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May 7th - According to the China State Railway Group Co., Ltd., during the May Day holiday transportation period from April 29th to May 6th, the national railway system transported a total of 159 million passengers, an increase of 5.2% year-on-year. Among them, 24.844 million passengers were transported on May 1st, setting a new record for single-day passenger volume. The national railway system also transported a total of 93.5 million tons of freight, an increase of 4.5% year-on-year. On May 2nd, 202,400 wagons were loaded, setting a new record for single-day freight loading on the national railway system.On May 7th, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) held an enlarged meeting on May 6th. The meeting emphasized the need to adhere to a problem-oriented approach, accurately grasp the direction and focus of basic research in central enterprises, and strengthen basic research systematically and systematically based on national needs. It stressed guiding central enterprises to focus on applied basic research, leveraging their industrial and demand-driven advantages to promote the integration of the entire "science-technology-engineering-industry" chain. The meeting also emphasized strengthening overall planning, using the origin of original technologies as a starting point, and continuously exerting efforts in solving fundamental scientific problems, deploying strategic frontier technologies, and strengthening the supply of common technologies. Furthermore, the meeting stressed the importance of effectively cultivating high-level talent, increasing R&D investment, and building high-level platforms for basic research in central enterprises to drive the overall improvement of their basic research capabilities. The meeting called for pooling resources from all parties to promote stronger basic research in central enterprises with greater力度 and more concrete measures, strengthening collaboration with relevant departments, promoting the implementation of policies for investors, further deepening the reform of state-owned assets and enterprises, encouraging enterprises to be bold in innovation, and further stimulating the intrinsic motivation of researchers to engage in basic research, so as to make due contributions to achieving high-level scientific and technological self-reliance and building a strong science and technology nation.The yield on Japans two-year government bonds fell 1.0 basis point to 1.370%.May 7th Futures News: Economies.com analysts latest view: Brent crude oil futures have continued to decline in recent intraday trading. While the market had previously escaped oversold conditions, the Relative Strength Index (RSI) has begun to show a negative crossover signal. This opens up room for further declines in the short term, especially given that prices have remained below the 50-day moving average (EMA50) and previously broke below the short-term uptrend line; downward pressure remains.May 7th Futures News: Economies.com analysts latest view: WTI crude oil futures prices edged lower in the latest intraday trading session. The oversold condition of the Relative Strength Index (RSI) has eased, but the market still has room for further declines in the short term. Selling pressure remains dominant after prices broke below an important short-term uptrend line. Crude oil prices continue to trade below the 50-day moving average, which now acts as dynamic resistance, limiting any potential rebound. Unless oil prices regain their footing above key technical levels and resume upward momentum, these factors will reinforce the current bearish outlook.

Bitcoin Maintains a Positive Short-term Outlook

Cory Russell

Feb 24, 2023 15:02

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Industry Snapshot

On Wednesday, Bitcoin ended below $24K for the first price in eight days. But on Thursday morning, investors took control once more, driving the currency up to $24.4K. In response to declining market benchmarks, Bitcoin experienced pressure on Tuesday and Wednesday. The slide came to a halt last night, which enabled the cryptocurrency market to recoup some of its loses and return to $1.11 trillion in total capitalization.


The monthly link between bitcoin and the S&P 500 has, interestingly, dropped to its lowest point since 2021, according to Bloomberg. And it was clear how long cryptocurrencies had disregarded the fall in equity prices.


Our opinion is that these markets continue to be linked and that they only "hear" each other's whispers when they become clear and persistent. Less obvious patterns are viewed as noise that has been sorted out.


The most recent downward momentum was halted at 61.8% of the upward momentum from last week's lows, suggesting that there is still space for further gains in the short-term momentum of bitcoin. Without the stock benchmarks' significant downward trend, bitcoin still has a chance to challenge the 25,000 level before the week is over. It might get there if it makes such persistent efforts to ascend higher.

Historical Events

The Department of Financial Services (NYDFS), New York's financial supervisor, has declared an upgrade to its tools for keeping an eye on illicit coin activity among its controlled companies, and as a result, it is ramping up its supervision of the crypto market.


On February 28, the Shanghai-Capella (Shapella) upgrade will be released to the Sepolia test network by the Ethereum team. This upgrade will be released after The Merge and will permit validators to take money out of blocks. The hardfork will first be tried on the Goerli network after Sepolia and then deployed on Mainnet (possibly in March).


A collaboration between the Binance exchange and credit card provider Ingenico will enable stores in France to begin taking cryptocurrency purchases. Later, the initiative will be expanded to include Italy, Lithuania, Spain, Cyprus, Poland, and Sweden, as well as other European nations where Binance holds operating licenses.


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