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Shinichi Uchida, Deputy Governor of the Bank of Japan: Rapid fluctuations in the foreign exchange market make it difficult for companies to formulate business plans and increase uncertainty.Shinichi Uchida, Deputy Governor of the Bank of Japan: A strong yen has a negative impact on exports and profits of large manufacturers, but at the same time it improves real income of households and drives profit growth of retailers by reducing import costs.Shinichi Uchida, Deputy Governor of the Bank of Japan: There is extremely high uncertainty surrounding our forecasts, so we will take an open attitude to judge whether the forecasts will be realized without setting expectations in advance.Shinichi Uchida, Deputy Governor of the Bank of Japan: Once the global economy resumes its upward trend, the Japanese economy is expected to recover and increase potential inflation levels and inflation expectations.Shinichi Uchida, Deputy Governor of the Bank of Japan: Japans core inflation and medium- and long-term inflation expectations may stagnate temporarily.

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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