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On January 14th, Brian Martin, Head of G3 Economy Research at ANZ Bank, stated that the Federal Reserve may keep interest rates unchanged in January, but the view that the rate-cutting cycle is on a long-term pause lacks a reasonable basis. He believes the Fed should resume rate cuts soon, with the committee likely to lower the federal funds target rate by 25 basis points in March and another 25 basis points in June, bringing the target rate down to 3.00%-3.25% by mid-year. Martin pointed out that as the impact of previous tariffs on price increases fades, wage growth slows, and housing inflation cools, US inflation will gradually moderate by 2026.A Bank of Korea official stated that the USD/KRW exchange rate above 1400 is inconsistent with economic fundamentals.On January 14th, it was reported that seven departments, including the China Meteorological Administration, jointly issued the "Guiding Opinions on Strengthening Collaborative Development and Promoting High-Quality Development of Health and Wellness Meteorological Services." The "Guiding Opinions" propose that by 2027, a nationwide collaborative and vertically integrated health and wellness meteorological technology innovation and service framework will be basically established; by 2030, a relatively complete health and wellness meteorological technology innovation and service business system will be formed, significantly improving the efficiency of collaborative development across the entire health and wellness chain and multiple fields. The "Guiding Opinions" also propose strengthening meteorological services for population health, providing refined services to different groups. Various departments will strengthen the risk prevention and control product system, providing refined risk warning services to the public, medical institutions, and elderly care institutions based on region, season, and population; collaboratively promote the prevention and control of allergenic pollen and other pollen allergens, jointly formulate standards and specifications, and coordinate observation equipment; and improve meteorological services for elderly health and wellness.On January 14th, futures market news reported that international crude oil prices rose for the fourth consecutive trading day, with Brent crude increasing by a cumulative $5.51 per barrel. This led to a positive turn in the crude oil price change rate during this pricing cycle, providing policy support for refined oil market prices. Recently, domestic gasoline and diesel prices have fallen to relatively low levels, with crack spreads at a low level and limited price differences between truck and vessel sales units. Driven by profit motives, sales units may attempt to push prices up. However, considering the current lack of substantial growth in gasoline and diesel demand, the sustainability of price increases is expected to be limited.Indonesian Deputy Minister of Energy: The government has decided to maintain the biodiesel program at the B40 level this year.

BTC Fear & Greed Index Nears the Greed Zone on BTC Return to $22,000

Florala Chen

Feb 15, 2023 16:04

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Bitcoin (BTC) increased by 1.95% on Tuesday. BTC finished the day at $22,198, reversing a loss of 0.11% from the previous day. For the second time in seven sessions, BTC displayed green.


Before acting, BTC dropped to a low of $21,555 in the early afternoon. After avoiding the First Major Support Level (S1) around $21,450, BTC surged to a high of $22,339 in the middle of the afternoon.


 Before finishing the day at $21,198, BTC momentarily passed through the Second Major Resistance Level (R2) at $22,228 and the First Major Resistance Level (R1) at $22,001.

Silvergate Bank News and Ante-Gensler Chatter Delivered BTC Support

US economic figures on Tuesday caused BTC to reach a session low. Compared to an anticipated 6.2%, the US annual inflation rate decreased from 6.5% to 6.4% in January. Investors anticipated a more pronounced decline of inflation, despite inflation softening, to lessen the prospect of interest rates exceeding 5%.


However, afternoon support and a BTC rebound to $22,000 were given by the cryptocurrency news channels.


The bullish session was influenced by the news out of Washington, D.C. A hearing titled Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets was conducted on Tuesday by the Senate Banking Committee. Gary Gensler and the SEC's shortcomings were brought to light by concerns about their regulation through enforcement and lack of SEC advice to crypto companies.


Legislators noted Gensler's appearances on morning talk programs and called for him to testify as soon as possible.


Participants in the cryptocurrency sector are expecting that Congress would grant the CTFC more monitoring authority after Gensler and the SEC's approach to regulating the digital asset area came under scrutiny.


Following a spike in SEC action that resulted in a settlement with the SEC and the termination of US cryptocurrency staking services from Kraken and Paxos, respectively, the Senate Committee Hearing was held (BUSD).


The endorsement of Silvergate Bank by Citadel Securities Group was also positive for the cryptocurrency market. The hedge fund has a 5.5% investment in the cryptocurrency-linked bank, according to a filing with the SEC on Tuesday. Silvergate Capital Corp (SI) grew by 18.01% as a result on Tuesday. The stock has fallen 86.6% during the last year, however.


This month, Silvergate Bank has received attention. News that the US Justice Department was looking into Silvergate Bank's interactions with FTX and Alameda Research broke earlier this month.


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