Gold and Bitcoin Markets Tested, While Central Banks Try to Quell Stock Market Rout

Central banks worldwide have been bracing for the worst, as the global economy has shuddered over the last seven days. On March 11, the Bank of England slashed rates by 50 bps bringing the base rate down to 0.25%. Meanwhile, Wall Street bankers and U.S. President Donald Trump want the Federal Reserve to slash rates even more and a few speculators expect a 100 bps rate drop by next week. As central banks are being accused of depleting their monetary policy tools prematurely, on March 12, European Central Bank President Christine Lagarde decided not to cut rates. Gold and crypto prices have also been under intense pressure for four consecutive days.

Also read: The 35 Most Influential Bitcoiners Dominating Crypto Twitter by Follower Count

Stocks Plunge, Bank of England Slashes Rates, ECB’s Lagarde Holds Back

It’s been a bad week for global markets, as the coronavirus outbreak has created a lot of fear and panic selling. On Thursday, March 12 the top…