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Economy economy economy this is the slang going on in every country. Yes, it is a matter of fact that the country’s economy will be a factor in fighting the global pandemic COVID-19. Due to the pandemic economy of various countries have faced downfall and are suffering from global economic crises. The economy was almost at the dump by mid-March due to the pandemic. It’s good news that there has been a stabilization in the economy and a sign of growth is seen from the past two weeks.
The stock markets are coming back to life as stocks such as Dow Jones ending today’s day with 33 points higher than yesterday’s close. The shares of NASDAQ rose by about 140 points in the last 24 hours. S&P 500 has also shown a rise of 16 points from yesterday’s closing. The major changes have been seen in the crypto market. There has been a wave of uncertainty flowing down the market in the past few weeks where immense fluctuation was absorbed but the market is at a surge as it crosses the $200 billion mark over the last 24 hours trading period.
The rise of cryptocurrencies
Cryptocurrencies have taken a boost with a $15 billion rise in a day. Bitcoin, the king of the crypto market who has been sitting in the last $6000 from weeks finally crossed the $7000 mark showing a 6% increase in the value in the past day. Ethereum, which was moving in the early $170 from past few days has also shown an increase of about 11% in the last 24 hours. Other currencies such as Litecoin and Ripple’s XRP have shown an improvement of about 6% and 4% respectively.
The reason for the rise of the cryptocurrencies can be the launch of the social media’s king Midas Facebook’s project of Libra. The currency lacks decentralization and the Blockchain system isn’t as strong as Bitcoin. The officials at Bitcoin believe that the 6% rise was expected as Libra came into the picture.
Government step up to the economy
The US is looking forward to opening up the economy as they believe it can be brought on track. After the downfall in the economy, US President Donald Trump believes that it is the correct time to open up the economy and business as they have battled the pandemic. Trump hosted a meeting with the governors of the states and has given them the authority to start off with the business as they feel good to bring back the economy.