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As of the 2:30 closing bell, the main Shanghai gold futures contract rose 0.80% to 882 yuan/gram, the main Shanghai silver futures contract rose 3.43% to 14,578 yuan/kilogram, and the main SC crude oil futures contract fell 1.17% to 457 yuan/barrel.July 1st - European Central Bank (ECB) Governing Council member Dorenz stated that if the situation in the Middle East does not escalate further during the next policy meeting, the ECB may maintain interest rates unchanged at its next meeting. Speaking at the Sintra Forum on Tuesday, he said that pausing rate hikes would be reasonable if energy prices stabilize, commodity volatility does not spread, and a second wave of effects does not materialize. "If oil and gas prices remain low, there is no need to rush into further tightening," he said. "Based on the current data, a wait-and-see approach before September may be appropriate." With several weeks until the next policy meeting, markets remain volatile, and Dorenz warned that the situation could change at any time, and geopolitical risks have not completely subsided. "Hostility has resurfaced in recent days," he said. "While all parties hope for a lasting reconciliation, the conflict is unlikely to be resolved in the short term, and uncertainty remains high."The Colombian Central Banks interest rate decision was supported by a majority of its seven board members.Market news: Republican hardliners are blocking the House of Representatives efforts to advance a defense policy bill in protest against Trumps legislative proposals regarding voter identity verification.ECB Governing Council member Dorenz: Based on current data, it may be appropriate for the ECB to pause interest rate hikes in July.

Crypto Prices Slump Over the Weekend

Skylar Shaw

May 09, 2022 09:59

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The Bitcoin market dropped over the weekend, matching the stock market's decline.


According to CoinDesk pricing, the world's biggest cryptocurrency, bitcoin, plummeted to $34,656 on Sunday afternoon, down 3.9 percent from Friday evening. Bitcoin fell below $34,000 earlier this afternoon, about half of its all-time high of $67,802 set in November.


Ethereum, the second-largest cryptocurrency, was trading at about $2,565 on Sunday afternoon, down 5.1 percent from Friday at 5 p.m. EDT.


Bitcoin and other cryptocurrencies are notorious for their wild price volatility. 


For years, individual investors dominated the market, but institutional investors, such as hedge funds and money managers, have begun to take control.


The market has become more aligned with regular markets as more professional investors trade crypto. Many institutional investors that acquire cryptocurrencies see them as high-risk investments, akin to equities in the technology sector. During periods of market turmoil, investors prefer to flee to safer areas.


Last week, the stock market fell the day after the Federal Reserve issued a half-point rate hike, the largest since 2000, to combat inflation. Additional rate hikes are possible this summer, according to Fed Chairman Jerome Powell. 


Some of the central bank's $9 trillion asset portfolio is also being unwound.


The Nasdaq Composite, which is heavily weighted in technology, fell to a 52-week low of 12144.66 on Friday. It is down 22% so far this year.


For most of 2022, cryptocurrency prices remained flat as investors braced for higher interest rates. According to CoinMarketCap, the crypto market was busy over the weekend, with $112 billion in market volume in a 24-hour period. The total value of the cryptocurrency market is currently $1.59 trillion.

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