1 year ago
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2/17 (Friday) morning market trends (compared to the previous day)
- NY Dow: $33,696 -1.2%
- NASDAQ: $11,855 -1.7%
- Nikkei Stock Average: ¥27,696 +0.7%
- USD/JPY: 133.9 -0.13%
- USD Index: 104 +0.1%
- 10-year US Treasury yield: 3.86 +1.5%
- Gold Futures: $1,847.2 +0.1%
- Bitcoin: $24,529 +1.6%
- Ethereum: $1,680 + 0.7%
traditional finance
crypto assets
Today’s New York Dow and Nasdaq fell sharply. The US January Producer Price Index (PPI), which was announced last night, rose more than expected.
The PPI, like the CPI released on Wednesday, outperformed expectations, but indicates that inflation continues to decelerate steadily on a year-on-year basis.
US January Producer Price Index
・PPI (MoM): This time +0.7% Last time -0.4% Forecast +0.4%
・PPI (year-on-year): This time +6.0% Last time +6.2% Forecast +5.4%
・Core (vs. previous month): This time +0.5% Last time +0.3% Forecast +0.3%
・Core (YoY): This time +5.4% Last time +5.5% Forecast +4.9%
— CoinPost-virtual currency information site-[app delivery](@coin_post) February 16, 2023
On the other hand, hawkish St. Louis Fed President James Bullard said after the PPI announcement that this year could be a year of disinflation (an economic condition in which the pace of inflation slows down), but there are several ways to make that happen. He commented that another rate hike may be necessary and that he would not rule out the possibility of supporting 0.5 points at the FOMC meeting in March.
According to the current market consensus, if the FOMC raises rates by 0.25 points each in March and May, there is a high expectation that interest rate hikes will stop after that, but the implementation of a 0.5-point rate hike will exceed the currently assumed terminal rate of 5.00% to 5.25%. It will be. Market participants are increasingly worried that the next FOMC (Thursday, March 17) will return the rate hike to 0.5 percentage points again due to persistent price pressure indicated by this week’s consecutive strong economic indicators. It seems It should also be noted that Bullard will participate in deliberations at the FOMC meeting in March, but will not have voting rights this year.
connection: Cryptocurrency-related stocks such as coinbase overall rise U.S. retail sales in January exceeded expectations
Key economic data dates for February
- 23rd 22:30 (Thursday): U.S. October-December Quarterly GDP Personal Consumption and Core PCE Revised Values
- 24th 22:30 (Friday): US January Personal Consumption Expenditure (PCE deflator)
- 24th 24:00 (Friday): University of Michigan Consumer Confidence Index February Confirmed value
connection: What is the CPI (Consumer Price Index) that attracts attention in the virtual currency market?
US stocks
IT/high-tech stocks and cryptocurrency-related stocks fell across the board. By individual stock, NVIDIA -3.3%, c3.ai -5%, Big Bear.ai -5.6%, Tesla -5.6%, Microsoft -2.6%, Alphabet -1.4%, Amazon -2.9%, Apple -1% , Meta-2.6%, Coinbase-5.4%, Silvergate Capital-22%.
connection: The rise in Bitcoin approaches $ 25,000, the background of the rise
connection: Recommended for cryptocurrency investors, advantageous shareholder benefits “10 selections”
Cryptocurrency/Blockchain-related Stocks (Year-on-Year Change/Year-to-Week Change)
- Coinbase｜$65.5 (-5.4%/+14%)
- Silvergate Capital | $17.3 (-22%/+15%)
- Algo Blockchain | $1.8 (+11.8%/-5.3%)
Coinbase fell after analysts downgraded it from buy to neutral ahead of its quarterly results. The company’s stock has risen more than 85% this year. However, recent tightening of regulations on staking services and stablecoins by the SEC is expected to have a negative impact on Coinbase’s performance this year, as users tend to migrate to DeFi platforms.
connection: US Pantera Capital “The virtual currency market may have bottomed out and entered the next cycle”
connection: Stock investment recommended for virtual currency investors, representative virtual currency stocks of Japan and the United States “10 selections”
Dollar/yen continues to rise
The dollar-yen exchange rate is 133.9 yen per dollar, down 0.13% from the previous day. The dollar soared to a high of 134.46 yen at one point in response to the solid US economic conditions indicated by the PPI last night.
Source: Yahoo! Finance
connection: The background of the “strong dollar” that affects the virtual currency market also explains the correlation and factors of the weak yen
GM radio of the week
connection: “GM Radio” Ethereum L2 developer Scroll will participate next time
The 6th GM Radio was held this Thursday at 12:30. As a guest, we invited Mr. Sandy Peng, co-founder of the zk rollup development company “Scroll”, to talk about the competition between L2 and future plans under the theme of “ZK competition in EVM equivalence”.
https://t.co/d1dehYQmQS
— CoinPost Global (We’re hiring!) (@CoinPost_Global) February 16, 2023
GM radio last week
The 5th GM Radio was held last Thursday. Guest speaker Rahul Sethuram, co-founder of Connext, talked about US VC-related trends, the public launch of Connext, the benefits of xApps, and future plans.
https://t.co/SvfiT0Zviy
— CoinPost Global (We’re hiring!) (@CoinPost_Global) February 9, 2023
The post NY Dow and Nasdaq decline due to strong economic indicators | 17th Financial Tankan appeared first on Our Bitcoin News.
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