On April 22, according to 4E monitoring, Trump once again fiercely criticized Federal Reserve Chairman Powell and threatened the Fed's independence, triggering market concerns about the decline of the US dollar's credibility and potential economic downturn. On Monday, US stocks experienced a "Black Monday" with all three major indices plummeting: the Dow Jones fell 2.48%, the Nasdaq dropped 2.55%, and the S&P 500 declined 2.36%. Tech stocks collapsed across the board, with Tesla dropping over 5% and NVIDIA falling over 4%, causing the total market value of the "Seven Giants" to evaporate by $404.6 billion.
The crypto market decoupled from stocks and rose against the trend. Bitcoin continued to rise from early morning yesterday, and Strategy announced a purchase of 6,556 bitcoins (at an average price of $84,785) for $556 million in the evening, boosting market sentiment and remaining stable at $87,000 despite the stock market's sharp decline. This morning, Bitcoin quickly surged again, reaching a new one-month high of $88,877, with a 24-hour increase of 1.42%. Bitcoin's performance impacted the crypto market, with Altcoins generally under pressure. Ethereum fell below $1,600, dropping 3%; SOL was priced at $138.75, with a near 24-hour decline of 1.72%.
In the forex and commodities market, the US dollar index plummeted 0.94% to around 98, hitting a 16-month low; oil prices dropped, with US crude falling 2.06%; spot gold rose 2.90%, reaching a new high.
Trump's continued attacks on the Federal Reserve have caused investor concerns. While low interest rates may be short-term beneficial to the stock market, damage to the Fed's independence could weaken its long-term inflation control ability, threaten the US dollar's status as the world's safest asset, and undermine the foundations of the US economy. The market remains highly vigilant, with risk-averse sentiment surging.
4E, a financial trading platform supporting cryptocurrencies, stock indices, commodities, gold, and forex, has recently launched a USDT stablecoin financial product with an annual yield of 8%, providing investors with potential hedging options. 4E reminds users to be aware of market volatility risks and allocate assets reasonably.
