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March 18 – In response to strong consumer backlash over price increases triggered by the war, Germany has taken action to limit the frequency of gas station price adjustments and strengthen antitrust oversight. According to a document from the Ministry of Economic Affairs, gas station operators are only allowed to adjust gasoline and diesel prices once a day at midday, while price reductions can be made at any time. Violators will face fines of up to €100,000 (approximately US$115,400). The ruling coalition will also strengthen antitrust enforcement by shifting the burden of proof from regulators to fuel suppliers operating in Germany. Companies will be required to prove compliance with the rules, rather than the authorities proving market abuse. These measures are Chancellor Merzs response to the oil price surge caused by the war with Iran. This month, fuel prices in Germany have risen to over €2 per liter (approximately US$2.3079), prompting calls for state intervention from lobbying groups, politicians, and voters.March 18th - As of 2:30 PM closing, the Shanghai Gold futures contract fell 0.16% to 1114 yuan/gram, the Shanghai Silver futures contract fell 1.85% to 20088 yuan/kilogram, and the SC Crude Oil futures contract rose 2.74% to 756 yuan/barrel.Market news: The Public Diplomacy and Information Center of the Iranian Nuclear Energy Organization stated that, regarding reports of enemy projectiles hitting the Bushehr nuclear power plant, the National Nuclear Safety Systems Center confirmed that, fortunately, there was no financial, technical, or personnel damage, and no part of the nuclear power plant was damaged. This action violates all international regulations regarding the protection of nuclear facilities from military attack and could have irreversible consequences for the entire region, including neighboring countries in the Persian Gulf.According to the Washington Post, the United States has asked all embassies to review their security measures in response to recent attacks.Ukrainian President Zelenskyy: At the trilateral meeting with British Prime Minister Starmer and the NATO Secretary General, we discussed joint weapons production and coordination in this direction to strengthen Ukraine and Europe as a whole. It is crucial to continue strengthening our air defense capabilities and providing sufficient missiles for our air defense systems.

Crypto Market Daily Highlights - ETH Extends Winning Streak to Eight

Daniel Rogers

Jan 16, 2023 10:52

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The top ten cryptocurrencies had a mixed Sunday session, with ETH bucking the trend while the larger market ended a seven-day losing streak. Profit-taking and regulatory risk contributed to a turbulent Sunday session. The crypto market cap declined by $0.881 billion to close the day at $938.70 billion. It was a mixed afternoon for the crypto top 10 on Sunday. ETH bucked the top ten trend. Notably, BTC revisited $21,000 for the second time since November 7 and the bankruptcy of FTX.

 

On Sunday, neither external market forces nor crypto market catalysts contributed to the eight-session winning streak. With the US markets closed today, profit-taking left the larger crypto market with a small loss.

 

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Regulatory risk almost certainly contributed to the decline. On Thursday, US politicians were back in the spotlight. Reportedly, House Republicans intend to form a Subcommittee to oversee the digital asset market.

 

The disclosure coincides with the SEC bringing accusations against Genesis and Gemini for the unregistered offer and sale of crypto asset securities through the Gemini Earn lending program.

 

There are currently no US economic indicators for investors to evaluate. The lack of statistics will leave the crypto market to the discretion of crypto news outlets and FOMC member talk. Regulatory noise and hawkish FOMC member rhetoric may test current buyer appetite.

 

This week, US business earnings, economic indicators, and FOMC member talk will likely affect investor sentiment, as measured by the NASDAQ Index. Bets on a 25-basis-point Fed rate hike and a decline in FTX contagion risk continue to support the crypto market.


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