Global markets faced turbulence as Asian stocks fell sharply, mirroring Wall Street’s recent selloff. This downturn coincided with Bitcoin slipping below the significant $100,000 mark, signaling persistent unease in the crypto and equity markets. Concerns over Federal Reserve policies contributed to a broader sense of uncertainty among investors.
Asian Markets Under Pressure
On Friday, key Asian indices registered significant losses. Japan’s Nikkei fell by 1.73% to 50,392, while South Korea’s KOSPI saw a sharper decline of 3%, closing at 4,045.44. Meanwhile, Hong Kong’s Hang Seng index slumped 1.13% to 26,767. Australia’s S&P/ASX also sustained losses, dropping by 1.44% to 8,627.5.
Market analysts attributed these declines to hawkish comments from Federal Reserve officials. The Fed’s stance cast doubt on the likelihood of further rate cuts in December, dampening investor optimism. Currently, the probability of a rate cut stands at 51%, compared to 63% earlier.
Bitcoin and Cryptocurrency Markets React
Bitcoin, often seen as a barometer for risk tolerance in financial markets, fell below the critical $100,000 psychological level. This marked the third such occurrence in November, driven by persistent selling pressure in spot markets and weakened derivatives trading.
Ethereum (ETH) also endured a sharp decline, losing 8.33% in the last 24 hours. These losses followed October’s flash crash, which triggered record liquidations across the crypto market. Open interest in Binance Futures remains subdued at $9 billion, significantly lower than last month’s peak of $12 billion.
Adding to the negative sentiment, reports indicate that Japanese regulators may impose stricter controls on cryptocurrency treasury corporations. The potential for increased regulation in Japan has further undermined investor confidence in digital assets.
Global Markets: Mixed Signals
While crypto and equity markets wrestle with volatility, other sectors have seen varied reactions. Gold prices dipped by 0.6%, and oil is on track for its third consecutive weekly decline. The US dollar displayed mixed dynamics, retreating slightly despite higher bond yields, highlighting global cross-asset uncertainties.
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