The prices of bitcoin, Gold, and oil soared after the US Federal Reserve chairman Jerome Powell hinted at more economy collapse in the coming time. The US Fed chairman said that the coming global economic recession could be curbed if enough support is provided now.
SPX Futures traded in the green with a 1% rise, as Gold continues to make new highs, currently at $1761. Oil prices soared back to $30 as well. The price of the leading cryptocurrency, bitcoin, also surged 5.1%, progressing towards $10,000, yet again as bullish sentiments continue to rise.
The Fed’s chairman media interview’s key highlights were an estimated rise of 20-25% in the employment rate and up to 30% reduction in the GDPs across the world. Jerome Powell said that if people remain out of work for a more extended period of time and let businesses fail unnecessarily, waves of them, there’ll be longer-term damage to the economy, he said.
So far, over 4.8 million people have been diagnosed with COVID 19, and over 300,000 people have lost their lives. The number of new infections is increasing each day exponentially.