The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Volatile Bitcoin (BTC) Ride Continues As Fed Slashes Interest Rates, Stocks Slide

by Daily Hodl Staff
March 3, 2020
in Bitcoin

Bitcoin (BTC) is down 1.3% at $8,732 following an announcement on Tuesday from the Federal Reserve that it’s slashing interest rates. The half a percentage point drop, prompted by fears of the rapidly spreading coronavirus, also known as Covid-19, is the largest emergency cut the Fed has made since the 2008 global financial crisis.

According to the official statement,

“The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate by 1/2 percentage point, to 1 to 1?1/4 percent. The Committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy.”

As stocks slid into negative territory on Tuesday, with the Dow currently down 437 points following its worst week since 2008, which saw the biggest single-day drop of 1,191 points on Thursday, and after a strong rally on Monday that pushed the Dow to its highest percentage gain since March of 2009, Americans are reportedly turning to supermarkets and grocery stores to prepare for a spiraling outbreak of the virus.

Panic buying is prompting shoppers to stock up on water, hand sanitizer, toilet paper, canned goods and other shelf-stable foods.

I have never in my life seen Seattle Costco lines like this – 40 carts deep with over one-hour wait times. Plus, lots of Instacart orders for cases of water. #stateofemergency #costco #Covid19usa #panicbuying pic.twitter.com/XWXtmEQi7L

— Kristina Moy (@KristinaMMoy) February 29, 2020

Economist Mark Weisbrot, codirector of Center for Economic and Policy Research, a Washington think tank focused on economic policy, told BuzzFeed News that part of the stock market decline is the result of stocks being overvalued.

Swept up in panic, people and investors read the Dow as an indicator of the health of the economy at large.

Says Weisbrot,

“There’s a whole psychological component to all of this.”

But that’s not preventing people from treating the stock market as the economy and from having strong reactions to market volatility, even though most people don’t own stocks. According to a report by Money.com, the wealthiest 10% own 84% of all the stocks, which means that a big shakeup only affects the very wealthiest.

Whether Bitcoin is a hedge against investing in traditional equities is widely disputed given the cryptocurrency’s own price swings. Within the past week, BTC has moved from a high of $9,372 to a seven-day low of $8,496, with crypto whales moving large amounts of Bitcoin. In  the last 24 hours, some of the largest Bitcoin holders have completed BTC transfers totaling $259 million.

Says BitGo co-founder Ben Davenport,

“Bitcoin is neither a risk-on nor a risk-off asset at this point. It still marches to the best of its own drum. The actions of whales and leveraged traders are far more meaningful than any macro concerns.”

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/ANIIMW

Submit a Press Release

Industry Announcements

  • Bunzz Raises $4.5 Million Seed Round To Expand Its Smart Contract Hub for DApp Development
    January 24, 2023
  • Dogecoin and Shiba Inu Better Watch Out – Floki Just Had Three Big Things Happen for It
    January 24, 2023
  • Crypto Marketing – What Initiatives Will Bring More Value and Users in 2023
    January 23, 2023
  • Make Crypto Payments on BChat Web 3.0 Messenger – BChat Integrates Beldex Wallet
    January 22, 2023
  • KEY3.id Supports Multi-Chain Transaction, Partnership With KuCoin Wallet, CoinHub Wallet and Wallet3 To Launch 2023 Lucky Transaction Campaign With Over 30,000 Participants on Social
    January 20, 2023
  • Deposit EUR/GBP at Zero Percent Fees With Newly Launched SEPA/FPS Channels on Bitget
    January 19, 2023
  • Coinbase Lists Kava, Advancing Ethereum–Cosmos Interoperability
    January 18, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$22,987.16
$22,987.16
0.32%
Ethereum
$1,566.80
$1,566.80
1.85%
Cardano
$0.380856
$0.380856
1.45%
XRP
$0.409006
$0.409006
0.74%
Dogecoin
$0.087653
$0.087653
0.86%

Spotlight

  • Miami Mayor Is Still Receiving Bitcoin Paychecks, Says His Salary ‘Is Actually Up’ Despite Ongoing Crypto Winter
    January 21, 2023
  • Largest Crypto Hedge Fund in the World Says DeFi Will Drive the Next Crypto Bull Market
    January 24, 2023
  • Billionaire Dogecoin Advocate Elon Musk Doubles Down on Offer To Eat Happy Meal on TV if McDonald’s Accepts DOGE
    January 27, 2023
  • Crypto Strategist Who Nailed 2023 Bitcoin Rally Says Real BTC Move Is Yet To Come – Here Are His Targets
    January 23, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl