Bitcoin Trades at $98,000 While Stocks Erase Losses – Europe Market Wrap
US market futures reversed falls and were little changed, after good results from Snowflake boosted software stocks. Oil prices rose as investors worried about the crisis in Ukraine, while Bitcoin approached $100,000.
S&P 500 contracts hinted to a flat start on Wall Street as traders weighed Nvidia’s disappointing estimate against Snowflake’s 20% premarket rally, which buoyed its rivals. With Bitcoin approaching $100,000, MicroStrategy, the largest publicly traded corporate holder of the cryptocurrency, surged as much as 11% in early trading. Ten-year US government bond rates and the Dollar remained stable.
Fears that the Russia-Ukraine conflict is growing boosted oil and gold prices, while European natural gas contracts hit their highest level in a year. Ukraine stated that Russia launched an intercontinental ballistic missile during a nocturnal attack, while a Kremlin spokeswoman described Kyiv’s previous use of UK Storm Shadow missiles as a new escalation.
Traders will be eyeing US first unemployment claims later Thursday for indicators of economic health and the Fed’s interest-rate path. The expected decision on Trump’s pick for Treasury secretary is also under consideration.
Meanwhile, Bitcoin surpassed $98,000 for the first time, driven by confidence. Trump’s backing for cryptocurrency anticipates a boom for the industry as the US shifts to friendlier laws instead of a crackdown. Trump’s transition team has begun debating whether to create a White House position dedicated to digital asset regulation.
