Cryptocurrencies trade continually. During the holiday break, they moved up sharply.
Monday, stocks rose 0.8% in Asia and Europe but fell 1.5% in the U.S. on massive volume. The VXO rose 11% to close at 24.90. The 10-Year U.S. Treasury bond yield fell 2% to close at 0.92. Precious metals gained 1% and their miners moved up twice that amount.
Tuesday, stocks fell slightly in Europe but gained 1.1% in Asia and the U.S. on massive volume. The VXO fell 5% to close at 23.69. The 10-Year U.S. Treasury bond yield rose 4% to close at 0.96. Precious metals gained 1%. The NYSE closed at a record high.
Wednesday, stocks fell 0.4% in Asia but gained 1.4% in Europe and 1.7% in the U.S. on mammoth volume. The Dow Jones Industrial Average and the NYSE closed at record highs.
The 10-Year U.S. Treasury bond yield shot up 9% to close at 1.04.
Thursday, stocks gained 0.4% in Asia, 0.5% in Europe, and 1.0% in the U.S. on massive volume. The 10-Year U.S. Treasury bond yield moved up 3% to close at 1.07. Dow 31,000, S&P 3800. The Dow Jones Industrial Average closed above 31,000. The S&P 500 Index closed above the 3800 benchmark. The Dow, NASDAQ, S&P 500, and NYSE closed at record highs.
Friday, stocks gained 2.1% in Asia, 0.7% in Europe, and 0.3% in the U.S. on massive volume. The VXO fell 6% to close below the 20 pivot point at 19.66 to mark a sentiment shift. The 10-Year U.S. Treasury bond yield moved up 3% to close at 1.10%. Precious metals and their miners fell about 5%. The Dow, NASDAQ, S&P 500, and NYSE closed at record highs.
For the week, cryptocurrencies gained 25%. Ethereum led the way with an astounding 55% blast upward. Panic buying came in anticipation of the floodgates of debt being opened by an unchecked new administration. In similar reaction, 10-Year U.S. Treasury bond yield shot up 17%. Energy stocks jumped 9% as expectations for resumed government regulation telegraphed higher energy prices. Small caps led the broad stock indices higher with a 6% gain.