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Bitcoin started the new week with a decline. While the number one cryptocurrency traded above $69,500, it fell to $66,840 in the evening.
Bitcoin’s decline paralleled the retreat of US stock markets. US markets opened lower as investors awaited the balance sheets of major companies. The S&P 500 lost 0.65 percent, the Dow Jones lost 0.8 percent and the Nasdaq Composite lost 0.6 percent.
“Investors Begin to Think the Fed Will Act Slower”
On the other hand, the 10-year US bond yield rose 9 points to 4.168 percent. Speaking to CNBC, Sam Stovall, chief investment strategist at CFRA, said, “Bond yields continue to rise. Investors also expect the Fed to be slow to cut interest rates as the economy continues to grow.” “It will likely be more difficult for the Fed to lower the inflation rate to the 2 percent target level next year,” he commented.
A forecast shared by Goldman Sachs strategists on Friday also resonated with Wall Street. In an analysis published by the bank, it was suggested that the S&P 500 would provide a modest return of just 3 percent annually over the next 10 years. The average over the last 10 years was 13 percent. It also emphasized that there is a 72 percent chance that the index will outperform US Treasury bonds by 2034. “Investors should be prepared to see overall stock performance near the low end over the next decade,” the report said. It was said.
Bitcoin finds buyers at $66,960 as of 18.30 CET.
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