Prediction markets boom as crypto pulls back
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The market rally hit its first resistance yesterday, with every sector except gold closing in the red. BTC fell 2.6%, mirroring weakness in traditional markets as the S&P 500 and Nasdaq slipped 0.28% and 0.44%, respectively. Gold was the lone standout, gaining 0.97% as investors continue rotating toward safety as the metal continues setting new ATHs.
The pullback followed a New York Fed consumer expectations survey that showed worsening sentiment and higher inflation forecasts. After seven straight sessions of gains for the S&P 500, a correction was arguably overdue.
Amid the broader selloff, the AI sector showed surprising…
