Both stocks and crypto took a hit today, as the US economy is still reeling from the effects of shutdowns, quarantines, and social distancing as a result of the coronavirus pandemic.
The Dow Jones Industrial Average (DJIA) ceased trading today more than 300 points in the red. The NASDAQ, however, turned itself around and gained close to 0.5 percent in the last few hours of trading. That might not be much, but it’s a bright spot in an otherwise bad day of trading.
Meanwhile, the crypto market continues to suffer. Cryptocurrencies shed another $3 billion in combined market cap since this morning, bringing the total lost to $10 billion since Sunday.
Bitcoin, the leading crypto by market cap, dropped 6% in the past 24 hours, while assets such as Ethereum, EOS and Bitcoin Cash have all decreased in price from 6% to 8%.
Oil is also down today, today falling to $22 per barrel despite trading for just under $24 during the early morning hours.
The coronavirus outbreak is still weighing heavily on the economy, even as Americans begin receiving stimulus checks from the US government. Many more checks will be distributed in the coming weeks as the IRS is working to release a new tracking tool called “Get My Payment” to give Americans a better idea of when their money will arrive.
Robert Redfield—director of the CDC—also expects coronavirus cases in the United States to peak sometime this week, while some states—such as New York and New Jersey—are already working on plans to reopen their economies. That could be a sign that today’s market losses might soon be regained.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.