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On October 12, according to US media reports, US Navy officials said on the same day that the US Navy dismissed the commander of the USS Wyoming (SSBN 742) ballistic missile nuclear submarine this week. The US Navy issued a statement saying that the commander of the Navys 10th Submarine Squadron, Rear Admiral Bob Worth, dismissed Lieutenant Commander Robert Moreno, who led the "Blue" crew of the USS Wyoming nuclear submarine, because of "loss of confidence in his command ability." US media said that the military usually removes commanders from their posts due to loss of confidence, but does not provide specific reasons for dismissal. The US Navys statement did not provide more information about the decision to remove Moreno, and a Navy spokesman declined to provide further details. The statement read: "Navy commanders must adhere to high standards of personal and professional conduct. They should uphold the highest standards of responsibility, reliability and leadership, and if they fail to meet these standards, the Navy will hold them accountable."According to TASS: Russian air defense forces shot down 32 Ukrainian drones at night.On October 12th, French Prime Minister Jean-Claude Le Cornu, who was reappointed by French President Emmanuel Macron as Prime Minister on October 11th local time, stated during a visit to a police station in the Paris suburbs that he currently only wants to focus on resolving Frances political crisis. Given the deep political divisions within Frances political parties, he could be impeached by the National Assembly at any time. Le Cornu declined to specify when he would form a new government or its potential composition, but did indicate that it would not include anyone interested in running in the 2027 presidential election.On the evening of October 12th, local time, Wilders, leader of the far-right Dutch Freedom Party, posted on social media that the Dutch National Intelligence Service had officially informed him that he was being targeted by a terrorist organization. As a result, he had decided to suspend all campaign activities. The Netherlands is set to hold parliamentary elections on October 29th, and Wilderss far-right Freedom Party is currently leading in opinion polls. According to multiple European media reports, the terrorist organization also orchestrated the recent attack on Belgian Prime Minister Thomas de Weve. The Belgian government has arrested two suspects in connection with the case.On October 12, according to the Russian Satellite News Agency, the Afghan Ministry of Defense issued a statement saying that in response to repeated Pakistani airspace incursions and airstrikes, Afghanistan had carried out retaliatory operations against Pakistani security forces along the border. The statement said, "The operation successfully concluded at midnight." The report also warned that "if Pakistan violates Afghan airspace again, the Afghan armed forces will resolutely retaliate to defend the border." Reports indicate that Afghanistan began striking Pakistan on the evening of October 11 in response to attacks in Kabul and Paktika Province in the early morning hours of the 10th. According to Afghanistans Dawn News Network, the conflict between Afghanistan and Pakistan has resulted in the deaths of 12 Pakistani soldiers. Reuters also reported that Pakistani security officials alleged that the Afghan side launched unprovoked attacks, with the two sides exchanging fire at more than six locations along the border.

Is Bitcoin Developing a Reversal Similar to Stocks?

Daniel Rogers

May 30, 2022 16:56

Bitcoin, Alternatives to Bitcoin, and Indicators 

Bitcoin has decreased by 2.5% over the past week, closing near $29,200. Ethereum lost 10.6%, while other prominent altcoins in the top ten plummeted between 1% (Polkadot) and 14.8%. (Solana). According to CoinMarketCap, the entire market capitalization for cryptocurrencies decreased by 2.4% during the past week to $1.26 trillion. The Bitcoin dominance index increased by 1.3 points to 44.9 percent over the same time period due to the first cryptocurrency's improved performance.

 

By Monday, the cryptocurrency fear and greed index had decreased to 10 points. However, this decline does not account for Monday's early-morning market performance. Bitcoin has finished lower for eight consecutive weeks, representing the longest selling streak in the history of the first cryptocurrency. However, the dips over the past two weeks have been fairly tentative.

 

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Analysis of Bitcoin Technical Data

BTCUSD again broke the $30,000 threshold on Monday morning and returned to last week's highs, breaking over the downside resistance line in a robust surge. It is premature to discuss a bullish counteroffensive until Bitcoin breaks above its horizontal resistance line since mid-May, which is $30.6K. Renewed risk appetite on the global markets fuels optimism for a comeback. The dynamics of equities and cryptocurrencies diverged significantly last week, illustrating the crypto market's weakness.

Bitcoin as a Potential Investment

As institutional players have entered the market in recent years and enhanced market liquidity, Dan Held, director of business development at crypto exchange Kraken, feels the current crypto crisis is not as bad as past ones. We would add that, due to the increased crypto market capacity, the bull cycle of 2021 has not witnessed as big of a spike as it did in 2013 and 2017, which explains the relatively low 'winter' losses. Michael Saylor, the CEO of MicroStrategy, stated he will always purchase bitcoin.

 

According to him, Bitcoin is the most stable asset in the current chaotic global economy. Bill Miller, the head of the investment firm Miller Value Partners, referred to bitcoin as an efficient method for gaining access to financial services regardless of military or economic conditions.

 

According to Deutsche Bank, regulation of cryptocurrencies would alleviate the turmoil on the crypto market.