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December 31st, Futures.com analysts latest view: Brent crude oil futures prices tended to consolidate in the recent intraday trading session. Although the Relative Strength Index (RSI) showed a negative signal, and the oversold condition appeared excessive compared to price action, suggesting that bearish momentum is rapidly weakening. Meanwhile, positive support remains in place as prices continue to trade above the 50-day exponential moving average (EMA50). The trendline-following pattern remains unchanged, dominated by a short-term bullish corrective wave.December 31st, Futures.com analysts latest view: WTI crude oil futures fell in recent intraday trading after the Relative Strength Index (RSI) showed a negative signal after reaching overbought territory. This pullback aims to accumulate momentum and digest previous gains. This decline occurred against the backdrop of continued dynamic support, specifically as prices remain above the 50-day exponential moving average (EMA50), which reinforces the stability and dominance of the short-term bullish corrective trend. In particular, the current price action continues along the support trendline, meaning the possibility of a price recovery in the near future remains.December 31st, Futures.com analysts latest view: International spot gold rose in recent intraday trading, gaining bullish momentum by stabilizing at the key support level of $4350, thus achieving the current cautious gains. However, as the price is still trading below the 50-day exponential moving average (EMA50), the resulting negative pressure limits the possibility of a strong rebound in the short term, and the market is currently still dominated by a bearish corrective wave. Accompanying this cautious rise, the Relative Strength Index (RSI) has shown a negative signal after escaping oversold territory, indicating that the bearish trend may return. This means that any current rise may only be a temporary correction, after which gold may face selling pressure again.On December 31, the Ministry of Commerce issued an announcement requiring all regions to scientifically formulate plans for the use and disbursement of subsidy funds, ensuring balanced monthly allocation and smooth transitions between weekly periods within the month and across months and quarters. At the provincial level, overall coordination should be strengthened, with unified and clear requirements for application materials, application methods, processing procedures, and review processes for specific matters such as applications from business entities to participate in subsidy policies and fund disbursement. While ensuring risk control, local conditions may be considered, and methods such as advance payments and rolling disbursements can be adopted to simplify the fund review process, accelerate disbursement, reduce the financial burden on participating business entities, and ensure that all eligible subsidy funds are disbursed promptly and in full.On December 31, the Ministry of Commerce announced that local governments should organize and implement the work of replacing old home appliances with new ones and subsidizing the purchase of new digital and smart products. They should give full play to the advantages of different sales channels, make good use of both online and offline channels to implement the subsidy policy, strengthen work guidance and technical support for participating business entities, encourage offline stores to create diversified consumption scenarios, tap the potential of physical retail such as brand stores and specialty stores, further support the development of offline physical stores, and enhance their role in driving consumption in the surrounding areas.

Bitcoin Eyes $50,000, Bitcoin Surpasses Facebook In Market Capitalization

Eden

Oct 26, 2021 11:06

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Bitcoin price today is making a push back to $50,000 for the first time since El Salvador’s checked rollout of the largest cryptocurrency as legal tender at the start of September. Bitcoin was trading nearly 3% higher to $49,407.


Bitcoin rose 1.11% to $49533.7 by 15:50(GMT+8).


Bitcoin had plummeted from more than $52,000 per coin, over 17% on September 7 after El Salvador became the first country to adopt Bitcoin as legal tender as the rollout stumbled in its first hours. 


Other cryptocurrency prices today were mixed with ether, the coin linked to ethereum blockchain and the second largest crypto was trading marginally higher at $3,393.9. Cardano prices slipped nearly 1% to $2.20 whereas dogecoin surged 8% to $0.24.


"All crypto markets have been positive for a few days. The total crypto market capitalization has broken out of the descending channel pattern, indicating some type of trend reversal. We can definitely expect a recovery in the crypto markets, as the RSI indicator for BTC has also broken out of the pattern. With the dollar index weakening slightly compared to the last few days, we can only hope that the cryptocurrency markets will gain some buying momentum," said Siddharth Menon, COO of WazirX.


Meanwhile, cryptocurrency investment products and funds recorded inflows for a seventh straight week, data from digital asset manager CoinShares showed on Monday. Inflows to the sector were $90.2 million last week, led by bitcoin which snagged $69 million, according to CoinShares data as of October 1. Over the past seven weeks, crypto inflows reached $390 million.


Bitcoin recorded its third straight week of inflows. Ethereum products and funds, meanwhile, posted another week of inflows totalling $20 million, despite conceding market share to bitcoin in recent weeks. Inflows to ether, the token for the Ethereum blockchain, so far this year amount to $1 billion.


Another report showed that India, Vietnam and Pakistan are helping to lead the expansion of cryptocurrency markets in central and southern Asia, according to Chainalysis. India’s market grew 641% over the past year and Pakistan’s 711%, a report from Chainalysis showed, using a metric that estimates the total cryptocurrency received by a country.


Bitcoin Surpasses Facebook In Market Capitalization


Bitcoin achieves another big milestone by surpassing Facebook in market capitalization at over $929,014,620,160 at the time of writing, according to Asset Dash.


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Photo: Asset Dash


Even though Bitcoin has had some setbacks in price earlier this year, BTC continues to rise rampantly. In the past year, Bitcoin is up over 360%, compared to Facebook which is only up 22%. Facebook is just the next giant slain in Bitcoin’s path to becoming the world’s most valuable asset. Note that the comparison here is that of Facebook the publicly traded company and Bitcoin, the monetary asset and distributed network.


Bitcoin was the best performing asset of the last decade and has started off this decade really strong, which poises BTC to potentially becoming the best performing asset of this decade as well.


As we go into Q4 of this year, Bitcoin is primed to capture even more value and grow exponentially higher than what it is today. As we can see below, Bitcoin typically tends to perform well in Q4 of previous years. Q4 2020 was at the beginning of this current bull run we find ourselves in today. Many are predicting an even higher leg up this Q4 due to many circumstances such as the expansion of the monetary supply by central banks, El Salvador making bitcoin legal tender and adding it to their balance sheet, BTC being taken off exchanges by long term holders, and more.


Ranking BTC against the top stocks, it’s clear that Bitcoin is slowly climbing its way to the top of the list. With Bitcoin leapfrogging Facebook, that now puts it in 6th place, right behind Amazon. The next obstacles after that will be in order: Google, Saudi Aramco, Microsoft, then Apple. 

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