Thursday saw volatility in the stock and cryptocurrency markets after experiencing fluctuations during Tuesday and Wednesday’s tensions between China and Taiwan.S&Major indices like the P500, Dow Jones, and NYSE fell several percent today, while the market capitalization of the global cryptocurrency market fell 2.5% in 24 hours to just above the $1.1 trillion level. Precious metals, on the other hand, traded higher as the administration of U.S. President Joe Biden declared the monkeypox virus a public health emergency in the United States.
Tensions between China and Taiwan and the Monkeypox report caused volatility in stocks and cryptocurrencies, while the precious metals market rose
capturing “safe-haven demand.”
On August 4, a day after California U.S. Representative Nancy Pelosi visited Taiwan and discusseddemocracywith Taiwanese President Tsai Ing-wen, stock and crypto traders faced headwinds. Global markets saw some volatility before and during the U.S. diplomat’s visit to Taipei on Wednesday as well.
Equity and precious metals markets fell the day before August 3, and the crypto economy managed to consolidate for another day. The U.S. stock marketfell againon Thursday as the Dow Jones dropped 85 points during the afternoon (EST) trading session. Cryptocurrenciesfollowed the stock market’s declineduring the day.
While the Nasdaq rose, the S&P 500, NYSE, and many other stocks saw losses during the day. The crypto economy also saw losses, as a whole lot of today’s digital assets lost 2.5% in the last 24 hours against the US dollar.
Major crypto assetsBitcoin (BTC)fell 5% from $23,548 to $22,395 in value Thursday afternoon. Ethereum (ETH)also lost 5% today after hitting a 24-hour high of $1,666 per unit, down to a low of $1,545 per coin. Among the top 10 crypto market cap candidates,Solana (SOL)lost the most, losing 5.6% during the day, whilePolkadot (DOT)shed 5.5%.
In Europe, the war between Ukraine and Russia rages on, while tensions between China and Taiwan are rising this week. While Asia is dealing with tensions, Europe is dealing with an energy crisis and recession. The U.S. is also dealing with what many believe is a recession, even though U.S. bureaucrats and their experts say otherwise.
On Thursday, the U.S. Department of Labor released theweekly unemployment insurance applications, noting that applications rose by 6,000 to 260,000. As the weekend approached, stock traders began to haveinterestin the U.S. July jobs report, due to be released on Friday. Hours before Thursday’s close, several of Wall Street’s top indexes, including the Dow and the S&P500, rebounded slightly; the P500 rebounded slightly; and the S {96} P500 rebounded slightly. By the close of trading on Wall Street on Thursday, three of the four major indices were down.
Meanwhile, the gold and silver markets showed some relief on Thursday as both assets rose. The price per ounce of gold rose 1.64% and the price per ounce of silver against the U.S. dollar rose 1.04%.On August 4, Kitco’s Jim Wykoffsaid that gold and silver prices were higher in the United States because of “safe asset demand as China-Taiwan-U.S. tensions escalated this week.” He stated that the surge in precious metals wasattributed to tensions in Asia.
Also on Thursday, it was reported in detail that the United States officially declared the virus “Monkeypox” a public health emergency. Washington Post (WP) reporter Dan Diamondexplained that “two officials, who spoke on condition of anonymity,” said the Biden administration would declare monkeypox an outbreak and public health emergency. Diamond wrote that the message would emanate from White House Health and Human Services Secretary Xavier Becerra.
The report led Becerra to declare Salmodoki now a public health emergency in the United States at an afternoon news briefing. ‘We are prepared to take the next step in dealing with this virus. I urge all Americans to take monkeypox seriously,” the Secretary of Health emphasized to the press
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