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The world market for stocks and cryptos is recovering after a harsh week amid the Middle Eastern tension.
Markets worldwide went down last week as tension in the Middle East grew. On Friday, the US markets closed near their quarterly lows. NASDAQ broke down by 319 points while the extensive tech stocks also saw red colors. Crude oil trades near $87 per barrel, along with precious and base metals near their highs.
Last Week’s Fall in Global Markets
During the last week, one of the FED officials, John W., gave a high tide commentary. He said that if the data indicates a need for a rate hike, the FED will not hesitate. These sensitive words and international pressures in the Middle East were a significant cause for the world market to fall.
Monday Morning Rebound
Monday markets, however, are trying to ignore the buzz from last week. The most considerable rebound was seen in the Asian markets. Asian stock markets attempted to recover on Friday despite Wall Street experiencing another sell-off overnight, driven by disappointing earnings reports and stronger-than-expected US GDP data.
The mood was improved by a decline in Treasury yield, with the benchmark 10-year US yield falling towards 4.8% from 5%, reached earlier this week.
Investors in Asia also analyzed various economic reports, including Tokyo inflation. The Australian producer price index and Chinese industrial profits numbers. Stocks rose in Australia, Japan, South Korea, Hong Kong, and China. However, in India, the FIIs are becoming active as the markets see large pile inflows.
On Monday, the WTI crude futures dropped below $81 per barrel, reaching their lowest point in four weeks. This drop came as geopolitical tensions in the Middle East eased following Iran’s statement that it does not plan to retaliate against Israel’s recent apparent strikes on its territory.
Post Halving Crypto World Market Outlook
Just like the global equity markets are looking to bounce back, the world market of cryptocurrencies is also coming back on track. On Friday, a significant downfall was seen in the top cryptos like Bitcoin and Ethereum. While bitcoin came close to $60k, ETH’s price fell below $3k on Friday.
BTC Transaction Fees Dropped
Bitcoin transaction fees have significantly lowered post-halving, with medium-priority transactions costing $8.48 and high-priority transactions costing $9.32, according to on-chain data from Mempoolspace.
Meanwhile, the hash price index has dropped from $182.98 per hash/day to $81, a level below where it was pre-halving. The Runes NFT collection, designed to maintain fee revenue post-halving, has dropped its floor price by almost 50% in the last 24 hours.
Conclusion
Global markets were down last week due to increasing tensions in the Middle East. US markets closed near their quarterly lows on Friday. A FED official named John W. commented that if the data shows a need for a rate hike, the FED will not hold back. The WTI crude futures dropped below $81 per barrel on Monday, and the world market of cryptocurrencies experienced a significant downfall on Friday.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
