Jan 30, 2024: Renowned Bitcoin advocate Max Keiser has once again targeted XRP, predicting a significant crash for the digital asset against Bitcoin. In a recent post titled “XRP Crash Update,” Keiser referred to XRP as “a centralized garbage that is mathematically guaranteed to trade at virtual zero against Bitcoin.” Keiser accompanied his statement with a screenshot of the XRP chart, illustrating a decline in its price. At the time of writing, XRP had experienced a 5.68% drop in the last 24 hours, trading at $0.498. This decline mirrored Bitcoin’s fall of 5.25% during the same period, reflecting the overall…
Author: editor2
Jan 30, 2024: Oil prices bounced back in early trade on Tuesday, recovering from a more than 1% drop in the previous session, as escalating geopolitical tensions in the Middle East fueled concerns about oil supply. Brent crude futures rose 17 cents, or 0.21%, reaching $82.57 a barrel by 0401 GMT, while U.S. West Texas Intermediate crude was up 17 cents, or 0.22%, at $76.95 a barrel. The rebound followed a decline on Monday triggered by concerns about demand from China, the world’s largest crude consumer, amid a deepening real estate crisis. A Hong Kong court’s order for the liquidation…
Jan 30, 2024: In a reversal from the previous month’s splurge, Australian retail sales dipped in December as shoppers exercised restraint, contributing to a slowdown in annual spending growth reminiscent of COVID-19 pandemic lockdowns. According to data from the Australian Bureau of Statistics (ABS) released on Tuesday, retail sales decreased by 2.7% on a seasonally adjusted basis, following a 1.6% rise in November driven by Black Friday bargains. Analysts, anticipating a decline, were surprised by the extent of the drop, as December sales fell more than expected, recording a 2.7% decrease. Sales totaled A$35.2 billion ($23.27 billion), reflecting a meager…
Jan 30, 2024: The dollar maintained tight trading ranges against major currencies on Tuesday, with traders eagerly awaiting insights from the Federal Reserve’s upcoming monetary policy decision, particularly for indications on potential rate cuts. Anticipation is high ahead of the two-day Federal Open Market Committee (FOMC) meeting that commenced on Tuesday. While the consensus is for the Fed to keep interest rates unchanged, the focus is on the tone set by Fed Chair Jerome Powell during Wednesday’s press conference and any signals regarding future rate adjustments. According to the CME Group’s FedWatch Tool, current market pricing indicates a 46.6% probability…
Jan 30, 2024: Asian shares experienced a decline on Tuesday, primarily influenced by the court-ordered liquidation of the prominent Chinese property giant, China Evergrande (HK:3333). This development has sparked apprehensions among investors about the repercussions on China’s already delicate property market. Meanwhile, escalating geopolitical tensions supported oil prices, contributing to a cautious market sentiment in anticipation of the upcoming Federal Reserve meeting. In the midst of these concerns, U.S. Treasury yields remained subdued during Asian trading hours, limiting movement in the dollar. The Treasury Department’s announcement of reduced borrowing needs compared to previous estimates added to the overall market dynamics.…
Jan 29, 2024: European equities commenced the week with a restrained tone, experiencing a pause after reaching two-year highs in the preceding session. The financial sector’s setbacks tempered the overall market sentiment, although robust gains in the energy sector offset some of the losses. As of 0940 GMT on Monday, the pan-European STOXX 600 index remained flat at 483.86 points. The benchmark index had achieved its highest level in two years on Friday, concluding the week as the most fruitful in three months. A notable highlight was the 1.3% increase in oil and gas stocks, aligning with earlier surges in…
Jan 29, 2024: In the ongoing market dynamics, XRP finds itself engaged in a formidable struggle against bearish pressures. The digital asset, operating within the Ripple network, grapples with the challenge of surpassing a crucial technical indicator – the 200-day Exponential Moving Average (EMA). The 200 EMA serves as a pivotal gauge for assessing the long-term trend and investor sentiment. For XRP, remaining below this indicator signifies a lack of bullish momentum required to shift into an upward trajectory. The inability to establish a position above the 200 EMA raises concerns about the sustainability of positive price action in the…
Jan 29, 2024: In a significant development, a Hong Kong court issued an order on Monday for the liquidation of China Evergrande Group (HK:3333), a decision expected to have far-reaching consequences in China’s financial markets, which are already grappling with a deepening crisis. The reaction in the market was swift: Trading in shares of China Evergrande, China Evergrande New Energy Vehicle Group, and Evergrande Property Services was immediately halted.The benchmark Hang Seng Index recorded a 1.2% increase.Commentary from Lance Jiang, a restructuring partner at Ashurst, highlighted the critical aspects that the market will be closely monitoring. The appointment of liquidators…
Jan 29, 2024: In London, oil prices experienced a decline on Monday, influenced by challenges in China’s struggling property sector and escalating concerns over supply disruptions in the Middle East. Brent crude futures saw a dip of 23 cents, reaching $83.32 per barrel by 0937 GMT, while U.S. West Texas Intermediate crude futures edged down 27 cents to $77.74. The decision for the liquidation of China Evergrande Group’s properties by a Hong Kong court intensified concerns about the deepening crisis in China’s real estate sector, negatively impacting sentiment on crude demand in the world’s largest oil importer. Additionally, the Middle…
Jan 29, 2024: The U.S. dollar has made slight gains in early European trading on Monday, maintaining its strength as the new week kicks off with several significant events, including a Federal Reserve policy meeting and crucial employment data. As of 04:45 ET (09:45 GMT), the Dollar Index, which measures the dollar against a basket of six major currencies, is trading 0.1% higher at 103.362. This level is close to the six-week high of 103.82 reached last week. The dollar’s marginal gains on Monday can be attributed, in part, to escalating geopolitical tensions in the Middle East. The situation intensified…
