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July 21 – According to Nikkei, Sumitomo Chemical plans to begin mass production of a new solid-state battery electrolyte material for electric vehicles as early as fiscal year 2028; this move is expected to reduce costs without sacrificing performance. This new electrolyte uses a halide system, with chlorine and other elements as its main components, and is expected to become an alternative to sulfide and oxide electrolyte materials. The material was jointly developed by Sumitomo Chemical, Kyoto University, and Tottori University.Airbus CEO: First-half aircraft deliveries are highly consistent with the annual capacity expansion target.Market news: Senate Republican Leader Thune said a sanctions bill targeting Russia may soon be submitted to the full Senate for consideration.On July 21st, as the year reaches its midpoint, the Peoples Bank of China (PBOC) clarified its overall monetary policy approach for the second half of the year at its second-quarter meeting of the Monetary Policy Committee. PBOC Vice Governor Zou Lan stated at a recent press conference held by the State Council Information Office that in the second half of the year, monetary policy will strengthen counter-cyclical and cross-cyclical adjustments based on the domestic and international economic and financial situation and the operation of financial markets. Analysts believe that price trends, economic fundamentals, and the monetary policies of major overseas economies will be key factors influencing my countrys monetary policy operations in the next stage. With the accelerated issuance of government bonds in the third quarter, the space for monetary policy easing may further open up, in coordination with fiscal policy to support a positive macroeconomic outlook.The UK Maritime Trade Operations Office has received reports of an incident 8 nautical miles northeast of Lima, Oman. Multiple reports have also been received that an oil tanker reported being struck by an unidentified projectile in the Strait of Hormuz.

ETH Bulls in the Need of Shanghai Hard Fork Updates for $1,700

Jimmy Khan

Jan 31, 2023 16:19

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ETH saw a rough day's start, dropping to a low of $1,567 in the morning. ETH rose to a late high of $1,661, avoiding the First Major Support Level (S1) around $1,550. To close the day at $1,645, ETH overcame the First Major Resistance Level (R1) at $1,601 and the Second Major Resistance Level (R2) at $1,629


Bitcoin (BTC) gained 3.11% on Sunday. After losing 0.16% on Saturday, BTC gained 4.55% for the week to reach $23,746. For the first time since August 19, BTC avoided falling below $23,000 and reached a new 2023 high of $23,962.


After a choppy start to the day, BTC dropped to an early low of $23,000 before moving. BTC surged to a late high of $23,962, avoiding the First Major Support Level (S1) at $22,876. BTC surpassed the key resistance levels and finished the day at $23,746. Late support was provided by the Third Major Resistance Level (R3) at $23,639

Delivered by Fed Policy Sentiment and Easing FTX Contagion Support

On Sunday, there were no outside market factors that might have given BTC, ETH, and the larger market direction. Price support was provided by market bets on a Fed interest rate rise of 25 basis points on Wednesday and a less aggressive interest rate path to achieve the target inflation rate.


Another benefit for riskier assets would be if interest rates followed a less aggressive trajectory, which would reduce the likelihood of a harsh landing.


Lessening FTX contagion risk continues to be the major driver for the crypto market in the short run.


However, the most recent White House statement added another another layer of regulatory ambiguity for cryptocurrency investors to traverse. The SEC may intensify its mantra of regulation by enforcement without providing the cryptocurrency market with a clear regulatory roadmap in response to calls for lawmakers and regulators to increase regulatory control.


Investors should keep an eye on the cryptocurrency news wires today for developments on FTX and Genesis, as well as talk around the Shanghai hard fork. Investors should be on the lookout for any hints that the scheduled March hard fork timing may be delayed.


The NASDAQ Index will probably have an impact during the afternoon session before Wednesday's interest rate announcement.

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