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Economic Uncertainty Heightens Fears, The Worst May Be Yet To Come For Crypto & OPEC Cuts Demand Forecast

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U.S. indices slip to fresh lows before recovering as economic uncertainty heightens

The NASDAQ and Dow Jones fell to their lowest level since March 2021, before rallying late in the trading day as markets continued to digest the current rise of inflation.

This comes a day after data showed that consumer prices in April were at 8.3%, more than the 8.1% figure market watchers were predicting.

In addition to this, U.S. initial jobless claims rose to a three month high, coming in at 203,000 vs 195,000 applications markets were anticipating.

Overall, traders continue to move away from risk assets following the Fed’s change in policy, with some expecting the situation to worsen in coming months.

Bitcoin falls below $26,000

Bitcoin fell below $26,000 during today’s market session, as the world’s largest cryptocurrency continued its recent decline.

Prices of cryptocurrencies have slipped for the majority of the year, with this week being viewed as a “Red October” type moment.

One of the biggest to fall has been Terra (LUNA), which started the month trading north of $90, and is now below $0.10.

Some longer-term Bitcoiners will likely remain bullish despite this recent selloff, which some liken to a similar move in 2017.

As of writing, BTC was still trading well below $30,000.

Oil prices volatile, as OPEC cuts 2022 demand forecast

Oil prices were volatile in today’s session, as prices were largely unchanged, despite moving by as much as $4 on Thursday.

The volatility came as OPEC today announced it was revising its demand forecast, as a result of the current geo-political landscape.

On Thursday, the cartel confirmed it now expects global demand to grow by 3.4 million barrels a day this year, which is down from prior estimates.

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Earlier this year it said it expected daily consumption of 3.7 million bpd however, has now moved away from this, citing COVID-19 restrictions in China as one of the reasons.

As of writing, WTI crude is trading at $106.63, up 0.87% from its opening price.

“Learn to take losses. The most important thing in making money is not letting your losses get out of hand.”

-Marty Schwartz.

Eliman Dambell

Senior Market Analyst

 

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