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UAE Presidents Foreign Policy Advisor: The UAE is exercising restraint and seeking a way out for Iran and the region.The UAE presidents foreign policy advisor said Irans accusations against the UAE are "part of its unwise and chaotic policy."On March 15, S&P Global Ratings affirmed Saudi Arabias sovereign credit rating, adding that despite disruptions, non-oil growth momentum and related non-oil revenues should help support the economy. S&P stated that Saudi Arabia should be able to withstand the impact of the current conflict with Iran. S&P noted that the country should be able to shift oil exports to the Red Sea, utilize its vast oil storage capacity, and increase oil production post-conflict. The Saudi government should also be able to adjust investment spending related to "Vision 2030," a strategic framework launched by the country in 2016.On March 15th, Matt Reed, Vice President of the geopolitical and energy consultancy Foreign Reports, stated that an attack on Kharg Island could trigger Iranian retaliation against Gulf oil-producing countries. He said, "Iran will retaliate in kind." The United States warned on Friday that if Iran continues to block the Strait of Hormuz, Kharg Islands oil facilities could become the next target. Reed warned that the longer the conflict continues, the harder it will be to find alternative energy supplies. "At least 10 million barrels of oil are trapped in the Gulf every day, plus more than 4 million barrels of refined petroleum products and tens of billions of cubic feet of liquefied natural gas, with no easy alternatives." The International Energy Agency has announced the largest emergency oil reserve release in history, with 32 member countries planning to release approximately 400 million barrels of oil. However, Reed believes this measure will have limited effect, stating, "By the time the oil gets to the market, it may be too little, too late." He described it as nothing more than a "band-aid."On March 15th, local time, the Iranian Islamic Revolutionary Guard Corps issued a statement saying that in the past 48 hours, the US and Israel had launched attacks on several civilian industrial facilities in Iran, resulting in the deaths of several workers. The statement said that after setbacks in its confrontation with Iran, the US and Israel have turned to attacking non-military industrial facilities. Iran warned that US companies in the region should withdraw from their facilities and urged nearby residents to stay away from industrial areas with US capital involvement to avoid potential attacks.

Crypto Market Daily Highlights: Fed Fear and the NASDAQ Index Weigh

Skylar Shaw

Feb 22, 2023 16:05

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The top ten cryptocurrency index had a gloomy session on Tuesday. The descent was guided by MATIC. Bitcoin returned to the $25,000 handle for the fifth time in six sessions despite the negative session.


Fed On Tuesday, fear returned as markets focused on the FOMC meeting minutes that are due later today. Riskier assets were impacted by market concerns about longer-term increases. The S&P 500 and Dow both had declines of 2.06% and 2.00%, respectively, while the NASDAQ Composite Index fell by 2.50%, marking its worst performance of 2023.


Tuesday's US economic data provided more fuel for the Fed's fire. The services PMI increased from 46.8 to 50.5 instead of rising to 47.2 as predicted, providing the Fed's rate-hiking hawks more justification to pursue an aggressive interest rate trajectory to bring inflation to the desired level.


The news that Polygon Network was laying off employees was negative for the market, while plans to offer crypto trading to retail consumers in Hong Kong and the restart of withdrawals at FTX Japan were favorable. The implications of the protracted crypto winter, however, were emphasized by Coinbase's (COIN) quarterly earnings, which also reminded the markets of the difficult path ahead and the rising regulatory scrutiny.

The Coming Day

Investors should keep an eye on the cryptocurrency news wires for anything that could shift the market. The changes from FTX, Genesis, and Silvergate Bank must be taken into account, but Binance will continue to be the major focus. Regulatory activity and congressional chitchat, however, will continue to be the main drivers.


The NASDAQ Composite Index, Fed chitchat, and the minutes of the FOMC meeting will have an impact on the afternoon session. The FOMC meeting minutes after the Tuesday sell-off may highlight how high and for how long, which will probably put investor sentiment to the test.


This morning's increase in the NASDAQ mini indicated a flat start to the American session.

As Fed jitters return, the cryptocurrency market falls.


Tuesday's session was rocky. During a positive morning, the crypto market cap increased to a high of $1,100 billion before turning negative. The reversal caused the market valuation of cryptocurrencies to fall to a late low of $1,048 billion.


The crypto market cap did, however, find late support, ending the day at $1,065 billion and cutting the loss from the session to $18.80 billion.


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