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Argentinas central bank cut its benchmark interest rate to 60%.On April 25, local time, Bahraini Foreign Minister Zayyani visited Qatar and held talks with Qatari Emir (Head of State) Tamim and Qatari Prime Minister and Foreign Minister Mohammed. In addition to bilateral relations, the two sides focused on discussing the current situation between Palestine and Israel. Both sides expressed that they should actively promote an immediate ceasefire in the Gaza Strip and find an effective way to ease the situation in the region to ensure regional security and stability.U.S. Senate Majority Leader Schumer assured Ukrainian President Volodymyr Zelensky of the U.S. Senates commitment to Ukraine.The Kansas City Fed Manufacturing Output Index for April was -13, compared with -9 in the previous month.As of 23:00, the main domestic futures contracts fell more than rose, with palm oil falling nearly 2%, low sulfur fuel oil (LU), iron ore, rapeseed oil, cotton yarn, soybean oil, and No. 20 rubber (NR) falling more than 1%. In terms of increase, soda ash rose nearly 2%.

ETH Bulls Need to Avoid Sub-$1,500 to Target $1,700 on FTX Sentiment

Jan 16, 2023 15:42


On Saturday, Ethereum (ETH) gained 6.75%. On Friday, ETH gained 2.54% and closed the day at $1,550. For the first time since November 7, ETH finished the day at $1,500.


ETH rose from a low of $1,449 to a high of $1,598 over the first hour of a bullish trend before turning around. ETH crossed the Major Resistance Levels before slipping down to around $1,505. ETH breached both the Second Major Resistance Level (R2) at $1,505 and the Third Major Resistance Level (R3) at $1,570 during the downturn.


However, after regaining support in the late afternoon, ETH once again crossed R2, closing the day at $1,550.


Bitcoin (BTC) increased by 5.20% on Saturday. After breaking out by 5.70% on Friday, BTC finished the day at $20,966. Notably, BTC crossed the $10,000 threshold for the first time since November 7 and extended its winning run to seven sessions, the longest since March 2022.


BTC climbed from a low of $19,897 to a high of $21,378 over the first hour of a bullish trend before reversing. BTC crossed above both the Second Major Resistance Level (R2) and the First Major Resistance Level (R1) at $20,378 and $20,827, respectively. Nevertheless, the retreat caused BTC to briefly retest R2 and R1 before closing the day at $20,966.

Fed policy bets and reducing the risk of FTX contagion provided support

After a bullish Friday session, the Saturday session got off to a breakout start thanks to reduced FTX contagion risk. The possibility of another FTX-linked crypto site failing was lessened by reports that FTX had $5 billion in cash and cash equivalents and $4.6 billion worth of nonstrategic assets.


The most recent figures indicate that the damages resulting from FTX's collapse may be minimal, even if it could take some time for FTX to make creditors whole.


The prognosis for the US economy and the Fed's monetary policy were both seen favorably by the market. Bets for a 25-basis point increase in interest rates in February have been driven by recent US economic figures. The risk of a harsh landing would decrease with a less aggressive Fed interest rate trajectory.


The Sunday session got off to a bearish start. Investors probably locked in gains after a seven-day winning run before deciding what to do next. More price rises are supported by indicators and favourable conditions. However, regulatory risk and the SEC v. Ripple lawsuit continue to be challenges.


Crypto-negative outcomes include a Ripple defeat to the SEC and a change in the regulatory environment that stifles development and innovation.

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