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The financial market was relatively volatile this week as investors watched the ongoing war between Israel and Hamas, the soaring price of crude oil, and the ongoing bond rout. Brent crude oil surged to $95 while the West Texas Intermediate (WTI) rose to $93. 

The bond market turmoil continued, with the 30-year Treasuries soaring to a multi-decade high of 5%. Mortgage rates also roared back to 8%, the highest point in more than two decades. 

This performance happened as energy prices surged and Jerome Powell delivered a relatively hawkish statement. He argued that the country’s inflation was still stubbornly high and that rates could remain at this elevated level for a while. He, nonetheless, cautioned about the ongoing geopolitical risks.

In periods of high risk, investors tend to move to safe havens to protect their investments. Recently, these safe havens have included short-term government bonds, gold, and even cryptocurrencies.

Gold, which is often seen as a better alternative to the US dollar, surged to almost $2,000 per ounce. This means that it has jumped by almost 10% from its lowest level in October this year.

Bitcoin has also become another safe haven in the crypto industry. After plunging to $24,700 in early September, BTC jumped to $30,000 this week. This happened as investors remained optimistic that the Securities and Exchange Commission (SEC) would accept a spot bitcoin ETF soon.

In a statement, Gary Gensler said that the agency was still reviewing applications by companies like Blackrock, Invesco, and Fidelity. And in a separate statement, Blackrock’s Larry Fink said that the company had seen elevated demand for Bitcoin among institutional investors.

Another catalyst for Bitcoin was Tesla’s earnings. While the company’s business slowed during the quarter, it continued holding its Bitcoins, which are worth over $300 million. There were rumours that the company was considering exiting crypto.

Meanwhile, Shiba Memu, the upcoming meme coin continued booming. As you can see here, the developers have now raised over $3.9 billion in the past three months. This makes it one of the most popular token sales of the year.

For starters, Shiba Memu is a cryptocurrency at the intersection of meme coins like Bonk and Shiba Inu and the fast-growing artificial intelligence (AI) industry. The developers are aiming to create a meme coin with deep utility, which will help it grow over time.

Unlike many meme coins, Shiba Memu has a long-term vision. For one, the developers believe that its advanced AI features will ensure that it can self-market effectively.

We have seen many investors become meme coin millionaires in the past. For example, it is estimated that the richest person in Shiba Inu was worth over $500 million at its peak. Recently, we saw many people become extremely wealthy by just investing in Pepe.

Still, there are risks when investing in meme coins like Shiba Memu, which calls for advanced risk management strategies. For example, you should only allocate funds that you can afford to lose and diversify your holdings.

The post Bitcoin, gold, Shiba Memu thrive as the Treasuries rout continues appeared first on Invezz.

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