Bitcoin slightly declines to around $64,000; however, the top asset still records an impressive recovery streak with an 11% increase over the past 7 days.
U.S. Stock Market
Futures contracts on the U.S. stock market edged higher on Wednesday evening after the Nasdaq Composite had its worst trading session since 2022, as investors turned away from major tech companies.
The Dow Jones futures rose 68 points, or 0.16%. The S&P 500 and Nasdaq 100 futures increased by 0.2% and 0.32%, respectively.
In extended trading, Discover Financial shares rose 3% after second-quarter results exceeded expectations. Conversely, Beyond Meat shares fell about 16% after The Wall Street Journal reported, citing familiar sources, that the company is meeting with creditors to begin discussions on restructuring its balance sheet.
On Wednesday, the tech-heavy Nasdaq dropped 2.8% in its worst day since December 2022, closing below 18,000 for the first time since July 1. The S&P 500 lost 1.4%.
However, the blue-chip Dow, which has less exposure to the tech sector than the other two indices, performed better. The 30-stock index rose 243.6 points, or 0.6%, closing above 41,000 for the first time.
Wall Street has been selling off shares of companies that benefited from artificial intelligence this year, as the increasing likelihood of a rate cut in September has bolstered optimism in the broader market. The Russell 2000 fell 1% on Wednesday, but the small-cap index has gained over 9% in the past five trading days.
Investors are hoping for a broader market rally amid concerns that the tech-driven recovery is running out of steam. However, some expect the shift may not be enough to protect stocks from future challenges, including the possibility of an economic recession.
Economically, jobless claims for the week ending July 13 will be released on Thursday. Economists predict claims will be at 229,000, up from 222,000 the previous week.
Regarding earnings reports, Domino’s Pizza and Alaska Air will report on Thursday before Wall Street opens, while Netflix is expected to release results after the trading session ends.
Bitcoin and Altcoins
After hitting a local peak at $66,128, the highest level since June 20, BTC’s recovery momentum seems to have stalled.
The top asset has turned around, dropping about 2% in the past 24 hours. However, BTC is still trying to maintain its price above the $64,000 region and is currently trading around $64,400 at this time.
The bulls have also made efforts to push the price back to $65,000 in the past few hours but have not yet succeeded in maintaining the price above this level.”
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Altcoins turned around and dropped in value yesterday.
Mog Coin (MOG) was the worst-performing project, losing more than 12% of its value. However, on a weekly timeframe, this memecoin still shows an impressive growth of over 20%.
Other major projects in the top 100, such as Brett (BRETT), Bonk (BONK), Starknet (STRK), Pepe (PEPE), Ondo (ONDO), JasmyCoin (JASMY), Beam (BEAM), Akash Network (AKT), Maker (MKR), Floki (FLOKI), Notcoin (NOT), Aave (AAVE), NEAR Protocol (NEAR), and Celestia (TIA) dropped by 4-7%.”
This translation captures the performance details of the altcoins as described in the original text.
Ethereum (ETH) declined for the second consecutive day after a streak of impressive recovery.
The market lacked the momentum to maintain the price above the $3,500 level after several attempts to push it past this area. Currently, the second-largest asset by market capitalization is trading around $3,400, down 2.3% in value from 24 hours ago.
You can check coin prices here.
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Besides the capital flow, the BNB Smart Chain network coin project is something investors cannot overlook.
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