After the US stocks opened on Wednesday, all major indexes recovered from their declines and Dow Jones Industrial Average did as well and this is why we are taking a closer look in today’s blockchain news.
Dow Jones rebounded by more than 300 points, however; cryptocurrencies remained unaffected from the chaotic movements on the traditional markets since all of the capital flooded the ecosystem.
After the opening bell, Dow Jones Industrial Average lost nearly 400 points, S&P 500 and Nasdaq each got down by more than 1.1%. However, the S&P 500 paired its loss back to 0.6% and Nasdaq is now down only 0.1 percent.
The rough start in 2019 was mainly due to the selloff in the futures market. Stocks recovered a little but still ended out their worst month of trading.
Also, a major point for investors was the slowdown in the Chinese economy. The Chinese manufacturing sector also got slimmer in December for the first time in three years. The official manufacturing purchasing managers index dropped to 49.4 in December. In the meantime, the private manufacturing Caixin index shows a sharp drop according to last month’s statistics.
The high volatility in traditional markets has little impact on cryptocurrencies. Trading on the crypto exchanges even increased by 16% last week as capital flooded the market after the New Year session.
Bitcoin even managed to increase up to 4 percent and it briefly traded above $4,000 on Wednesday. Ethereum, on the other hand, surpassed XRP as second-largest cryptocurrency and is currently valued at $153.
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