US Stock Indexes Plummet, Bitcoin Hits New ATH
The Dow Jones stock index fell by 816.80 points or 1.91 percent to a level of 41,860.44, followed by declines in the S&P 500 and Nasdaq of 1.6% and 1.4% respectively at the close of trading on Wednesday (21/05) local time.
The decline occurred after a US government bond auction worth $16 billion received little interest, driving a spike in yields. This situation was further exacerbated by a downgrade of the US credit rating by Moody’s, which revoked its perfect rating status.
During the same period, the price of Bitcoin (BTC) actually surged and set a new all-time high (ATH) around $111,000. This largest crypto asset continued to strengthen amid macroeconomic uncertainty, which prompted investors to seek alternative hedges.
Not only Bitcoin, but gold prices also rose by 0.94% to a level of $3,313 per ounce. Meanwhile, Google’s stock jumped 4% thanks to the announcement of its latest AI innovations, although most technology, retail, and healthcare stocks in the Dow Jones experienced declines.
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