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Market Watch: Bitcoin, Indices, WTI Close Higher, Metals Decline

Yesterday, a new trading week started with cryptocurrencies exploring the upside and Bitcoin closing at almost $39,000, after the weekend’s intense volatility. The rise seems to be attributed to a tweet from Elon Musk stating that North American bitcoin miners had made a commitment to revealing data showing their use of renewable energy for mining. Such a move could calm concerns over the effect bitcoin has on the environment.

The major US indices also got the week off to a good start, with the S&P 500 up 41.19 points, the Dow Jones rising to 34393.98, and the Nasdaq also closing positive with a gain of 190.18 points. It seems that, along with Bitcoin, the indices are starting to recover from last week’s losses.

This week, traders are likely to keep a close eye on the Nasdaq as some of the index’s constituent tech companies such as Nvidia, Salesforce, and Dell release their quarterly results. The tech index is likely to be affected by these releases.

Oil prices reached $66.32 per barrel of WTI crude oil. Gold was down 0.1% to 1,878.92 per ounce. The rest of the metals, including platinum and palladium, remained stagnant with slight declines.

Following yesterday’s condemnation of Belarus for the arrest of journalist Roman Protasevich and his girlfriend, the second day of the European summit begins. The 27 country members called on European airlines to avoid flying over Russia’s airspace. They also froze a 3 billion package of measures earmarked for Belarus.  The summit also discussed “proactive and disruptive” activities against the EU and the US.

There are several data releases slated for today that could affect the markets:

  • Germany Gross Domestic Product (GDP) q/q
  • The United States New Home Sales
  • The Conference Board the United States Consumer Confidence Index
  • Ifo Germany Business Climate
  • Singapore Gross Domestic Product (GDP) q/q

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