U.S. Stocks Plummet; Crypto Surges After Trump's "Pump" Signal; Non-Farm Payrolls Loom
1min read U.S. Stocks End February on a Low Note; Cryptocurrency Market Skyrockets After Trump's "Pump" Signal; Non-Farm Payrolls and Cryptocurrency Summit in Focus This Week
The U.S. stock market concluded February on a low note, with the Nasdaq leading the decline by nearly 4%, marking its worst monthly performance since April 2021. The S&P 500 index fell by 1.42%, and the Dow dropped by 1.58%. Weak economic data and the impact of Trump's tariffs contributed to the market's poor performance.
The cryptocurrency market experienced significant volatility last week, with a sharp decline due to the U.S. tariff policy, weak macroeconomic data, sol institutional unlocks, and the largest weekly outflow from spot ETFs. Bitcoin dropped to around $78,000, hitting a new low since November 11, 2021. ETH and SOL plummeted, and many altcoins fell to their all-time lows.
Amidst extreme market panic, former President Trump personally made a "pump" call on Sunday, posting to strongly recommend including BTC, ETH, XRP, SOL, and ADA in the national strategic crypto reserve. Upon hearing this news, the market quickly rebounded, with Bitcoin briefly surpassing $95,000. At the time of writing, Bitcoin had risen by 8.5% to $92,969, ETH by 11% to $2,439, SOL skyrocketed by 20% to $171, ADA surged by 60% to $1.06, and XRP rose by 24% to $2.78.
Several U.S. economic indicators showed poor performance, with investors increasingly concerned about facing a stagflation dilemma. Last week, the U.S. core PCE for January met expectations, partially easing inflation concerns. This week, the focus will be on the U.S. February non-farm payroll report, the Fed's release of the Beige Book on economic conditions, Powell's speech, and the White House cryptocurrency summit.
