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On March 14, US President Trump stated that the US military would launch a "fierce airstrike" against Iran next week. He declined to comment on whether the US was attempting to seize Kharg Island, Irans oil export hub. Trump stated that the US does not need Ukraines anti-drone technology to defend against Iranian drones. Previously, reports indicated that the US was considering seizing Kharg Island, located in the Persian Gulf, as military action against Iran continued. Kharg Island is Irans largest crude oil export base, handling 90% of the countrys oil exports. In an interview on March 13, Trump refused to answer related questions, stating that seizing Kharg Island was "not a priority." Trump reiterated in the interview that the US military would escort oil tankers through the Strait of Hormuz if necessary.March 14th - As of 2:30 PM closing, the Shanghai Gold futures contract fell 1.31% to 1127 yuan/gram, the Shanghai Silver futures contract fell 4.59% to 20682 yuan/kilogram, and the SC Crude Oil futures contract rose 4.47% to 787 yuan/barrel.March 14th - As Middle Eastern crude oil supplies are stuck in the Persian Gulf, Asian refiners are scrambling for alternatives, and a Thai refiner has made a rare move by purchasing Forties crude oil from Trafigura. A trader familiar with the matter revealed that Trafigura sold a shipment of approximately 700,000 barrels of crude oil, with loading scheduled for late March. This marks the first time a Thai company has purchased North Sea crude oil since Bloomberg began tracking the data in 2019. Sources indicated that the cargo will be transported to Thailand via an Aframax tanker, which typically carries 600,000 to 700,000 barrels of crude oil. North Sea crude oil is usually transported to Asia on supertankers, but record freight rates have reduced the economic viability of large tankers.Total Energy: The shutdown of Qatar’s LNG production facility has a limited impact on our LNG trading activities.Total Energy: Production in our offshore regions of Qatar, Iraq and the UAE has been or is being halted, representing about 15% of our total production.

BTC Fear & Greed Index Falls to 31 as Investor Focus Shifts to the Fed

Skylar Shaw

Oct 31, 2022 15:42

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Bitcoin (BTC) decreased by 0.89% on Sunday. BTC concluded the week up 5.42% to $20,647, partially undoing a Saturday gain of 1.08%. Notably, BTC avoided trading below $20,000 for the fifth day in a row and ended the day above $20,000 for the sixth straight session.


After a choppy morning, BTC increased to a high of $20,950 in the middle of the trading day. A late low of $20,532 was reached by BTC as it failed to reach the First Major Resistance Level (R1) at $21,091. Before partially regaining its footing to reach $20,647, BTC momentarily breached the First Major Support Level (S1) at $20,576.


In anticipation of a busy week for the global financial markets, investors had a calm day to lock in gains. The Fed announces its decision on interest rates this coming Wednesday. The Fed's intentions for December remain unclear, despite the markets' bets for a 75-basis point rate increase.


The bullish week was fueled by anticipation of a Fed turnaround in December. The markets, however, could see investor concern prior to the Wednesday decision. The sensitivity of the cryptocurrency market to US economic data and the Fed maintains the BTC link with the NASDAQ 100.


The NASDAQ 100 Mini was down 56.75 points this morning, pushing BTC into negative territory.

Investor caution increases ahead of the Fed, causing the Fear & Greed Index to decline.


The Fear & Greed Index dropped from 34/100 to 31/100 this morning. Investor apprehension ahead of the FOMC interest rate decision and press conference on Wednesday is reflected in the decline. A return of the Index to the Neutral area would be supported by confirmation of the Fed's shift in December.


As investors wait for the Fed to announce its policy, US economic statistics will continue to be the major focus in the near term. Prior to Wednesday's decision, important statistics include JOLTs job postings, ADP nonfarm employment, and ISM Manufacturing PMI data.


To support a reversal of the negative trend in BTC, the Index will need to hit 40/100 and the neutral zone. A decline to below 20/100 would indicate a BTC decline to below $18,000.

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