
Detox underway?
Recent losses on Wall Street and in the crypto market have sparked hopes for the “Trump put,” or potential policy support. But the administration seems ready to endure some short-term pain for long-term gain, believing this will cleanse the markets of the fiscal spending excesses of the Biden era. 🧼
This reset is expected to bring lower inflation, improved energy security, and a lower 10-year Treasury yield.
“Scott Bessent’s talk of a ‘detox period’ suggests a controlled downturn might be ahead. If that’s the case, Trump’s playbook seems clear: blame the recession on Biden, use tariffs and crypto narratives to manage costs, and push for lower interest rates to fuel tech and AI growth. Short-term pain, long-term gain—that’s the strategy,” Gracy Chen, CEO of Bitget, said in an email to CoinDesk this week. 📈
“Regardless, I don’t see BTC falling below 70k, possibly 73-78k which is a solid time to enter for any buyers on the fence. In the next 1-2 years, BTC at 200k isn’t as far-fetched as most would think,” Chen added. 🚀
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2025-03-20 14:29