tl;dr
Cryptocurrency markets experienced pressure during U.S. trading hours, with ether (ETH) leading a mid-morning bounce after news from the U.S. Securities and Exchange Chairman. However, this resulted in a selling opportunity, with the price reversing more than 3% later. At press time, ether was at $3...
Cryptocurrency markets faced pressure during U.S. trading hours, with ether (ETH) experiencing a mid-morning bounce following comments from the U.S. Securities and Exchange Chairman. However, this led to a selling opportunity, causing the price to reverse more than 3% later on. At press time, ether was at $3,440, down 5% over 24 hours, and the broader CoinDesk 20 Index was lower by 4.9%. Bitcoin (BTC) traded near a one-week low of $66,300. The downturn began after the Federal Reserve's policy meeting, with U.S. economic data indicating a softening in both inflation and the economy. Despite recent bullish news, the market isn't expected to sustainably rise. The Fed's signal of only one expected rate cut this year contributed to the market's downward trajectory, along with U.S. economic data pointing to weakening inflation and economy. Ether initially surged by 1% following the U.S. Securities and Exchange Chairman's comments, only to decline more than 3% shortly after. At press time, it was at $3,440, down 5% over the past 24 hours. The broader CoinDesk 20 Index also decreased by 4.9% over the same period. Additionally, bitcoin's price dropped to a one-week low of $66,300. The Federal Reserve's hawkish policy meeting, where it indicated its anticipation of just one 25 basis point rate cut in 2024, contrasted with rate futures markets' expectations of two to three such moves this year. The market was further affected by U.S. economic data showing a continued softening in both inflation and the economy, with the May Producer Price Index falling 0.2% and initial jobless claims rising to nearly a one-year high of 242,000. Despite numerous positive developments, including improving inflation data, prospects of a Bitcoin-friendly presidential frontrunner, potential spot ETH ETF approvals, and record highs in other risk asset markets, the crypto market has struggled to sustainably rise. Please note that CoinDesk has updated its privacy policy and terms of use. CoinDesk, an award-winning media outlet covering the cryptocurrency industry, maintains a strict set of editorial policies. In November 2023, it was acquired by the Bullish group, majority-owned by Block.one, both of which have interests in various blockchain and digital asset businesses. CoinDesk operates independently with an editorial committee to preserve journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
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Headquarters: New York, New York
Industry: Real Estate & Construction, Blank Checks
Stock Symbol: 49773000
Current Price: $43.75
Change: $0.16
Percentage Change: 0%
Volume: 0
Market Cap: 0
Dividend Yield: 0%
Earnings per Share (EPS): None
Price-to-Earnings (P/E) Ratio: 1.051
Beta: 0
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Industry: MANUFACTURING
Sector: STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)
NAICS Code: 8413079000
Current Stock Price: $10.58
Price Change: 0.2
Percentage Change: 3.46%
52-Week Range: $79.23
Dividend Yield: 0.0489
Market Cap: $17,743,000,000
PE Ratio: 38
EPS Growth (ttm): -0.129
Revenue Growth (ttm): -0.069
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Industry and Financial Data
Industry: Technology
Sector: Services-Prepackaged Software
Market Cap: 284.45 billion
Dividend Yield: None
Beta (5Y Monthly): None
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Price Change (52 Weeks): -10.74%
Price Change (YTD): 32.62%
EPS (TTM): -0.174
Revenue (TTM): 489,592,000
Shares Outstanding: 1,756.95
Profit Margin: -0.775
Operating Margin: -0.055
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Headquarters: Grapevine, Texas
Sector: Trade & Services
Industry: Retail-Computer & Computer Software Stores
Market Cap: $11,541,983,000
Stock Price: $338.5
Dividend Yield: None
P/E Ratio: 0.08
EPS: 16.1
Beta: 0.0051
Volume: 4,917,500,000
Revenue: $8.38 billion
Profit Margin: 0.259
Operating Margin: -0.287