Inflation fears continue to decimate global markets, made worse this week due to comments from US Treasury Secretary Janet Yellen. CPI numbers came in higher than expectations, reaching 8.6% and leading the stock market sharply lower. The Dow, Nasdaq, and S&P 500 all closed the week 5% lower.
Cryptocurrencies were crushed in the widespread panic. The second-largest crypto asset by market cap, Ethereum, suffered a drastic over 25% plunge dragging down other #altcoins with it. #Bitcoin, in contrast, fell by 14%. The SEC is also reportedly investigating the top-ten coin BNB for potentially violating unregistered securities laws.
Elsewhere in global markets, oil prices continue to surge and add to inflation pressure. Gold is showing some potential signs of strength as an inflation hedge. However, silver has remained flat.
Hedge risks with PrimeXBT
Cryptocurrencies were crushed in the widespread panic. The second-largest crypto asset by market cap, Ethereum, suffered a drastic over 25% plunge dragging down other #altcoins with it. #Bitcoin, in contrast, fell by 14%. The SEC is also reportedly investigating the top-ten coin BNB for potentially violating unregistered securities laws.
Elsewhere in global markets, oil prices continue to surge and add to inflation pressure. Gold is showing some potential signs of strength as an inflation hedge. However, silver has remained flat.
Hedge risks with PrimeXBT