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Futures Market News, December 22nd: Wheat prices remained stable with a slight decline today. As the year-end approaches, more grain holders are clearing warehouses and selling off their stock, increasing the supply of grain in the market. Flour consumption is in the off-season, processing enterprises have weak orders and low operating rates, with most cautiously replenishing their stocks only as needed. Demand for feed substitution is fluctuating, resulting in a stalemate between supply and demand in the market. Prices are likely to remain within a narrow range in the short term.On December 22nd, Uber announced a partnership with Baidu to test self-driving taxis in the UK. This follows Waymos launch of tests in London this month. Uber stated on Monday that it plans to launch a pilot program in London in the first half of 2026, using Baidus Apollo Go RT6 self-driving taxis. The company said the service is expected to launch in London by the end of next year. Uber abandoned its independent development of self-driving technology in 2020, instead partnering with several self-driving taxi companies. Uber CEO Dara Khosrowshahi stated in an interview this month that the company plans to offer self-driving services in more than 10 markets by the end of next year.The yield on Japans 20-year government bond rose 5.5 basis points to 3.025%.Thailands automobile production rose 11.06% year-on-year in November (compared to 14.17% year-on-year growth in October).On December 22, the State Administration for Market Regulation released a new version of the "Model Text of Custody Contract" (GF-2025-0801). The new version balances the rights and obligations of both parties by adding and refining relevant clauses, providing a fair and reasonable textual reference for standardized contract signing and honest performance. Addressing the diverse types of custodied goods, their varying values, and potential special storage requirements, the model text details the storage location and methods, the acceptance of custodied goods, and includes a "Custodied Goods Delivery and Inspection Form" as an appendix, stipulating that the condition of the goods must be confirmed in writing upon delivery, thus reducing the risk of disputes from the outset.

Bitcoin Must Maintain Support to Avoid Severe Selling Pressure

Alina Haynes

May 11, 2022 10:20

 截屏2022-05-11 上午9.54.38.png 

Spot versus Futures Bitcoin Pricing

Bitcoin is trading nearly 3 percent higher on the day at $31,030 as of 4:45 PM EST (Coinbase). At $30,990, BTC futures trade below their spot counterparts, confirming the pessimistic market mood. When future pricing of a commodity or asset is lower than the spot or live pricing, it indicates that market participants anticipate the item or commodity's price will likely decline in the future.

Technical Analysis of BTC

If we perform a Fibonacci retracement from Bitcoin's price a week ago at around $40,000 to yesterday's lows at approximately $30,000, it is evident that Bitcoin failed to surpass the 23 percent retracement level, which is approximately $32,130, on its rebound higher today. This suggests further price prices are anticipated.

 

If Bitcoin fails to maintain support at $29,00, then $20,000 is a distinct possibility. Even in the worst-case situation, I believe Bitcoin will be able to maintain a value of $10,000. However, if we were to reach that price, it would necessitate a loss of over 60 percent. Bitcoin must therefore maintain its current support to prevent a further carnage and prices not seen since 2020.

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