From CCN.com: The US stock market is closed today in observance of Martin Luther King Jr. Day, but Dow's futures are pointing south after China's growth has fallen to a minimum of nearly three decades. Even the cryptocurrency market, which has never taken a breath, has remained bearish after the withdrawal on Sunday, leaving the price of the bitcoin close to $ 3,500.
Dow Futures collapses as China confirms a slowdown in economic growth
As of 09.15am ET, the Dow Jones Industrial Average futures fell 96 points after the previous three-figure flashing losses in the trading session, which implies a decline of 87.35 points at Tuesday's opening bell. S & P 500 and Nasdaq futures also indicated Tuesday's decline.
Last Friday, the three major US equity market indices rose by at least 1%, with the Dow having beaten up to 336.25 points to close at 24.706.35.
On Monday, however, futures markets stopped after China released data indicating that its economy had grown 6.6% in 2018, its lowest rate in nearly three decades.
The English version of the Global Times praised the growth rate, noting that it slightly exceeded the annual target set at 6.5 percent at the start of the year. The publication claimed that GDP growth showed the "resilience of the Chinese economy among the persistent trade tensions with the United States and a weaker global demand".
Outside of China, however, the reaction was less positive. Although the data corresponded largely to what the economists expected, it nonetheless confirmed that the second world economy is slowing down. In addition to being the fourth consecutive year that China has achieved GDP growth below 7%, the 2018 GDP has been the lowest growth since 1990.
Analysts who exploited the landfill of Chinese economic data found some positive points of discussion, including monthly increases in industrial production and retail sales in December. However, less than a turnaround, the stock market should open lower when trading resumes on Tuesday.
The merchant confirms the price of the bitcoin below the level & # 39; GTFO & # 39;
Bitcoin and other large cryptocurrencies also disappointed the bulls during the early part of the weekly trading session, with the crypto market capitalized down $ 5 billion from Sunday's intraday high.
Mark Dow, a former IMF economist and a well-known cryptocurrency bear, has confirmed that the price of the bitcoin had reached the "GTFO" level – the point where the technical dynamics of the good are so poor that even the most ardent bulls should throw the sponge.
– Dow (@mark_dow) 21 January 2019
Not all technical analysts are as bearish as Dow, but short-term sentiment is poor across the board, and many traders believe that the price of bitcoin could test its 2018 low at $ 3,122 before the bleeding diminishes.
At the time of publication, Bitcoin was trading at $ 3,537 on Bitstamp, representing a loss of around 5% from Saturday and 1.39% since last Monday.
Most of the other large-scale cryptocurrencies also saw weekly drops, although some – including trunks and cardan – managed to guarantee weekly earnings of around 3%. An anomalous value was the binary currency (BNB), whose price increased by 10.61% during the week after the equivalent exchange of cryptocurrencies bought and destroyed another batch of BNB token using part of its quarterly profits.
Close-up image of Shutterstock. Price charts from TradingView.