Stocks up while crypto continues sideways
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⏩ Sideways action: Bitcoin trades flat while Litecoin pops 8%, with Solana and Ethereum also in the green.
📈 Stocks gain: S&P 500 jumps 1.5% after strong earnings from Palantir and others.
🔍 Eyes on August: Investors look to economic data for hints on future Fed moves.
Bitcoin (BTC and others continue to move sideways this morning, with the market-cap leader slightly in the red by less than a percentage point. Litecoin (LTC) is bucking the trend, gaining as much as 8%, with Solana (SOL) and Ethereum (ETH) also trading in the green.
In contrast, the US stock market has rebounded from yesterday’s sharp losses, with the S&P 500 up more than 1.5% on the back of strong quarterly earnings from Palantir and others. Palantir’s (PLTR) stock rose 4% after the company reported revenue exceeding $1 billion for the first time.
Both stock and crypto markets dipped on Friday after Federal Reserve Chair Jerome Powell gave a rather hawkish press briefing, reiterating the Fed’s cautious stance and noting no obvious signs of economic stress that would justify cutting rates soon.
Whether August’s economic indicators shift the Fed’s stance remains to be seen, but investors will be watching closely for clues on where markets may head next.
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $3.72 trillion, up 1.06% over the past 24 hours.
🟠 Bitcoin (BTC) ↘️
Price: $114,110, up 0.76% in the last 24 h
Daily high: $114,869
Daily low: $113,582
📈 S&P 500 ↗️
SPY is currently up about 1.4% since yesterday’s close.
🥳 Fear & Greed Index
The Crypto Fear & Greed Index stands at 52/100, indicating a neutral sentiment among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 40, in neutral territory.
Data is accurate as at 07:55 GMT, 05 August.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
