lost momentum on June 1 as US stocks faced another day of retracement.

Chart /. Source: TradingView

US Stocks

US stocks fell in a volatile session yesterday (June 1) amid concerns about the health of the economy, as Wall Street entered a new month after a volatile May.

At the end of the session, the Dow Jones Industrial Average fell 176.89 points (equivalent to 0.5%) to 32,813. The index rose more than 280 points at the high and fell 400 points at the low of the session. The S&P 500 Index lost 0.8% to 4,101. The Nasdaq Composite Index retraced 0.7% to 11,994 points.

Financial stocks were the worst performer of the S&P 500 on Wednesday. Goldman Sachs and JPMorgan Chase shares are both down more than 1%.

The US Federal Reserve (Fed) has raised interest rates twice this year, with once raising rates by 50 basis points. The central bank also signaled its intention to continue raising interest rates to deal with inflation. On Wednesday, San Francisco Fed President Mary Daly said she favors raising rates aggressively until inflation subsides.

Concerns about tightening monetary policy even increased on Wednesday, after the Institute for Supply Management (ISM) said the manufacturing PMI rose from 55.4 last month to 56.1 in the previous month. May. Meanwhile, the hiring rate dropped sharply in April, but remained at a historic high.

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Additionally, US bond yields rose on Wednesday. Rising interest rates reduce the value of future earnings and can make internal securities less attractive.

Meanwhile, gold prices rebounded from a two-week low on June 1 as investors looked to the safe-haven metal amid rising inflation fears mainly due to a jump in fuel prices, although A stronger dollar and higher US bond yields capped gold's gains.

Bitcoin and altcoins

Data from TradingView has recorded a strong reversal of BTC at the start of the session, a retracement of $1,600 in three hours. At the time of writing, the largest cryptocurrency is trading at around $29,820, wiping out all of the gains made in the past few days.

For analyst Michaël van de Poppe, $29,000 is now on the horizon after support levels refused to help. .

"Very simple, Bitcoin need to stay here to be able to test $33k. Otherwise, the price will drop pretty quickly to the $ 29K range.”

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The source: Twitter

Meanwhile, the popular trading account Tony, the goals are still firmly in place.

“My target has been $ 22,000 – $ 24,000 for almost two months now and that has not changed due to this small injection. Zoom out the chart and nothing changes.”

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The source: Twitter

Trader Blake noted continued weakness in stocks, with Bitcoin is highly correlated, as an indication that the crypto asset has not bottomed out yet.

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“This SPX situation is a big part of why I don’t see this as a ‘buy dip’ time for crypto and Bitcoin.”

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The source: Twitter

The downfall of falling below $30k sent longtime traders in the crypto market into turmoil. Data from CoinGlass shows that over $88 million was liquidated in the last hour and $593 million in the past day.

The majority of the liquidations — $350 million in value — occurred on exchanges , with a relatively smaller number belonging to the .

Source: Coinglass

has underperformed Bitcoin in the last 24 hours, with coins like and decreased by 8,44% and 9,57%, respectively.

While, dropped 11,66%, possibly due to a 7+ hour network issue that the validators still haven't resolved.

Source: Coin360

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