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The past couple of sessions saw a healthy dose of volatility reintroduced into markets as Donald Trump fielded the ever-growing question of trade tariffs. The president confirmed that tariffs on Mexican and Canadian goods would proceed as planned, as would tariffs on imported steel and aluminium. Clarifications welcomed by some but deemed insufficient by others. Unexpectedly poor US consumer confidence threw another spanner into the works on Tuesday, leading to loses in tech stocks and piling pressure on the S&P 500 and Nasdaq Composite. Nvidia is set to publish its latest earnings report later today, although the numbers will only come in after the bell.
Trade uncertainty was as good a reason as any for larger investors to book some profits, particularly in precious metals and cryptocurrencies. Gold fell $37 yesterday after hitting a record high of $2,956 the day prior. Crude oil had a rough day as traders were forced to price in the prospect of lower demand and mounting stockpiles. Brent Crude is now down to $73 a barrel while WTI is clinging onto $69.
The real bloodbath was in crypto however, with Bitcoin plummeting all the way down to $85k on Tuesday from highs of $96k during the weekend. Further down the crypto leaderboard, Ethereum faced the added problem of the recent Bybit hack, in which $1.5 billion worth of Eth was stolen from the platform’s cold wallets. CEO Ben Zhou has assured clients that all holdings remain backed 1:1 but as with any such security breach, investor confidence has been knocked. Monday’s selloff extended far and wide, with many projects experiencing double-digit losses. It will become more evident as the week progresses whether there is genuine fear in crypto markets or if this entire event was merely an excuse to flush out overleveraged longs. Many remain sceptical.
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