Leading by Seven Giants, Buying Pressure Boosts Stock Market, Bitcoin Falls Below 100,000 Level Again.
The US-China trade war officially begins, with the US labor market slowing down and buying support pushing up the stock market on the dip. On Tuesday (2/4), the US stock market rebounded under the leadership of the seven giants. Bitcoin once again fell below the $100,000 mark, reaching a low of $96,150 this morning. However, Bitcoin’s market share has increased from a low of 54% in December to 61%, indicating that investors’ preferences may shift towards cryptocurrencies with longer market history and a mature follower base.
The US-China trade war officially begins
US President Donald Trump has delayed his plan to impose a 25% import tariff on Canada and Mexico by 30 days, but the 10% tariff on Chinese goods took effect on the 4th Eastern Time. In response, China has also taken retaliatory measures, imposing a maximum 15% tariff on imported US goods starting from February 10 and launching an anti-monopoly investigation against Google. The US-China trade war has officially begun.
However, this time China has only imposed tariffs on a small number of goods (about 80 types), worth about $14 billion, which is far from the $525 billion difference with the US, showing that Xi Jinping has taken a more cautious attitude compared to Trump’s first term.
US labor market slowing down, buying support pushing up the stock market
The latest data on job vacancies in the US shows that the labor market growth is gradually slowing down. The JOLTS job vacancy data for December reported 7.6 million, lower than the expected 8.01 million and the previous value of 8.156 million. This data has alleviated the upside risk of the employment report on Friday, which is beneficial for the Federal Reserve and the market.
A wave of buying on the dip has pushed up the stock market. Meta, the parent company of Facebook, has risen for the 12th consecutive trading day, marking the longest upward streak in history.
Analysts believe that the short-term market anxiety has proven to be a good opportunity for short-term buying.
Bitcoin falls below the $100,000 mark, but market share rises
Bitcoin once again falls below the $100,000 mark, reaching a low of $96,150 this morning. Bitcoin’s market share has increased from a low of 54% in December to 61%.
The rise in dominance indicates that funds are shifting from altcoins to Bitcoin, and investors’ preferences may shift towards cryptocurrencies with longer market history and a mature follower base.
Risk Warning:
Cryptocurrency investment carries a high level of risk, and the price may fluctuate dramatically, resulting in a potential loss of the entire capital. Please carefully assess the risks.
