Bitcoin Plunges, Stock Market Volatility Rises: What's Happening And How To Play The Move
Portfolio Pulse from Melanie Schaffer
The stock market and Bitcoin experienced a downturn, with the S&P 500 closing down 0.77% and Bitcoin closing 7.15% lower. This was due to concerns that the Federal Reserve will continue its rate hike campaign. As a result, stock market volatility increased, with the Volatility S&P 500 Index rising 6.74%. The ConvexityShares Daily 1.5x SPIKES Futures ETF (SPKY) spiked higher, as predicted by Benzinga. SPKY is a 1.5x leveraged fund that tracks the SPIKES Futures Short-Term Index, similar to the ProShares Ultra VIX Short Term Futures ETF (UVXY).
August 18, 2023 | 11:08 am
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NEGATIVE IMPACT
Bitcoin took a major hit, closing the 24-hour trading session 7.15% lower amid concerns of continued Federal Reserve rate hikes.
Bitcoin's price fell significantly due to concerns that the Federal Reserve will continue its rate hike campaign. This has created a negative sentiment around Bitcoin, which is likely to put downward pressure on its price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The ConvexityShares Daily 1.5x SPIKES Futures ETF (SPKY) spiked higher amid increased market volatility. It broke up from a cup-and-handle formation, indicating a potential uptrend. It also regained the 50-day simple moving average as support, suggesting a possible short-term bull cycle.
The SPKY ETF spiked higher as market volatility increased. It broke up from a cup-and-handle formation, which is a bullish signal. It also regained the 50-day simple moving average as support, which suggests that it may be entering a short-term bull cycle. Therefore, the ETF's price is likely to go up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The ProShares Ultra VIX Short Term Futures ETF (UVXY) tracks the movement of the S&P 500 VIX Short-Term Futures Index, similar to SPKY. As market volatility increases, UVXY may also see a rise.
The UVXY ETF tracks the movement of the S&P 500 VIX Short-Term Futures Index, similar to SPKY. As market volatility increases, UVXY, like SPKY, may also see a rise in its price. Therefore, the ETF's price is likely to go up in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80