The Wall Street plunged upon opening on Wednesday as uncertainty and fear loom large around the rising number of Coronavirus cases. The new quarter begins with steep losses as investors rush into a selling spree sending jitters into the financial markets. US President, Donald Trump warned that the coming two weeks would be very crucial in the fight against the pandemic.
Here’s how the US Stock markets stand now (UTC: 10:15 am):
- The Dow Jones Industrial Average index is down by 3.36%, losing more than 735 points.
- The S&P 500 index is down by 3.47%.
- The NASDAQ Composite Index is down by 2.83%.
- Dow Futures are down by 2.63%.
Markets take the blunt after rising Coronavirus cases
Manufacturing has almost become a complete standstill. Nikkei Index of Tokyo has dropped by 4.5%, one of the worst ever falls in its history. Among commodities, Crude oil benchmarks witness the largest loss ever. Brent crude being at $20 a barrel makes it unviable for Crude oil explorational activities. Analysts believe that these are truly unchartered territories for the Financial markets.
Bitcoin fails to break the crucial resistance level
Earlier on in the day, Bitcoin retested the resistance level at $6,550. However, it failed to break the resistance. which was crucial considering the fact that the BTCUSD has entered a consolidation phase since the past week. Had this resistance been broken, there would have been a ray of hope for BTC as this would act as the new support.
At the time of publication of this article, Bitcoin traded at $ 6,255.38.
The key support levels are at $6,150, $5,850. All eyes would be on how the crypto fares during such crucial times. After all, it was ideally made for situations such as these.
