Bitcoin, Ethereum, Dogecoin Tumble After Fed Leaves Rates Unchanged: Analyst Labels Move 'Temporary Headwind' For King Crypto
Portfolio Pulse from Mehab Qureshi
Cryptocurrencies Bitcoin, Ethereum, and Dogecoin fell after the Fed maintained interest rates, with Powell's comments reducing hopes for a March rate cut. The global crypto market cap dropped by 8.29%. Stocks also declined, with the Dow Jones, S&P 500, and Nasdaq falling. Treasury yields hovered around 3.9%, and Alphabet's shares dropped over 7% due to weak ad revenue. Analysts predict Ethereum could reach $3,500-4,000 in 3-6 months, and the Bitcoin Halving in April 2024 may influence market trends.
February 01, 2024 | 3:01 am
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NEGATIVE IMPACT
AMD's stock also decreased by nearly 3% due to lower-than-expected forward guidance after their earnings report.
AMD's share price is expected to face short-term downward pressure following the market's response to its forward guidance, which was below expectations.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
Alphabet Inc. experienced a significant drop of over 7% due to disappointing ad revenue, despite better-than-expected earnings and sales.
Alphabet's stock price is likely to be negatively impacted in the short term due to the reported decline in ad revenue, which is a critical component of the company's income.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Microsoft shares fell nearly 3% following lower-than-anticipated forward guidance after their quarterly results.
The short-term impact on Microsoft's stock price is likely negative due to the market's reaction to the company's forward guidance, which can affect investor sentiment.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80