U.S. stocks fell across the board! Hong Kong’s approval of spot ETFs does not provide support for the rise of BTC and ETH

U.S. stocks rose first and then fell yesterday. The retail sales data showed strong performance, but it also deepened expectations that the Federal Reserve will not be in a hurry to cut interest rates. U.S. bond yields rose sharply. Investors were also worried about the intensification of geopolitical tensions between Iran and Israel. U.S. stocks finally Total downturn.

U.S. stocks rose first and then fell yesterday. The retail sales data showed strong performance, but it also deepened expectations that the Federal Reserve will not be in a hurry to cut interest rates. U.S. bond yields rose sharply. Investors were also worried about the intensification of geopolitical tensions between Iran and Israel. U.S. stocks finally Total downturn. Bitcoin and Ethereum briefly rose yesterday afternoon due to the news of Hong Kong’s approval of spot ETFs, but then fell as the US stock market fell. In the countdown days to the halving, it seems that they will fall first as Arthur Hayes predicted, and are not expected to show their strength until May. .

U.S. consumption remains strong

According to CNBC, a report issued by the U.S. Commerce Department on Monday showed that rising inflation in March did not deter consumers, who continued to shop at a faster rate than expected. Resilient consumer spending has helped keep the economy afloat despite rising interest rates and concerns about stubborn inflation. Consumer spending accounts for nearly 70% of U.S. economic output and is therefore critical to continued growth in gross domestic product.

In addition, news of Tesla's layoffs and the resignation of the senior vice president in charge of battery technology research and development and the vice president of public policy and business development also caused Tesla's stock price to plummet more than 5%, and it has fallen 35% so far this year.

However, the strong retail sales only strengthened expectations that the Federal Reserve (Fed) will not be in a hurry to cut interest rates, causing U.S. bond yields to rise sharply. Investors are also worried about the intensification of geopolitical tensions between Iran and Israel. U.S. stocks eventually fell across the board, with the S&P 500 closing down 1.2%, a two-month low, the Nasdaq falling 1.7%, and the Dow Jones even losing all of its gains this year.

Bitcoin surged as Hong Kong approved spot ETF

Bitcoin briefly rose yesterday afternoon after news broke that Hong Kong approved spot Bitcoin and Ethereum futures, but then fell along with U.S. stocks and is currently trading at $63,299. Bloomberg analyst Eric Balchunas said that given that the Hong Kong ETF market is not large (about 50 billion U.S. dollars), the three approved issuers are not large, and that mainland China cannot buy (at least officially), he estimates The issuance is only US$500 million. And he has heard rumors that the Hong Kong Bitcoin Spot ETF will be launched next week.

Ethereum holds steady at 3,000

The trend of Ethereum is similar to that of Bitcoin. This time, Hong Kong has approved the Ethereum spot ETF, which is considered to be a big benefit for ETH, because the United States has not yet approved the Ethereum spot ETF, and investors cannot obtain Ethereum-related exposure from the stock market. Risk (Bitcoin can also be purchased from mining company stocks). However, it seems that the market response is not too enthusiastic at present. Ethereum was trading at $3,096 at press time.