Bitcoin narrative changes from safe to shaky on Binance trouble | MarketTalk: What’s up today? | Swissquote

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Recovery in bank stocks improved market sentiment on Monday.
Calm, and rally in bank stocks yesterday stabilized the market mood. Gold tipped a toe below $1950 per ounce, while the US 2-year yield flirted with the 4% mark – on bet that if the bank crisis is over, we could go back to our lives and worrying about inflation, again.
The S&P500 closed 0.17% up, while the rate-sensitive Nasdaq fell 0.74%.
Of course, if the banking stress further eases, we should see sovereign yields recover a part of the recent retreat.
Yet, the pricing of recession is now in play, and should keep the upside limited at below the pre-SVB levels, when the Federal Reserve (Fed) was expected to hike the rates all the way up to around 5.5%.
And equity markets, which have been relatively resilient to the bank stress – partly due to higher liquidity injected in the market to deal with it, remain vulnerable – as earnings estimates will more likely than not revised lower in the foreseeable future.
In energy, crude oil jumped past the $70pb level on bank relief and a legal problem in Turkish export port.
In cryptocurrencies, the narrative switched from Bitcoin being a safe haven in the context of bank crisis to being on a shaky ground due to Binance trouble with CFTC.
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