Early on Wednesday, the Indian military carried out 24 precise missile strikes on nine sites related to terrorism in Pakistan and Pakistan-Occupied Kashmir. This action was in response to a deadly terror attack in Pahalgam, Anantnag (Jammu & Kashmir) that resulted in the loss of 26 lives.
The escalation between India and Pakistan has raised concerns globally. Binance founder Changpeng Zhao (CZ) took to social media to call for peace, emphasizing the importance of economic growth and technological innovations that benefit humanity.
Despite the geopolitical tensions, the cryptocurrency market remains stable. Bitcoin is currently trading around $96,600, showing a 2.4% increase in the last 24 hours and briefly reaching $97,000. Ethereum has also experienced gains, rising by 1.5% to $1,829. Other major altcoins like XRP, Solana, Dogecoin, and Cardano have seen increases of up to 2%, while Litecoin surged by over 11% due to excitement surrounding a possible Litecoin ETF. Chainlink has also risen by more than 2%.
Market indicators are showing mixed signals, with the RSI at 65 indicating neutral momentum, the Stochastic RSI signaling overbought conditions which could lead to a short-term pullback for Bitcoin. However, the MACD remains bullish.
In anticipation of high-level trade talks between the U.S. and China in Switzerland, U.S. stock futures rose on Wednesday. Dow Jones futures increased by 196 points, or 0.48%, while the S&P 500 and Nasdaq futures also saw gains of about 0.5%.
Later today, the U.S. Federal Reserve will announce its decision on interest rates at 2:00 p.m. ET. Expectations lean towards no change, with a 97% likelihood of rates remaining steady. Concerns about inflation and a possible recession are keeping investors cautious.
Despite fears of escalating conflict, Indian stock markets are holding strong. Positive company earnings, stable economic data, and foreign investments are contributing to the market’s resilience. Analysts suggest that investors may believe the situation will be resolved diplomatically rather than escalating into a full-scale war.
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