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July 6th - Oil prices fell as OPEC+ decided to increase production again. Following an online meeting on Sunday, the organization announced it would increase production by approximately 188,000 barrels per day in August, marking the fifth consecutive month of increases. However, analysts at ANZ Bank Research stated in a report, "Even if the Strait of Hormuz reopens, member countries may find it difficult to utilize this additional capacity due to ongoing risks to vessels." The analysts noted, "Over the weekend, several vessels attempting to transit the Strait of Hormuz along the Oman route were observed suddenly turning back."According to the Wall Street Journal, NASA Administrator Jared Isaacman flew a vintage fighter jet to the Washington Air Show despite objections from the Federal Aviation Administration (FAA). Isaacman had invited White House officials, including Treasury Secretary Bessenter, White House Deputy Chief of Staff Dan Scavino, and Trump senior advisor Chris Lacivita, to ride with him, but these arrangements were ultimately canceled.Key Events and Data Preview for This Week – Fed Meeting Minutes; Chinas June CPI and June Foreign Exchange Reserves; SK Hynix ADR Makes its US Stock Market Debut 1. Monday: ① Data: Switzerlands June seasonally adjusted unemployment rate; Eurozones July Sentix Investor Confidence Index, Eurozones May PPI (MoM), Eurozones May Retail Sales (MoM); US June S&P Global Services PMI (Final), US June ISM Non-Manufacturing PMI, US June Global Supply Chain Stress Index. ② Events: Speeches by Fed Governor Waller, ECB Executive Board Member Schnabel, ECB Governing Council Member Winsch, and Swedish Central Bank Deputy Governor Seim. 2. Tuesday: ① Data: Germanys May seasonally adjusted industrial production (MoM); UKs June Halifax seasonally adjusted house price index (MoM); Frances May trade balance; US ADP employment change for the week ending June 20, US May trade balance; Chinas June foreign exchange reserves. ② Events: Turkey hosts the NATO summit until July 8; the Office of the United States Trade Representative holds a public hearing to consider a proposal to impose additional tariffs on 60 economies worldwide. 3. Wednesday: ① Data: US API crude oil inventories for the week ending July 3; Japans May trade balance; New Zealands Reserve Bank of New Zealand interest rate decision for July 8; US May wholesale sales month-on-month rate; US EIA crude oil inventories for the week ending July 3; US EIA Cushing, Oklahoma crude oil inventories for the week ending July 3; US EIA Strategic Petroleum Reserve inventories for the week ending July 3. ② Events: EIA releases its monthly Short-Term Energy Outlook report; Reserve Bank of New Zealand Governor Brehman holds a monetary policy press conference. 4. Thursday: ① Data: US 10-year Treasury auction (ending July 8) - winning yield, US 10-year Treasury auction (ending July 8) - bid-to-cover ratio; Chinas June CPI year-on-year rate; Germanys May seasonally adjusted trade balance; US initial jobless claims for the week ending July 4; US June existing home sales (annualized); US EIA natural gas storage for the week ending July 3. ② Events: Federal Reserve releases monetary policy meeting minutes; European Central Bank releases June monetary policy meeting minutes; FOMC permanent voting member and New York Fed President Williams speaks. 5. Friday: ① Data: Germanys final June CPI month-on-month rate; Frances final June CPI month-on-month rate; Switzerlands June consumer confidence index; Canadas June employment change; Chinas June M2 money supply year-on-year rate. ② Events: SK Hynixs American Depositary Receipts (ADRs) are tentatively scheduled to list on Nasdaq on July 10; 2026 FOMC voting member and Dallas Fed President Logan speaks; IEA releases monthly oil market report. ③ Holiday: The New Zealand Stock Exchange is closed for one day. 6. Saturday: ① Data: Total number of oil rigs in the United States for the week ending July 10.An advisor to the Ukrainian Interior Minister stated that approximately 15 explosions occurred in Kyiv within 10 minutes. Air raid sirens are still in effect. There is a possibility of cruise missile and further ballistic missile attacks.On July 6, Israeli Prime Minister Benjamin Netanyahu stated on July 5 that he will continue to oppose Irans nuclear program regardless of whether the United States and Iran reach an agreement. He said that in order to defend Israels fundamental interests, the Israeli government will never allow Iran to acquire nuclear weapons.

BTC Fear & Greed Index Nears the Greed Zone on BTC Return to $22,000

Florala Chen

Feb 16, 2023 15:25

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Bitcoin (BTC) increased by 1.95% on Tuesday. BTC finished the day at $22,198, reversing a loss of 0.11% from the previous day. For the second time in seven sessions, BTC displayed green.


Before acting, BTC dropped to a low of $21,555 in the early afternoon. After avoiding the First Major Support Level (S1) around $21,450, BTC surged to a high of $22,339 in the middle of the afternoon.


 Before finishing the day at $21,198, BTC momentarily passed through the Second Major Resistance Level (R2) at $22,228 and the First Major Resistance Level (R1) at $22,001.

Silvergate Bank News and Ante-Gensler Chatter Delivered BTC Support

US economic figures on Tuesday caused BTC to reach a session low. Compared to an anticipated 6.2%, the US annual inflation rate decreased from 6.5% to 6.4% in January. Investors anticipated a more pronounced decline of inflation, despite inflation softening, to lessen the prospect of interest rates exceeding 5%.


However, afternoon support and a BTC rebound to $22,000 were given by the cryptocurrency news channels.


The bullish session was influenced by the news out of Washington, D.C. A hearing titled Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets was conducted on Tuesday by the Senate Banking Committee. Gary Gensler and the SEC's shortcomings were brought to light by concerns about their regulation through enforcement and lack of SEC advice to crypto companies.


Legislators noted Gensler's appearances on morning talk programs and called for him to testify as soon as possible.


Participants in the cryptocurrency sector are expecting that Congress would grant the CTFC more monitoring authority after Gensler and the SEC's approach to regulating the digital asset area came under scrutiny.


Following a spike in SEC action that resulted in a settlement with the SEC and the termination of US cryptocurrency staking services from Kraken and Paxos, respectively, the Senate Committee Hearing was held (BUSD).


The endorsement of Silvergate Bank by Citadel Securities Group was also positive for the cryptocurrency market. The hedge fund has a 5.5% investment in the cryptocurrency-linked bank, according to a filing with the SEC on Tuesday. Silvergate Capital Corp (SI) grew by 18.01% as a result on Tuesday. The stock has fallen 86.6% during the last year, however.


This month, Silvergate Bank has received attention. News that the US Justice Department was looking into Silvergate Bank's interactions with FTX and Alameda Research broke earlier this month.


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