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1. Monday: ① Data: Switzerlands June seasonally adjusted unemployment rate; Eurozones July Sentix investor confidence index, Eurozones May PPI month-on-month rate, Eurozones May retail sales month-on-month rate; US June S&P Global Services PMI final reading, 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 month-on-month rate; UKs June Halifax seasonally adjusted house price index month-on-month rate; Frances May trade balance; US ADP employment change week-on-week 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 US Trade Representatives Office 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 RBNZ interest rate decision for the week ending July 8; US May wholesale sales month-on-month; 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 reserves for the week ending July 3. ② Events: EIA releases its monthly Short-Term Energy Outlook report; RBNZ Governor Brehman holds a monetary policy press conference. 4. Thursday: ① Data: US 10-year Treasury auction - winning yield for the week ending July 8; US 10-year Treasury auction - bid-to-cover ratio for the week ending July 8; 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 inventories for the week ending July 3. ② Events: The Federal Reserve releases the minutes of its monetary policy meeting; the European Central Bank releases the minutes of its June monetary policy meeting; FOMC permanent voting member and New York Fed President Williams delivers a speech. 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 delivers a speech; the IEA releases its monthly oil market report. ③ Holiday: The New Zealand Stock Exchange is closed. 6. Saturday: ① Data: Total number of US oil rigs for the week ending July 10.Two Iraqi oil officials said that Iraqs total oil exports in June amounted to approximately 24.5 million barrels.July 5th - George Gonsalves, head of U.S. macro strategy at Mitsubishi UFJ Securities Americas, said that Warshs concise style makes the June meeting minutes more significant than usual, providing a valuable perspective on the differing positions among Federal Reserve officials. "The minutes will become even more important because, until now, we didnt know what the Fed was thinking," Gonsalves said. "It will be very enlightening to see how they debated and what they focused on." He added that some investors have questioned Warshs "hands-off" approach, and many want greater transparency. Many market participants are not used to reduced information and remain quite skeptical about how long the Fed can maintain this stance. Now we can only try to decipher the meaning between the lines.On July 5th, local time, Russian Presidential Press Secretary Dmitry Peskov stated in a broadcast that Ukrainian armed forces have intensified their attacks on Russian infrastructure due to the deteriorating situation on the front lines. The Russian military is establishing a secure buffer zone along the border, and concrete results are already visible. He also stated that Russian troops are steadily advancing according to plan in special military operations areas. Peskov stated that the EUs transformation into a military-political bloc has further exacerbated the Ukraine issue. Russia hopes the EU will not undermine the prospects for peace negotiations. Peskov also stated that Russia remains open to peace negotiations and looks forward to the US playing a mediating role. Russia has always welcomed visits from US Presidential Envoy Witkov and Trumps son-in-law Jared Kushner. Even with their extended absence, Russia continues to maintain contact with the US through existing channels.July 5 - According to sources from the Yemeni military and medical departments, Houthi rebels launched an attack on Hodeidah province on the Red Sea coast on July 4, killing at least 14 Yemeni government soldiers and injuring several others.

Bitcoin Maintains a Positive Short-term Outlook

Cory Russell

Feb 24, 2023 15:02

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Industry Snapshot

On Wednesday, Bitcoin ended below $24K for the first price in eight days. But on Thursday morning, investors took control once more, driving the currency up to $24.4K. In response to declining market benchmarks, Bitcoin experienced pressure on Tuesday and Wednesday. The slide came to a halt last night, which enabled the cryptocurrency market to recoup some of its loses and return to $1.11 trillion in total capitalization.


The monthly link between bitcoin and the S&P 500 has, interestingly, dropped to its lowest point since 2021, according to Bloomberg. And it was clear how long cryptocurrencies had disregarded the fall in equity prices.


Our opinion is that these markets continue to be linked and that they only "hear" each other's whispers when they become clear and persistent. Less obvious patterns are viewed as noise that has been sorted out.


The most recent downward momentum was halted at 61.8% of the upward momentum from last week's lows, suggesting that there is still space for further gains in the short-term momentum of bitcoin. Without the stock benchmarks' significant downward trend, bitcoin still has a chance to challenge the 25,000 level before the week is over. It might get there if it makes such persistent efforts to ascend higher.

Historical Events

The Department of Financial Services (NYDFS), New York's financial supervisor, has declared an upgrade to its tools for keeping an eye on illicit coin activity among its controlled companies, and as a result, it is ramping up its supervision of the crypto market.


On February 28, the Shanghai-Capella (Shapella) upgrade will be released to the Sepolia test network by the Ethereum team. This upgrade will be released after The Merge and will permit validators to take money out of blocks. The hardfork will first be tried on the Goerli network after Sepolia and then deployed on Mainnet (possibly in March).


A collaboration between the Binance exchange and credit card provider Ingenico will enable stores in France to begin taking cryptocurrency purchases. Later, the initiative will be expanded to include Italy, Lithuania, Spain, Cyprus, Poland, and Sweden, as well as other European nations where Binance holds operating licenses.


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