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March 14th - According to the State Council Food Safety Office, in 2025, the national pass rate for random inspections of major food products such as rice, flour, oil, meat, eggs, and dairy products reached 99.37%, remaining stable above 99% for four consecutive years, indicating a continuous improvement in the overall level of food safety. Nationwide, food production and operation enterprises have 1.155 million food safety directors and 9.492 million food safety officers, with 100% coverage of large-scale food enterprises, achieving accountability and precise risk control. The State Council Food Safety Office continues to promote the construction of "Internet + Transparent Kitchens" in schools. Currently, the coverage rate of "Internet + Transparent Kitchens" in self-operated canteens of primary and secondary schools nationwide has reached 99%, and the coverage rate of off-campus catering units has reached 100%, effectively improving the efficiency of campus food safety governance.According to the Islamic Republic News Agency (IRNA), a senior Iranian provincial official said that despite the attack, oil exports from Irans Kharg Island are proceeding normally.March 14th - The General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on promoting the development of a professional social work workforce. The main objectives are: after approximately five years, the structure and distribution of the professional social work workforce will be more rational, its professionalization and specialization levels will be significantly improved, the total number of high-level talents will be significantly increased, and the scale of professional social work positions will steadily expand.On March 14, two liquefied petroleum gas (LPG) carriers flying the Indian flag and belonging to an Indian shipping company successfully transited the Strait of Hormuz and are currently en route to India, expected to arrive at their respective Indian ports within a few days. Sources stated that the transit was conducted "very cautiously." Currently, more than 20 Indian-flagged merchant ships are anchored in the Strait of Hormuz.Greek tanker management company Marantankers: The Greek-flagged tanker Maran Homer was struck by an unidentified object outside the Cpp terminal in Novorossiysk, sustaining minor damage and no injuries.

ETH Faces the Risk of Sub-$1,600 on US Stats and Hawkish Fed Chatter

Cory Russell

Mar 03, 2023 14:16

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On Wednesday, Ethereum (ETH) increased by 3.74%. ETH finished the day at $1,665, reversing a loss of 1.71% from Tuesday.


ETH dropped to an early bottom of $1,595 following a negative start to the day. While avoiding the First Significant Support Line (S1) at $1,585, ETH surged to a high of $1,670 in the early afternoon.


ETH quickly passed through the Second Major Resistance Level (R2) at $1,668 before relaxing back to finish the day at $1,665. ETH also broke through the First Major Resistance Level (R1) at $1,636.


Bitcoin (BTC) increased by 2.44% on Wednesday. Bitcoin finished the day at $23,707, reversing a drop of 1.53% from Tuesday. Bitcoin returned to the $24,000 mark for the first time in five days thanks to the positive session.


Bitcoin dropped to an early low of $23,036 after the day got off to a muddled start. Bitcoin climbed past the First Significant Support Line (S1) at $22,934 and reached a peak of $24,009 in the late morning. Before finishing the day at $23,707, Bitcoin momentarily passed through the Second Major Resistance Level (R2) at $23,823 and the First Major Resistance Level (R1) at $23,483.

Chinese economic data and the Shapella upgrade provide support

On Wednesday, the seamless Shapella update and mining influx helped to sustain the price of ETH. However, the Wednesday breakthrough was motivated by the world economic schedule.


On Wednesday, statistics from China provided support for risky commodities. The crucial Caixin Manufacturing PMI increased in February from 49.2 to 51.6. Analysts anticipated an increase to 50.2. An important development was the industrial sector's first expansion since July 2022.


The statistics were strong enough to overpower the impact of NASDAQ Composite Index and US economic data.


The ISM Manufacturing PMI survey's auxiliary variables backed up the more bearish outlook on Fed monetary policy. From 44.5 to 51.3, the ISM Factory Costs Index increased. The NASDAQ Composite Index was impacted by hawkish Fed talk as well. According to reports, Fed moderate Kashkari is willing to raise interest rates by 25 or 50 basis points in March.


Investors reacted negatively this morning to inflation data and bullish talk, sending Bitcoin and ETH into the red.