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March 14th - According to a Reuters report on the 13th, approximately 20 Indian oil tankers remain stranded near the Strait of Hormuz due to the ongoing conflict in the Middle East. Sources revealed that India is currently holding a new round of emergency negotiations with Iran to ensure the safe passage of these vessels. Experts say that if the military conflict continues, energy supply disruptions will slow Indias economic growth. India is the worlds second-largest importer of liquefied petroleum gas (LPG), relying on imports for two-thirds of its LPG, with 85% to 90% of those imports coming from the Middle East. India is also the worlds fourth-largest buyer of liquefied natural gas (LNG), relying on imports for about half of its LNG, with the majority of those imports originating from the Middle East.Japanese Finance Minister Satsuki Katayama: We will respond to currency market fluctuations at any time and pay attention to the impact of exchange rate changes on peoples lives.March 14 - Sources familiar with the matter revealed that some oil loading operations at the Port of Fujairah in the United Arab Emirates, located outside the Strait of Hormuz, have been suspended following a drone attack and subsequent fire on Saturday morning. The Abu Dhabi National Oil Company and the Fujairah Port Authority did not immediately respond to requests for comment. The attack comes after the US military struck Harq Island, crucial for Iranian oil exports. Iran responded by stating that any attack on oil and energy infrastructure would provoke attacks on US-linked energy facilities in the region. The escalation of the conflict in the Persian Gulf has disrupted energy trade in the region, damaged oil and gas infrastructure, and nearly severed traffic in the Strait of Hormuz. The Port of Fujairah in the UAE is one of the few remaining ports in the region exporting oil and has previously reported missile threats.South Koreas Ministry of Finance: The finance ministers of South Korea and Japan reiterated that they will closely monitor the foreign exchange market and take appropriate measures against excessive volatility and disorderly trends.According to AFP: Since the Russia-Ukraine conflict, Norway has become the largest single supplier of natural gas to the European continent. Now, Norway hopes to use the Middle East conflict as an opportunity to secure EU approval for its (natural gas) drilling in the Arctic.

Crypto Market Daily Highlights: ETH and MATIC Lead the Top Ten

Skylar Shaw

Mar 02, 2023 15:47

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March got off to a positive start for the cryptocurrency market as data from China's private sector PMI drove early session demand for risky assets.


The top ten cryptocurrencies had a positive afternoon on Wednesday. The top ten crypto market rebound was headed by MATIC and ETH. The $24,000 mark was brought up by Bitcoin for the first time in five days.


China's economic statistics gave the month a positive start. Demand for risky assets increased as a result of February's private sector PMI figures that exceeded expectations. Contrary to expectations, the crucial Caixin Manufacturing PMI increased from 49.2 to 51.6. An important development was the industrial sector's first expansion since July 2022.


Gains from the early session were not rolled back by economic statistics from the US or the NASDAQ Composite Index. Although the ISM Manufacturing PMI showed that the manufacturing sector was still contracting, the sub-components backed up a more pessimistic view of Fed monetary policy. From 44.5 to 51.3, the ISM Factory Costs Index increased.


The NASDAQ Composite Index was impacted by hawkish Fed talk as well. According to reports, Fed moderate Kashkari is willing to raise interest rates by 25 or 50 basis points in March.


The NASDAQ Composite Index dropped by 0.66% on Wednesday, but the NASDAQ Mini gained 4.5 points this morning.

Bitcoin Industry Headlines

The impact of cryptocurrency market news on investor mood, however, was varied. As a result of heightened governmental monitoring, Visa (V) addressed reports that it was pausing its cryptocurrency plans.


Regarding the Reuters piece, Cuy Sheffield, Director of Crypto at Visa, stated, "This narrative is incorrect as it relates to Visa, here's the truth."


Sheffield added, "We continue to work with crypto businesses to better currency on and off transitions as well as advance on our product plan to develop new products that can enable stablecoin transfers in a safe, legal, and practical manner."


Sheffield added that Visa's opinion of the significance of blockchain-based, fiat-backed digital currencies has not changed.


Silvergate Bank reports, however, were negative for the market. The business disclosed that the submission of its yearly report had been postponed.


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