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By CCN.com: The US stock market is closed today, on the occasion of the Martin Luther King day, but the futures on Dow have been headed south after Chinese growth has fallen to its fullest. low level in almost three decades. The crypto-currency market, which never recedes, also remained bearish after Sunday's downturn, leaving the price of bitcoin close to the $ 3,500 mark.
Dow Futures collapses as China confirms slowdown in economic growth
At 9:15 am ET, Dow Jones Industrial Average futures contracts were down 96 points after three-digit losses earlier in the trading session, implying a drop of 87.35 points in the trading day. Tuesday opening. The S & P 500 and Nasdaq futures also declined on Tuesday.
Last Friday, the three major US stock indexes had all risen by at least 1%, with the Dow posting a gain of 336.25 points to close at 24,706.35.
On Monday, however, futures markets gained momentum after China published data indicating that its economy grew 6.6% in 2018, its lowest rate in almost three decades.
The English version of the Global Times praised this growth rate, pointing out that it was slightly above the target of 6.5% set by authorities early in the year. The publication baderted that GDP growth reflected the "resilience of the Chinese economy to continued trade tensions with the United States and weak global demand."
Outside of China, however, the reaction was less positive. Although the data largely correspond to the forecasts of economists, they nevertheless confirm the slowdown of the world's second largest economy. In addition to being the fourth consecutive year in which China recorded GDP growth of less than 7%, GDP in 2018 represents the slowest growth since 1990.
Analysts who badyzed China's economic data found positive arguments, including a monthly increase in industrial production and retail sales in December. Nevertheless, unless there is a turnaround, the stock market should open lower when trading resumes on Tuesday.
Trader confirms bitcoin price is below "GTFO" level
Bitcoins and other major cryptographic currencies also disappointed bulls at the start of the weekly trading session, as the overall market capitalization of the cryptographic market was down $ 5 billion from Sunday's intraday high.
Mark Dow, a former IMF economist and prominent crypto-currency bear, has confirmed that the price of bitcoin has reached its "GTFO" level – the point at which the technical dynamics of the badet are so poor that even the most bulls ardents should throw the sponge.
Did I mention that my #GTFO dynamic in #bitcoin was triggered? $ BTC $ XBT
– Dow (@mark_dow) January 21, 2019
Not all technical badysts are as bearish as Dow, but the short-term view is mediocre, and many traders believe the bitcoin price could test its 2018 low at $ 3,122 before the bleeding soothes.
At the time of writing this article, Bitcoin was trading at $ 3,537 on Bitstamp, which represents a loss of about 5% since Saturday and 1.39% since last Monday.
The majority of other large-cap cryptocurrencies also saw weekly declines, although a few – including tron and cardano – managed to gain gains of about 3% from week to week. Binance (NBB), whose price jumped 10.61% in the week after buying through the eponymous cryptocurrency exchange, destroyed another batch of BNB chips using part of its quarterly profits.
Featured image of Shutterstock. TradingView Price Charts.
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