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On September 20, EU Economics Commissioner Valdis Dombrovskis stated at an informal meeting of EU finance ministers in Denmark that the European Commission hopes to finance Ukraine in 2026 through a so-called "compensatory loan" using Russian assets. Dombrovskis said during a press conference: "Thats right. I outlined the concept of such a compensatory loan at the meeting. I want to say that there is a willingness to work constructively together. Indeed, member states consider this a viable approach. Now, we will obviously continue to work hard under all conditions. Because we need to complete all these preparatory work relatively quickly. Ukraine will need this funding starting in 2026."On September 20th, Optus Communications, Australias second-largest telecommunications operator, experienced a 13-hour network outage, disrupting emergency call services and resulting in four deaths. Australian Communications Minister Anika Wells stated on the 20th, "It is unacceptable that Optus failed Australians at their most critical moment." She emphasized that telecommunications companies are legally required to ensure unimpeded emergency call service. The communications regulator has launched an investigation.On September 20th, ECB board member Stournaras said the bank may have completed its current cycle of rate cuts, and any further easing would require a material change in the outlook for inflation and economic growth. He noted that while inflation is expected to remain slightly below 2% over the next few years and risks are tilted to the downside, this alone does not justify further rate cuts. "Overall, in an environment of uncertainty, we are in a good equilibrium—not a perfect equilibrium, but a good one," said Stournaras, considered a dovish policymaker. "There is no reason to adjust interest rates at this point." "We are data-dependent—if we see a change in the situation at our monetary policy meetings, we will adjust accordingly," Stournaras said. "But it would require a material change in the outlook for us to do so." These comments echo recent hawkish stances from some officials. Estonian Central Bank Governor Müller said on Friday that ECB policy was already somewhat accommodative and there was no reason to cut rates further.On September 20th, at NIO Day, NIO Chairman William Li Bin stated that the company is currently working hard to increase production capacity for the all-new ES8. If production capacity still fails to meet demand, NIO will cover the difference from next years NEV subsidy reduction.Ukrainian Security Service official: Ukrainian drones attacked an oil pumping station involved in exporting Russian oil through the port of Novorossiysk.

BTC Bulls Target $21,000 as ETH Breaks Down Resistance at $1,500

Skylar Shaw

Oct 27, 2022 16:22

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Bitcoin (BTC) increased by 3.95% on Tuesday. BTC finished the day at $20,104, reversing a loss of 1.25% from the previous day. Notably, BTC avoided falling below $19,000 for a fourth session and ended the day around $20,000 for the first time since October 5.


BTC dropped to a low of $19,251 late in the morning after a negative morning. However, BTC soared to a late-afternoon high of $20,432 after avoiding the First Major Support Level (S1) at $19,138. The Major Resistance Levels were breached by BTC. BTC, however, breached the Third Major Resistance Level (R3) at $20,258 due to a late retreat.


On Tuesday, Ethereum (ETH) increased by 8.63%. ETH finished the day at $1,460, reversing a loss of 1.47% from the previous day. Notably, ETH made its first appearance at $1,500 since the middle of September.


Following a volatile morning, ETH dropped to an early low of $1,335. ETH surged to a high of $1,525 in the late afternoon, avoiding the First Major Support Level (S1) at $1,322. The day's Major Resistance Levels were overcome by ETH. Late in the day, support came from the Third Major Resistance Level (R3) at $1,440.


A less hawkish Fed policy decision in December was predicted on Tuesday thanks to US economic figures. A Wall Street Journal article and FOMC member Mary Daly discussed the Fed taking its foot off the throttle last Friday.


Economic figures this week have shown the impact of Fed policies on the economy. The services sector contracted more sharply in October's preliminary private sector PMIs, and consumer confidence also suffered.


The housing sector was also impacted by the increase in mortgage rates, with a noticeable slowdown in home price increases.


There are no relevant statistics at this time for the markets to evaluate. Although FOMC members are prohibited from speaking publicly until November 3, they are unable to alter the narrative, which supports the optimistic morning session.


The FedWatch Tool estimated the likelihood of rate increases in November and December to be 95.1% and 47.9%, respectively, as of this morning. The chance of a 75-basis point increase in December was 77.0% a week ago.


Elon Musk's intentions to complete the purchase of Twitter (TWTR) and rumors that CFTC Chairman Rostin Behnam may classify BTC and ETH as commodities are two more factors influencing the surge.

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