US Stocks, Cryptos Plummet With Rise In Volatility

Major US stock indexes opened lower Monday, while Bitcoin and other cryptocurrencies plummeted, due to rising volatility in the markets.

The Dow Jones was down 141 points, or 0.4%, to 31,352 at 9.50 a.m. EDT (1450GMT), while the S&P 500 fell 22 points, or 0.5%, to 3,884 with Tesla losing 2.4%.

The Nasdaq decreased 143 points, or 1%, to 13,730 with Uber, Zoom Video losing more than 2% each.

The VIX volatility index, which increased 12.6% for three consecutive days last week, was up again on Monday. The fear index was at 23.54 with a 0.7% gain.

After soaring 14 basis points last week to 1.34%, its highest level since February 2020, the 10-year US Treasury yield gained another 3 basis points on Monday to 1.37%.

Bitcoin was down 17% at one point on Monday, posting its largest daily decline since Jan. 27, leading to other cryptocurrencies having also major losses for the day. After hitting a new all-time highest level at $58,321, Bitcoin fell to as low as $48,383 before climbing back above the $50,000 mark.

Investors will be closely watching the Federal Reserve Chairman Jerome Powell's semi-annual testimony before the Senate Banking Committee on Tuesday. The head of central bank's comments on overall American economy, inflation and interest rates could determine the direction of the markets. -