Stock and crypto traders encountered some crosswinds on August 4, the day after Nancy Pelosi, the American representative from California, visited Taiwan to discuss democracy with the Taiwanese president Tsai Ing-wen. As a result, global markets witnessed a few fluctuations before the U.S. diplomat visited Taipei and while the visit on Wednesday as well.
Equities and precious metals markets slipped the day before on August 3, while the crypto economy coped with consolidating for another day. U.S. equities markets fell again on Thursday as the Dow Jones dropped 85 points down during the trading sessions in the afternoon (EST). Cryptocurrencies followed the downfall in stock markets during the daytime.
While Nasdaq was on a hike, the S&P 500, NYSE, and many other stocks experienced losses during the trading sessions in the afternoon. In addition, the crypto economy also witnessed losses, as many digital assets lost 2.5% within the last 24 hours against the U.S. dollar.
The largest cryptocurrency, bitcoin (BTC), slid 5% on Thursday afternoon from $23,548 to $22,395 in price. Ethereum (ETH) also lost 5% today after touching a 24-hour high at $1,666 per unit, falling to a low of $1,545 per coin. Out of the top ten crypto market cap contenders, Solana (SOL) lost the most, falling by 5.6% during the day and polkadot (DOT) fell by 5.5%.
The European worries about the Ukraine-Russia war trouble are on, and tensions between China and Taiwan have levelled up this week. While Asia deals with the worries, Europe also deals with an energy crisis and a recession. The U.S. is also dealing with what many believe is an upcoming recession, even though bureaucrats in America and experts have stated otherwise.
Meanwhile, markets of gold and silver witnessed some relief on Thursday as both assets scaled higher. The price of gold per ounce leapt by 1.64%, while the value of silver per ounce against the U.S. dollar rose by 1.04%. On August 4, Kitco’s Jim Wyckoff attributed the precious metals hike to tensions in Asia when he said that the prices of gold and silver were higher in the U.S. because of “on safe-haven demand as China-Taiwan-U.S. tensions have escalated this week.”
On Thursday, reports mentioned that the U.S. has officially made a declaration that the virus Monkeypox is a public health emergency. Dan Diamond, the Washington Post (WP) reporter, explained that “two officials who spoke on the condition of anonymity” told them that the Biden administration would be declaring monkeypox an outbreak and a public health emergency.
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