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On September 18, Marex analyst Edward Meir said, "The Feds overall stance on interest rates is slightly hawkish, and they are not really keen on supporting rate cuts. Therefore, we saw the dollar strengthen after the Fed meeting and U.S. Treasury bond rates also rose... I think in the short term, gold prices may be a bit overbought and may retreat further to the $3,600 mark."The Central Bank of Moldova cut its key interest rate to 6%.The Eurozones seasonally adjusted current account data for July will be released in ten minutes.On September 18, Mitsubishi UFJ reported that the Bank of England will hold interest rates steady in September, following a narrow vote to cut rates in August. With little likelihood of a rate change now in sight, market attention will focus on the split in the vote, fine-tuning of policy guidance, and the annual decision on the pace of quantitative tightening. A 7-2 vote is expected to maintain interest rates, with Taylor and Dhingra voting for a rate cut. Guidance will continue to indicate a gradual decline in interest rates, but looking ahead, the Bank of England appears prepared to slow the pace of rate cuts to reflect the lack of consensus on easing. A December rate cut remains possible, but it is likely to be another close call. Regarding the balance sheet, the market generally expects the pace of quantitative tightening to slow from the current annual pace of £100 billion. This figure is expected to be revised to £60 billion, implying a slight reduction in active sales compared to the previous 12 months.Sources: Qatar raised the price of its October Al-Shaheen crude oil to a premium of $3.61 per barrel over the benchmark oil price.

El Salvador Buys The Dip With 80 More BTC

Jimmy Khan

Jul 01, 2022 14:15

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El Salvador's mysterious president Nayib Bukele tweeted on July 1 that his nation has purchased a further 80 BTC for almost $19,000 apiece before concluding, "Bitcoin is the future." The transaction would have cost around $1.52 million in total.


The Central American nation now has a total of 2,381 bitcoins, which lowers the dollar cost average price.


Early in May, Nayib made the prior acquisition of 500 BTC for $15 million. But back then, the asset was valued at around $32,000.


Beginning in September 2021, when it acquired 200 BTC, Holdings in The Red El Salvador started contributing Bitcoin to its treasury. However, the item was suddenly trading for more over $50,000. The next seven transactions that year, along with one in January, totaled an additional 410 BTC for an average cost of around $36,500.


The entire amount of El Salvador's Bitcoin holdings is presently $46.7 million, but the Nayib tracker (which hasn't yet included this most recent purchase) shows that the nation has lost around 55% of its investment capital. If sold, it would suffer a loss of around $58 million. Given that he just strengthened his stance on the asset, it is obvious that Nayib Bukele has no intention of selling.


Alejandro Zelaya, El Salvador's minister of finance, said in May that the amount of BTC the nation had at the time was less than 0.5 percent of its yearly budget. It created a "very minor" danger to the nation's financial situation, he said.


Economic growth in El Salvador has decreased, according to a CNBC piece published last week. The nation's debt-to-GDP ratio, which measures how much a country owes compared to how much it produces, will reach 87 percent this year, and its deficit continues to be large.


The boost in tourism, which has increased by 30% since Bitcoin was approved in September, is one benefit of Bukele's Bitcoin experiment. Additionally, Bukele's popularity ratings have increased to just around 85%. He is up for reelection in 2024, and if Bitcoin markets are still bullish by then, his position is all but secured.


El Salvador has followed software company MicroStrategy, which this week also added 480 BTC to its stockpile by purchasing additional Bitcoin.

BTC Falls under $19K

During the Friday morning Asian trading session, bitcoin prices fell to an intraday low of $18,782. But it rapidly bounced back, reaching $20,280 at the time of writing.


Although the asset has been range-bound for the previous two weeks, it has lost more than 36% of its value in that time. Since reaching an all-time high of $69,000 in November 2021, the price of bitcoin has decreased by 70%.


As the bears continue to control the markets, the fear and greed index is buried in the "severe fear" zone.

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