Jan 2, 2024: The dollar initiated a climb on the first trading day of the year, gaining traction from elevated U.S. yields as attention shifted to forthcoming U.S. jobs figures and European inflation data this week, seen as potential indicators guiding central banks’ future actions. The dollar index, gauging the U.S. currency against six key rivals, surged 0.67% to 102.05, marking its most substantial daily increase since October. Throughout 2023, it had experienced a 2% decline, halting its two-year growth streak, influenced by the expectation among investors that the U.S. Federal Reserve might significantly reduce interest rates in a year…
Author: Admin
Jan 2, 2024: Ethereum’s long-term holders have Bitcoin’s, marking only the second occurrence of such an event. The value’s growth confirms a relevant market thesis: is still in the accumulation mode, despite the relatively weak market performance. The “Hodler Ratio” chart indicates that the percentage of Ethereum holders committed to holding their assets for the long term has seen a steady increase, now surpassing that of Bitcoin. This metric is crucial as it demonstrates the trust that investors place in the network’s future. Ethereum’s ability to surpass in the percentage of long-term holders can be attributed to several factors. The…
Oil prices in Asian trading ascended on Tuesday, making a modest recovery from the significant losses endured in 2023. This rise came in response to U.S. military actions against the Iran-backed Houthi group in the Red Sea, where tensions persisted without signs of de-escalation. Over the New Year weekend, reports emerged of U.S. strikes that resulted in the demise of around 10 Houthi fighters and the sinking of three Houthi boats. This retaliation followed a series of attacks by the Houthis on numerous military and commercial vessels in the region. The Houthis firmly stated their intent to sustain these strikes,…
Asian stock markets commenced the new year with a quiet and lackluster performance, impacted by discouraging economic indicators from China and heightened concerns following a powerful earthquake in Japan. The markets, exhibiting minimal movements, were influenced by weaker economic data from China and the unsettling earthquake in Japan, which led to a rather flat or downward trajectory across most regional indices. This subdued start was a potential corrective phase following robust gains observed in December, driven partly by expectations of an early Federal Reserve interest rate cut in 2024. Futures of U.S. stocks remained stable during Asian trading on Tuesday.…
Dec 29, 2023: China’s foreign exchange trade platform, CFETS, announced intentions to modify the weightings within its key yuan index basket in the upcoming year, revealed on Friday. Starting January 1st, the China Foreign Exchange Trade System, supervised by the central bank, plans to reduce the U.S. dollar’s representation in the CFETS currency basket, dropping it to 19.46% from its current 19.83%. Similarly, adjustments will be made to the euro’s weighting, diminishing it to 18.08% from the existing 18.21%, as outlined in an online statement.
Dec 29, 2023: European shares surged early on the final trading day of the year, driven by media stocks, setting the stage for robust yearly gains amidst growing expectations of a more lenient monetary policy from major central banks in the upcoming year. The pan-European STOXX 600 climbed 0.2% by 0811 GMT, marking its seventh consecutive weekly gain and showcasing its most impressive December performance since 2021. Global markets have experienced a rally since mid-December following indications from the U.S. Federal Reserve suggesting potential interest rate cuts in the upcoming year. However, the European Central Bank (ECB) has not echoed…
Bitcoin (BTC) is teetering on the brink of a significant milestone: its inaugural weekly golden cross, as suggested by market analysis from reputable financial data provider Barchart. This impending event has sparked considerable enthusiasm and speculation among both crypto enthusiasts and investors. Barchart, known for its comprehensive financial market data and analysis, recently shared on X (formerly Twitter) the imminent likelihood of a weekly golden cross for Bitcoin. This technical indicator emerges when an asset’s short-term moving average surpasses its long-term moving average, signaling a potential bullish trend. Insights from Bitcoin analysts Cryptocurrency analysts have swiftly offered their perspectives on…
Dec 28, 2023: Ethereum (ETH) unexpectedly surged beyond the $2,400 mark, marking a new high for the year amidst recent volatility in the cryptocurrency market. This significant rally pushed implied volatilities (IVs) to yearly peaks, yet institutional fear of missing out (FOMO) hasn’t yet shown significant participation, according to market observers. Greeks.live, a cryptocurrency analytics platform, took to X (formerly Twitter) to offer insights into Ethereum’s recent performance. Their tweet highlighted ETH’s breakthrough above $2,400 and the resulting elevation of all major term IVs to annual highs. Despite this surge, the tweet indicated that the skew, a measure of perceived…
Dec 28, 2023: U.S. stocks saw a marginal rise, marking the culmination of a strong year on Wall Street as the trading day progressed toward a year-end close. As of 09:35 ET (14:35 GMT), the Dow Jones Industrial Average increased by 55 points (0.1%), the S&P 500 rose 7 points (0.2%), and the NASDAQ Composite climbed 30 points (0.2%). Wednesday also witnessed positive sessions, with the Dow Jones Industrial Average gaining over 110 points (0.3%), the S&P 500 rising 0.1%, and the Nasdaq Composite climbing 0.2%. This momentum positions the indices for their ninth consecutive week of gains, showcasing an…
Dec 28, 2023: Oil markets experienced a decline as tensions surrounding disruptions in Red Sea transportation eased, causing a drop in crude prices. Brent crude futures fell approximately 1.1% to $78.75 a barrel, while U.S. WTI crude futures also decreased by around 1.1%, settling at $73.31 a barrel. This shift followed the resumption of trade routes by major shipping companies like Denmark’s Maersk and Germany’s Hapag-Lloyd, who had diverted their paths due to attacks disrupting Red Sea passages. Despite efforts by a U.S.-led coalition to alleviate tensions in the Red Sea, limited coordinated action reflects the complex geopolitical landscape shaped…
