Daily summary: Bitcoin climbs to $64,000 and slumps later on, NZD drops after RBNZ meeting

8:01 PM 28 February 2024
  • Wall Street indices launched today's trading lower but have managed to recover the bulk of losses later on. S&P 500 and Dow Jones now trade 0.1% lower on the day, while Nasdaq and Russell 2000 decline 0.3%
  • European stock market indices traded mostly lower today. UK FTSE 100 dropped 0.76%, Dutch AEX moved 0.65% lower, Italian FTSE MIB declined 0.27% and Spanish Ibex finished 0.45% lower. On the other hand, German DAX moved 0.25% higher and French CAC40 added 0.08%
  • Cryptocurrencies had another wild day of trading. Rally on the market continued with Bitcoin jumping above $60,000 mark. Gains accelerated later on, with the most famous cryptocurrency painting a daily high near $64,000 mark
  • However, a quick reversal on the crypto market occurred in the evening amid reports that Coinbase users are having trouble buying and selling crypto on the company's platform. This has triggered a Bitcoin slump from around $64,000 to below $59,000
  • USD and CHF are the best performing G10 currencies, while NZD and AUD lag the most
  • Reserve Bank of New Zealand left the Official Cash Rate unchanged at 5.50% during a meeting today, in-line with market expectations. NZD dropped as it was said that there is consensus among central bankers that current rates are high enough
  • Energy commodities trade mixed - oil drops 0.2-0.4%, while US natural gas prices climb almost 4%
  • Precious metals trade mostly lower. Silver drops 0.3%, platinum declines 1.3%, palladium slumps 1.7% and gold trades flat
  • Fed Collins said that she needs to see more evidence that the disinflationary process will continue before starting to normalize policy. Collins also said that threat of inflation remaining above 2% has receded
  • Fed Bostic said that he expects inflation to continue on trajectory towards 2% target but it won't a fast march, and he expects volatility. Bostic said he is comfortable being patient on policy
  • Fed Williams said he expects PCE inflation of 2.00-2.25% in 2024 and 2.00% in 2025. Williams said he expects growth of 1.5% this year, as well as an uptick in unemployment rate to around 4%
  • Russian deputy prime minister Novak said that suppyl and demand on the global oil market looks balanced
  • US GDP growth for Q4 2023 was revised from 3.3% to 3.2% annualized. Core PCE inflation for Q4 2023 was revised from 2.0 to 2.1% annualized
  • US trade balance data for January showed a deficit of $90.2 billion (exp. -$88.1 billion)
  • DOE report showed a 4.2 million barrel build in US oil inventories (exp. +2.7 mb), gasoline inventories declined by 2.83 million barrels (exp. -1.5 mb), while gasoline inventories dropped 0.51 million barrels (exp. -2.1 mb)

BITCOIN has been very volatile today. The coin rallied to $64,000 before slumping back to $60,000 amid reports that Coinbase platform is having issued due to high network traffic. Source: xStation5

Xtb logo

Join over 1 000 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits

We use cookies

By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

This group contains cookies that are necessary for our websites to work. They take part in functionalities like language preferences, traffic distribution or keeping user session. They cannot be disabled.

Cookie name
userBranchSymbol cc 2 March 2024
test_cookie cc 25 January 2024
adobe_unique_id cc 1 March 2025
__hssc cc 8 September 2022
SESSID cc 2 March 2024
__cf_bm cc 8 September 2022
intercom-id-iojaybix cc 26 November 2024
intercom-session-iojaybix cc 8 March 2024

We use tools that let us analyze the usage of our page. Such data lets us improve the user experience of our web service.

Cookie name
_gid cc 9 September 2022
_gat_UA-98728395-1 cc 8 September 2022
_gat_UA-121192761-1 cc 8 September 2022
_gcl_au cc 30 May 2024
_ga_CBPL72L2EC cc 1 March 2026
_ga cc 1 March 2026
__hstc cc 7 March 2023

This group of cookies is used to show you ads of topics that you are interested in. It also lets us monitor our marketing activities, it helps to measure the performance of our ads.

Cookie name
MUID cc 26 March 2025
_omappvp cc 11 February 2035
_omappvs cc 1 March 2024
_uetsid cc 2 March 2024
_uetvid cc 26 March 2025
_fbp cc 30 May 2024
fr cc 7 December 2022
_ttp cc 26 March 2025
_tt_enable_cookie cc 26 March 2025
_ttp cc 26 March 2025
hubspotutk cc 7 March 2023

Cookies from this group store your preferences you gave while using the site, so that they will already be here when you visit the page after some time.

Cookie name

This page uses cookies. Cookies are files stored in your browser and are used by most websites to help personalise your web experience. For more information see our Privacy Policy You can manage cookies by clicking "Settings". If you agree to our use of cookies, click "Accept all".

Change region and language
Country of residence