Source: Zhitong Finance "Since 1950, the S&P 500 index has risen more than 10% 21 times as of the end of May. In about 90% of these cases, the S&P 500 index rose for the rest of the year. There were only two instances of declines for the rest of the year, in 1987 (-13%) and 1986 (-0.1%)." With the rebound of the stock market, the old adage "Sell in May and Go Away" seems to have been a bad advice once again. Last month, the S&P 500 index rose 4.8%, the best May performance since 2009. The NASDAQ 100 index rose nearly 6.2%, and the NASDAQ Composite Index rose 6.9%. Goldman Sachs FICC & Equities Trading Division said: "History doesn't really support this saying. Don't sell, leave the market (go on vacation), and enjoy the good times." The rising trend is still to be continued? If history is any guide, it may indicate that the rise of the stock market is not over yet. Looking ahead to the rest of 2024, Scott Rubner, Managing Director of the Goldman Sachs Global Markets Division and tactical expert, pointed out the following historical background for investors. Rubner stated that the S&P 500 index has risen 10.7% year-to-date, and since 1950, the S&P 500 index has risen more than 10% 21 times as of the end of May. In about 90% of these cases, the S&P 500 index rose for the rest of the year. There were only two instances of declines for the rest of the year, in 1987 (-13%) and 1986 (-0.1%). "Since 1950, the median return of the last 7 months of each year (June 1 to December 31) is 5.4%. In the aforementioned 21 cases, the average performance of the last 7 months increased to 8.1%." Rubner added. Rubner also pointed out that the NASDAQ index has risen for 16 consecutive Julys, with an average return of about 4.64%.
As the world's largest Bitcoin event is about to be held, cryptocurrency is once again being sought after by investors.
With the world's largest bitcoin event about to take place, cryptos are once again sought after by investors.
According to data from CoinShares Ltd., Bitcoin investment products received a capital inflow of $1.27 billion last week as Bitcoin prices surged to their highest level in over a month.
This marks the fourth consecutive week of inflows, during which time Bitcoin ETFs have received a total inflow of over $3.1 billion. In the previous two weeks, Bitcoin ETFs had outflows of $1.2 billion.
Looking at the details, BlackRock and Fidelity Bitcoin funds had the most inflows last week, with $707 million and $244 million respectively. Grayscale's funds continued to outflow, losing about $56 million.
Ethereum products received a capital inflow of $45 million last week, down from $72 million the previous week. Alternative cryptocurrencies Solana, Litecoin, and Cardano experienced inflows of $9.6 million, $2.2 million, and $400,000, respectively.
According to CoinShares' data, all cryptocurrency investment products had an inflow of $1.35 billion, marking the third consecutive week of inflows.
Bitcoin prices fell to a low of less than $54,000 on July 5, the lowest level since February of this year, but have since rebounded. The world's largest cryptocurrency has risen by about 25%, reaching around $67,300, as Bitcoin investors focus on the possibility of Donald Trump becoming president.
It is reported that the Bitcoin 2024 conference will be held from July 25th to 27th at the Nashville Music City Center in Tennessee, with an estimated attendance of more than 20,000 people. Former President Donald Trump and other prominent politicians plan to make speeches at the conference.
Although the Republican presidential candidate once called Bitcoin a "scam" in a 2021 interview, he is expected to deliver a speech supporting Bitcoin on Saturday.
"No one knows what Trump will say except for Trump himself. However, we are very optimistic that this will be a positive message to the Bitcoin community. In fact, we think it will be a historic message," said Brandon Green, organizer of the event and BTC Inc.
Green said it is normal for a person to go from being sceptical of Bitcoin to being a supporter. Green also added that their team has been discussing cryptocurrencies and related policies with the former president for some time.
"We had the opportunity to meet with this former president and discuss what Bitcoin is, why countries are interested in it, and why the United States is particularly interested in Bitcoin strategy. These conversations have been very positive," said Green.
The conference will also feature other notable speakers, including US Senators Blackburn and Hagerty (Tennessee Republicans), as well as famous whistleblower Snowden.
Editor / jayden