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On July 7, U.S. Treasury Secretary Bessant believed that Musk should stay away from politics and focus on managing the companies he controls. Musk previously posted on social media that he would create a new party called the American Party to avoid bankruptcy in the United States after the U.S. Congress passed a "big and beautiful" bill that included tax cuts and spending. Bessant said that the boards of directors of companies managed by Musk, including Tesla and SpaceX, may want Musk to focus on managing the company, or may not like his announcement of forming a party. He also believes that if Musk really forms a party, he may win some votes because some voters may like the work of the Department of Government Efficiency (DOGE) led by Musk, rather than Musk himself.July 7 news: On July 6, local time, Russian President Vladimir Putin attended the 17th BRICS Summit via video. In his speech, he proposed a number of initiatives, including building an independent settlement and custody system on the BRICS platform and vigorously promoting the expansion of local currency settlement. Putin said that in 2024, the ruble and the currencies of "friendly countries" accounted for 90% of Russias settlements with other BRICS countries; at the same time, he proposed to increase the scale of two-way investment between member countries and proposed to create a new BRICS investment platform.Governor of Texas, USA: Floods in Texas have caused 69 deaths, 41 missing, and others may be missing.White House economic adviser Hassett: The UKs trade agreement with Vietnam provides guidelines for additional agreements with other countries.Ukrainian President Zelensky: Todays sanctions package includes 60 legal entities and 73 Russian individuals.

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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