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S&P 500 and Nasdaq Adding to Records Amid BTC Reversal and Crypto Companies' IPOs

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Tue, 06/15/2021 - 18:05
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Antony Koroid
S&P 500 and Nasdaq composite indexes are rapidly adding to records amid investors’ expectations of producer prices and retail sales reports.
S&P 500 and Nasdaq Adding to Records Amid BTC Reversal and Crypto Companies' IPOs
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According to MarketWatch on Tuesday, June 15, the S&P 500 and Nasdaq composite indexes are rapidly adding to records amid investors’ expectations of producer prices and retail sales reports.

Central banks and investors on Tuesday are expected to analyze data on retail spending and producer prices in the United States in search of further evidence of inflation rising.

Inflation issues

On Tuesday, the Federal Reserve is also expected to hold a policy meeting, with the key topic being the possible inflation level, as well as the possibility of digital dollar development prospects.

So far, the US stock market has traded as if higher inflation at the COVID pandemic recovery phase would be a short-term phenomenon, temporarily caused by the easing of economic constraints and supply chains.

BTC reversal

Against this background, the key cryptocurrency is showing recovery signs, reaching the resistance level at $41,000. Some market participants seized the opportunity for profit at the $40,000 level. Initial support is estimated at $36,000, which could stabilize a short-term pull-back.

Crypto industry IPO

The traditional market index growth can also be influenced by the announcements of large cryptocurrency companies about their initial public offering (IPO).

One of the most important American miners, Hut 8 Mining Corp., last week announced its common stock will be listed on the Nasdaq Global Select Market (Nasdaq) under the ticker HUT. At the same time, the company is also listed on the Toronto Stock Exchange (TSX) under the ticker HUT. There it became the first mining company in the listing.

In its turn, the Kraken trading platform reported it may abandon the direct listing in favor of a more traditional IPO procedure. Kraken’s CEO Jesse Powell told Fortune magazine he doubts the Coinbase approach of direct asset listing and is now ‘more seriously’ considering a classic IPO.

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About the author

The journalist with 10 years of experience in print and digital media. Last 2 years deeply immersed into the cryptocurrency & blockchain technology area.