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Futures Market Summary | Thursday, June 18th, CCTV News Highlights: 1. Xi Jinping replies to Xinhua News Agency veteran Zhang Liansheng, emphasizing the importance of inheriting the red gene and writing an excellent chapter on the new journey. 2. Striving to write a new chapter in Chinese-style modernization under the guidance of Xi Jinpings thought on Party building. 3. The Central Leading Group for Party Building issued a "Notice on Studying and Implementing Xi Jinpings Thought on Party Building." 4. Peoples Daily commentator article: Making a major original contribution to the development of Marxist party building theory—On studying and implementing Xi Jinpings thought on Party building. 5. Han Zheng meets with guests from Canada and Denmark. 6. Accelerating the allocation of funds for "two new" projects to continuously release policy effectiveness. 7. The first report meeting of the series of reports on "Guaranteeing and Improving Peoples Livelihood in High-Quality Development" was held in Beijing. 8. Lin Dan: Serving the residents well for life. 9. The State Council Information Office held a meeting with Chinese and foreign journalists on "Striving for the New Journey." 10. The China Theatre Association, the China Folk Literature and Art Association, and the China Calligraphers Association elected a new leadership. 11. National railway transportation for the Dragon Boat Festival holiday begins today. 12. Market supply is abundant as the Dragon Boat Festival approaches. 13. Two departments urgently allocate 100 million yuan in central natural disaster relief funds. 14. The policy dividends of the six-month island-wide customs closure in the Hainan Free Trade Port continue to be released. 15. The import and export volume of the Western Land-Sea New Corridor reached a record high in the first five months. 16. my countrys first carbon footprint database for key industrial products goes online. 17. The Datengxia Hydropower Project in Guangxi passes completion acceptance. 18. The "National Recruitment Action - Beijing Trip" special event for college graduate employment services is launched. 19. Box office revenue for films in 2026 exceeds 16.5 billion yuan. 20. The 2026 China Brand Forum is held in Xiongan. 21. The official text of the memorandum of understanding signed remotely by the US President and the Iranian President is released. The Pakistani Prime Minister announces that the US-Iran memorandum of understanding takes immediate effect. 22. Russia claims that the Russian military has made significant progress in Donetsk. 23. Palestine strongly condemns Israels settlement expansion. 24. The G7 summit concluded without a joint communiqué. 25. The Federal Reserve announced for the fourth consecutive time this year that it would maintain interest rates unchanged.Mayor of Moscow, Russia: The fire at the oil refinery is basically under control.June 18: Building materials transaction volume was 80,800 tons, a decrease of 4.27% compared to the previous trading day. June 17: Building materials transaction volume was 84,400 tons, an increase of 1.56% compared to the previous trading day. June 16: Building materials transaction volume was 83,100 tons, a decrease of 21.08% compared to the previous trading day. June 15: Building materials transaction volume was 105,300 tons, a decrease of 1.31% compared to the previous trading day. June 12: Building materials transaction volume was 106,700 tons, an increase of 32.38% compared to the previous trading day. Last weeks average: Building materials transaction volume was 90,000 tons.ENERGY FUELS rose 8.6% in pre-market trading.On June 18, Aberdeen Deputy Chief Economist Luke Bartholomew stated, "We believe the Bank of England will be able to avoid the kind of monetary tightening measures that the European Central Bank has already begun to implement and that the Federal Reserve hinted at last night." "The fact that two committee members voted in favor of a rate hike indicates that some policymakers remain concerned about potential inflationary pressures."

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.