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On May 17th, CNN reported that multiple sources familiar with the matter revealed that U.S. officials suspect Iranian hackers may be behind a series of intrusions into fuel storage monitoring systems at gas stations in multiple states. Sources stated that the hackers exploited security vulnerabilities in the Automated Tank Measurement (ATG) systems, which are directly connected to the internet and lack password protection. This allowed hackers to gain access and, in some cases, even tamper with the data displayed on the tanks, without altering the actual fuel levels inside. There is currently no indication that these cyber intrusions caused any physical damage or personal injury. However, private security experts and U.S. officials have stated that these incidents have raised security concerns because, theoretically, gaining access to the ATG system could prevent fuel leaks from being detected in a timely manner.According to local media reports, a fire broke out at the Olmeca oil refinery in Mexico early Saturday morning.On May 17th, the Trump administration allowed a sanctions waiver that encouraged the sale of Russian crude oil to expire, despite concerns about tightening global oil supplies and rising fuel costs stemming from the Iran war. This expiration effectively ended the Trump administrations brief easing of sanctions on Russian oil. During this period, previously prohibited oil purchases were permitted. The Trump administration first issued waivers in March of this year, and then renewed them after the initial waivers expired in April. However, both waivers only applied to a portion of Russian crude oil already loaded onto tankers. These waivers have been highly controversial, particularly among the USs European allies. Europe argues that sanctions are a crucial means of cutting off Russian oil revenues and weakening Moscows ability to finance the Russia-Ukraine conflict. However, some countries, including India and Indonesia, have been lobbying the Trump administration to extend the sanctions waivers.Israel Defense Forces: Initial reports indicate that alarms have been raised regarding enemy aircraft infiltration in the Shlomi and Hanita areas. Further details are under investigation.Rocket sirens sounded in Hanita, northern Israel.

ETH Bulls Need to Avoid Sub-$1,500 to Target $1,700 on FTX Sentiment

Jan 16, 2023 15:42


On Saturday, Ethereum (ETH) gained 6.75%. On Friday, ETH gained 2.54% and closed the day at $1,550. For the first time since November 7, ETH finished the day at $1,500.


ETH rose from a low of $1,449 to a high of $1,598 over the first hour of a bullish trend before turning around. ETH crossed the Major Resistance Levels before slipping down to around $1,505. ETH breached both the Second Major Resistance Level (R2) at $1,505 and the Third Major Resistance Level (R3) at $1,570 during the downturn.


However, after regaining support in the late afternoon, ETH once again crossed R2, closing the day at $1,550.


Bitcoin (BTC) increased by 5.20% on Saturday. After breaking out by 5.70% on Friday, BTC finished the day at $20,966. Notably, BTC crossed the $10,000 threshold for the first time since November 7 and extended its winning run to seven sessions, the longest since March 2022.


BTC climbed from a low of $19,897 to a high of $21,378 over the first hour of a bullish trend before reversing. BTC crossed above both the Second Major Resistance Level (R2) and the First Major Resistance Level (R1) at $20,378 and $20,827, respectively. Nevertheless, the retreat caused BTC to briefly retest R2 and R1 before closing the day at $20,966.

Fed policy bets and reducing the risk of FTX contagion provided support

After a bullish Friday session, the Saturday session got off to a breakout start thanks to reduced FTX contagion risk. The possibility of another FTX-linked crypto site failing was lessened by reports that FTX had $5 billion in cash and cash equivalents and $4.6 billion worth of nonstrategic assets.


The most recent figures indicate that the damages resulting from FTX's collapse may be minimal, even if it could take some time for FTX to make creditors whole.


The prognosis for the US economy and the Fed's monetary policy were both seen favorably by the market. Bets for a 25-basis point increase in interest rates in February have been driven by recent US economic figures. The risk of a harsh landing would decrease with a less aggressive Fed interest rate trajectory.


The Sunday session got off to a bearish start. Investors probably locked in gains after a seven-day winning run before deciding what to do next. More price rises are supported by indicators and favourable conditions. However, regulatory risk and the SEC v. Ripple lawsuit continue to be challenges.


Crypto-negative outcomes include a Ripple defeat to the SEC and a change in the regulatory environment that stifles development and innovation.