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U.S. Energy Secretary: Oil flows smoothly through the Strait of Hormuz thanks to the protection of the U.S. Navy.US President Trump: We will never let Americans fall behind, because we prioritize America.On August 22, a U.S. federal district judge overturned the Trump administrations policy of suspending the issuance of immigrant visas to applicants from 75 countries, stating that the policy exceeded Secretary of State Rubios legal authority. District Judge Janet Vargas stated that the policy announced by the State Department in January was "clearly illegal" and violated federal immigration law. The Trump administration may appeal, and the policy remains in effect.On August 22, Mexicos chief trade negotiator stated that he is confident of securing more lenient U.S. tariff terms on Mexican auto and steel exports, similar to the adjusted measures currently being negotiated by Washington with Canada. This comes after reports that U.S. and Canadian negotiators have made progress toward an agreement as part of a broader effort to ease regional trade rules pushed by Trump. Mexico has not yet reached a similar agreement with the U.S., but Ebrard insisted he expects progress soon. He stated that his team is closely monitoring the negotiations between Washington and Ottawa, adding that Mexico also has its own negotiating strategy.On August 22, the Colombian National Disaster Risk Management Agency issued an updated disaster report stating that the strong earthquake that struck the country recently has caused 329 deaths, 4,600 injuries, and 247 missing persons, with 364 people rescued. According to the China Earthquake Networks Center, a magnitude 7.5 earthquake struck northwestern Colombia on the evening of August 10 (morning of August 10 local time), with a focal depth of 80 kilometers. Thirty-two cities across Colombia were severely affected.

ETH Bulls in the Need of Shanghai Hard Fork Updates for $1,700

Jimmy Khan

Jan 31, 2023 16:19

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ETH saw a rough day's start, dropping to a low of $1,567 in the morning. ETH rose to a late high of $1,661, avoiding the First Major Support Level (S1) around $1,550. To close the day at $1,645, ETH overcame the First Major Resistance Level (R1) at $1,601 and the Second Major Resistance Level (R2) at $1,629


Bitcoin (BTC) gained 3.11% on Sunday. After losing 0.16% on Saturday, BTC gained 4.55% for the week to reach $23,746. For the first time since August 19, BTC avoided falling below $23,000 and reached a new 2023 high of $23,962.


After a choppy start to the day, BTC dropped to an early low of $23,000 before moving. BTC surged to a late high of $23,962, avoiding the First Major Support Level (S1) at $22,876. BTC surpassed the key resistance levels and finished the day at $23,746. Late support was provided by the Third Major Resistance Level (R3) at $23,639

Delivered by Fed Policy Sentiment and Easing FTX Contagion Support

On Sunday, there were no outside market factors that might have given BTC, ETH, and the larger market direction. Price support was provided by market bets on a Fed interest rate rise of 25 basis points on Wednesday and a less aggressive interest rate path to achieve the target inflation rate.


Another benefit for riskier assets would be if interest rates followed a less aggressive trajectory, which would reduce the likelihood of a harsh landing.


Lessening FTX contagion risk continues to be the major driver for the crypto market in the short run.


However, the most recent White House statement added another another layer of regulatory ambiguity for cryptocurrency investors to traverse. The SEC may intensify its mantra of regulation by enforcement without providing the cryptocurrency market with a clear regulatory roadmap in response to calls for lawmakers and regulators to increase regulatory control.


Investors should keep an eye on the cryptocurrency news wires today for developments on FTX and Genesis, as well as talk around the Shanghai hard fork. Investors should be on the lookout for any hints that the scheduled March hard fork timing may be delayed.


The NASDAQ Index will probably have an impact during the afternoon session before Wednesday's interest rate announcement.