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December 16th - According to Bank of Americas latest global fund manager survey, the number of investors who believe the US dollar is overvalued increased in December. Approximately 53% of investors believe the dollar is overvalued, compared to 45% in the November survey. The survey also shows that investors are currently underweight on the dollar compared to historical levels. Short positions in the dollar are considered the third most crowded trade. Long positions betting on the rise of the "Big Seven" (including Apple and Alphabet, seven major tech giants) are considered the most crowded trade, followed by long positions in gold.December 16th - A Bank of America global fund manager survey released in December showed that investor optimism about the macroeconomic outlook has reached its highest level since August 2021. The survey found that global economic growth expectations rose to a net 18%, up from a previous net 3%. "Economic expectations are following stock market performance," Bank of America stated. The bank said this optimism stems from strong earnings expectations, which are currently at a net 29%, the highest level since August 2021. 57% of respondents believe the economy will achieve a soft landing—that is, inflation will slow, but the economy will not experience a recession.Mizuho Bank raised its price target for Tesla (TSLA.O) from $475 to $530.On December 16th, Commerzbank analyst Vincent Starmer noted in a report that the Eurozone Purchasing Managers Index (PMI) data was particularly disappointing for German industry, with German confidence moving further away from the 50-point mark, a key indicator of economic recovery. Germanys manufacturing PMI fell to 47.7 in December from 48.2 in November, while Frances PMI rose to 50.6 from 47.8, a 40-month high. Starmer commented on the German situation, stating, "Clearly, the stimulus from the key interest rate cuts is insufficient to offset the adverse effects of US tariffs and increasingly fierce competition." However, he pointed out that despite the overall Eurozone PMI decline in December and the poor performance of German industry, the index still indicates a moderate recovery in the Eurozone economy.Microchip Technology (MCHP.O) shares rose 2% in pre-market trading in the US.

Crypto Market Pressured by Bigger Trends

Cory Russell

Feb 23, 2023 15:29

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Once more, Bitcoin was unable to surpass the $25K mark. The Nasdaq100 dropped 2.5%, and initial analytical opposition was later reinforced by a powerful downward trend in US stock benchmarks.


On a weekly basis, it appears that the market is unable to enter a positive period because bitcoin depreciates upon hitting its 50- and 200-week moving averages. Be ready for another decline to the $17.5K or even $16.5K region if there isn't a positive turnaround in the upcoming days.


According to Glassnode, a shift in user behavior is to blame for the fact that bitcoin is standing up well in the face of the present market trends and governmental pressure. Short-term speculators have once again adopted the buy-the-dip strategy. However, the proportion of "whale" addresses with sums of 1,000 Bitcoin or higher has decreased to levels seen in the middle of 2019, suggesting that the retail sector is driving purchases while the whales are engaged in sales.

Article context

Bloomberg reports that Chinese officials have covertly backed Hong Kong's plan to create a growth hub for the blockchain sector in the city. Businesses that formerly operated in the People's Republic of China can now incorporate in Hong Kong.


Despite price increases, the Bank for International Settlements (BIS) predicted that between 2015 and 2022, the typical individual user would lose about half of their investment in bitcoin. The BIS repeated its appeal for international cooperation in bitcoin governance and issued a cautionary statement about the dangers of heightened systemic ripple effects.


A version of the Ordinals protocol that enables users to publish different items in picture, text, video, and other forms has been added to the Litecoin network.


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