As investors anticipated a de-escalation of the US-Iran war, US equities and IT companies rose on Wednesday. Meanwhile, the price of Bitcoin reached $75,000 amid broader strong momentum throughout the cryptocurrency market.
The tech-heavy Nasdaq Composite reached a new all-time high of 24,016.02 on Wednesday, ending the trading day with a 1.59% gain, while the S&P 500 set its own record high of 7,022.95 after recording a minor gain of 0.8%, according to statistics from Yahoo Finance.
The day’s performance of the indexes was dominated by a 2.08% increase in tech companies. In the meantime, Bitcoin reached $75,229 on Wednesday, up 1.07% over the previous day and maintaining the recent upward trend that has seen BTC rise by almost 10% over the previous two weeks.
The White House has hinted that the US-Iran dispute may be ending, which coincides with the tech and cryptocurrency increases. On Wednesday, President Donald Trump stated to Fox Business that he believes the battle is “very close to being over”.
However, Trump stated that this is still contingent upon the two countries being able to reach an agreement.
“It would take them 20 years to construct that nation if I raised stakes right now. “And we’re not done,” he continued. “We’ll see what happens. “I believe they are desperate to reach an agreement.”
Tom Lee, the chief investment officer of Fundstrat, commented on the recent increases in the S&P 500 and stated that there is more space for growth in the near future. He claimed that some investors are still waiting to see how the conflict plays out.
In an interview with CNBC’s “Closing Bell” on Wednesday, Lee maintained that despite the Middle East turmoil, the US economy and stock market had been doing very well. He also noted in a post on X that “stocks bottom on bad news”, not good news.
However, Lee stated that he believes the Magnificent Seven tech stocks, the software industry as a whole, and cryptocurrency assets like Bitcoin and Ether would lead the next leg of the rise.
Source: X.com
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment