
The G20 summit took place in Bali, Indonesia, on November 2022…
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It’s unbelievable but China’s government prohibited all transactions with cryptocurrencies (yes, even Bitcoin) and promised to stop illegal crypto mining. While the rest of the world is taking steps to include crypto into the economy, China denies it.
China is home to a huge part of the world’s crypto miners. As we know, mining requires a lot of energy resources and it prevents China from curbing greenhouse-gas emissions. Bloomberg says 46% of the global hash rate (computing power used in mining) occurred in China in April.
It is a negative factor for the whole crypto market in the short term. Today, BTC/USD has dropped by 3168 points in one day. The downtrend is likely to stay with us for longer. So good that FBS traders can open both buy and sell trades. Besides, it can be also a negative factor for chip producers such as Nvidia and AMD as demand for GPUs is going to drop in China and press the prices of GPUs down.
Bitcoin has dropped to the support level of $41,000, which lies at the 50-day moving average and the 50% Fibonacci level. It makes this level a strong barrier, which the cryptocurrency will struggle to break on the first try. If it manages to cross, BTC/USD will plunge to the 61.8% Fibo level of $38,000. Resistance levels are $44,000 and $45,500 (the 200-day moving average).
Open a demo crypto trade account to trade cryptocurrencies.
The G20 summit took place in Bali, Indonesia, on November 2022…
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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