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ECB Governing Council member Machrouf: Uncertainty means the ECB will make decisions on a meeting-by-meeting basis.On February 11th, BeiChen Lin, Senior Investment Strategist at Russell Investments, stated in a report that while a complete victory is not yet achieved, the Federal Reserves fight against inflation appears to be within reach. He pointed out that a more balanced labor market is helping to suppress inflation in the services sector; moreover, the inflationary pressures from tariffs are expected to gradually subside in the second half of the year. Furthermore, the continued sluggishness of the US housing market will also help control inflationary pressures. Lin believes that even if the US economy maintains trend-based growth this year, or even slightly exceeds trend levels, inflation is expected to remain benign and manageable this year and next.1. Standard Chartered Bank: -10,000; Scotiabank: +000; Capital Economics: +30,000; Oxford Economics: +30,000; 2. Bank of America: +40,000; Moodys Analytics: +40,000; Goldman Sachs: +45,000; TD Securities: +45,000; 3. ABN AMRO: +50,000; Barclays: +50,000; Morgan Stanley: +55,000; Danske Bank: +60,000; 4. DekaBank: +60,000; RBC: +63,000; HSBC: +65,000; ANZ: +70,000; 5. Westpac: +70,000; JPMorgan Chase: +75,000; Deutsche Bank: +75,000; Commerzbank: +80,000; 6. ING: +80,000; Societe Generale: +80,000; UniCredit: +80,000; Wells Fargo: +80,000; 7. Nomura: +85,000; Lloyds Banking Group: +85,000; Mizuho Securities: +90,000; UBS: +90,000; 8. Pansen Macro: +100,000; BNP Paribas: +105,000; Jefferies Group: +110,000; Citigroup: +135,000. On February 11, Saudi Arabias ambassador to Iran, Abdullah Anzi, stated on February 10 that strengthening bilateral relations between Saudi Arabia and Iran would send a clear and unambiguous signal to destructive forces in the region. He emphasized that regional issues cannot be resolved through war, and military confrontation will only exacerbate tensions. Saudi Arabia supports de-escalating regional tensions through political and diplomatic means.February 11th Futures News: 1. WTI crude oil futures trading volume was 896,471 lots, a decrease of 32,686 lots from the previous trading day. Open interest was 2,071,193 lots, a decrease of 9,447 lots from the previous trading day. 2. Brent crude oil futures trading volume was 155,978 lots, a decrease of 6,962 lots from the previous trading day. Open interest was 261,767 lots, a decrease of 1,475 lots from the previous trading day. 3. Natural gas futures trading volume was 602,356 lots, a decrease of 35,580 lots from the previous trading day. Open interest was 1,623,418 lots, a decrease of 14,347 lots from the previous trading day.

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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