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On August 13th, driven by factors such as the reallocation of maturing deposits and the return of deposits to wealth management products at the end of the quarter, the size of the bank wealth management market reached a new high in July, exceeding 35 trillion yuan. Exclusive data compiled from reliable industry sources shows that the 14 wealth management companies with assets under management exceeding 1 trillion yuan (including 6 state-owned bank wealth management companies and 8 joint-stock bank wealth management companies, accounting for approximately 80% of the market share) saw a net increase of 1.7 trillion yuan in assets under management in the first seven months of this year, of which approximately 1.66 trillion yuan came from "fixed income+" products. At the end of July, the total outstanding assets of these 14 wealth management companies amounted to 27.1 trillion yuan. Data from the China Banking Wealth Management Registration and Custody Center shows that the total outstanding assets in the market reached 33.66 trillion yuan at the end of June this year.The U.S. EIA natural gas storage figures for the week ending August 7 will be released in ten minutes.Market news: An explosion occurred at the KNDS factory in Colefero, Italy.The market is no longer fully pricing in a Fed rate hike this year.Crude oil futures contracts all fell, with SC crude oil down 1.80% to 544.2 yuan/barrel. Low-sulfur fuel oil (LU) fell 1.85% to 4560 yuan/ton. Fuel oil fell 0.72% to 3741 yuan/ton. Asphalt fell 0.02% to 4310 yuan/ton.

BTC Fear & Greed Index Falls Despite BTC Avoiding Sub-$16,000

Jimmy Khan

Nov 24, 2022 15:40

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Bitcoin (BTC) increased by 2.44% on Wednesday. BTC finished the day at $16,613 after rising by 2.87% on Tuesday. For the first time in three sessions, BTC avoided trading below $16,000.


BTC dropped to a low of $16,168 early in the morning following a mixed day's start. BTC surged to a late high of $16,682, avoiding the First Major Support Level (S1) at $15,791. At $16,469, the First Major Resistance Level (R1) was breached by BTC, which ultimately closed the day at $16,613.


On Wednesday, FTX contagion risk decreased even further, supporting the cryptocurrency market desperately needed. Former FTX CEO Sam Bankman-Fried boosted investor hopes after learning that the company had cash reserves of $1.24 billion.


Bankman-Fried wrote in a letter to the staff, "Perhaps there still remains a chance to preserve the company. I think there are many billions of dollars in sincere interest from new investors that could be used to compensate customers. But since I have no control over it, I can't guarantee you anything.


The letter came after news that Justin Sun of Tron and Brad Garlinghouse of Ripple were interested in buying FTX assets. Investors are hopeful that the collapse of FTX will have a minimal effect on creditors given the stated cash holding of $1.24 billion.


The FOMC meeting minutes provided more assistance for the cryptocurrency market overnight. Before the holidays, talk of letting up on the gas helped riskier assets, with the NASDAQ Composite Index increasing by 0.99%. The US economic data underwhelmed, though, restricting the NASDAQ's potential growth.


Since the US markets are closed for Thanksgiving, there are no US statistics to take into account today.