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On February 3rd, Li Xunlei, chief economist of Zhongtai Securities, recently shared his views on the impact of the housing and stock markets on consumption and key policy areas. He pointed out that rising housing prices can effectively boost consumption, while a bull market in stocks has a less significant effect on consumption. Li Xunlei analyzed that while it is often believed that a rising stock market will create a wealth effect, thereby promoting consumption, the actual impact is limited. Although the total number of stock accounts is approximately 130 million, the number of active accounts is only around 70 million, which is not high relative to my countrys population of 1.4 billion. In contrast, the housing market accounts for about 60% of total household assets and is linked to 20 to 30 upstream and downstream industries, with a long industrial chain and a significant multiplier effect. Therefore, once the housing market recovers, its impact on consumption and the overall economy is more pronounced. Li Xunlei emphasized that to achieve stable development of the housing market, fiscal and monetary policies must work together to provide strong support.European Commissioner Albuquerque: Europe must maintain control over the key technologies that underpin our economy.On February 3, the Ministry of Industry and Information Technology and eight other departments issued a notice regarding the "Guidelines for the Security of Cross-border Transfer of Automotive Data (2026 Edition)." Experts also stated that the "Guidelines for the Security of Cross-border Transfer of Automotive Data (2026 Edition)" applies to the provision of automotive data by automotive data processors to entities outside of my country, specifically encompassing three categories. The first category involves automotive data processors transferring data collected and generated during their operations in China to entities outside of China. The second category involves data that exists domestically but can be accessed, retrieved, downloaded, and exported by overseas institutions, organizations, or individuals. The third category includes other activities that comply with the relevant provisions of the "Personal Information Protection Law of the Peoples Republic of China," specifically processing the personal information of domestic natural persons overseas.Italys FTSE MIB index rose 1.00% on the day.The German DAX index rose 1.00% on the day, breaking through 25,000 points.

ETH and BTC Price Movement Determined by US Statistics and the NASDAQ

Daniel Rogers

Nov 04, 2022 17:36

截屏2022-11-04 上午11.21.34.png 

 

On Thursday, Bitcoin (BTC) and Ethereum (ETH) joined the larger market in the green. Despite Fed Chair Powell's hawkish speech on Wednesday, US economic indicators fell short of forecasts, alleviating Fed concern. The technical indications continue to be optimistic, indicating rising price movements. The price of Ethereum (ETH) increased by 0.86 percent on Thursday. ETH finished the day at $1,531, partially correcting a 3.80% drop from Wednesday.

 

Due to a rocky start to the day, ETH fell to a low of $1,515 early on. Avoiding the First Major Support Level (S1) at $1,475, ETH climbed to a morning high of $1,559. However, after falling short of the First Major Resistance Level (R1) at $1,593, ETH plummeted further below $1,530 before US economic indicators provided support.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

 

Bitcoin (BTC) climbed by 0.29% on Thursday. BTC concluded the day at $20,223, partially reversing a loss of 1.63% from Wednesday. Notably, BTC broke a four-day losing trend by avoiding sub-$20,000 territory for the ninth consecutive day.

 

BTC reached a mid-morning high of $20,404 after a strong start to the day. BTC plummeted to a midday low of $20,052 after failing to surpass the First Major Resistance Level (R1) at $20,629 during the trading session. Despite avoiding the First Major Support Level (S1) at $19,900, BTC retested $20,356 before retreating.

 

US economic figures supported cryptocurrency prices, with the crucial ISM Non-Manufacturing PMI below expectations.

 

The ISM Non-Manufacturing PMI decreased from 56.7 to 54.4 in October. Economists anticipate a drop to 55.5.

 

The subcomponents of the Index were diverse. ISM's Non-Manufacturing Employment Index decreased from 53.0 to 49.1. The Prices Index increased from 68.7 to 70.7. The unit labor costs increased by 3.5% in Q3 compared to 8.9% in Q2.

 

While the statistics were favorable for cryptocurrencies, Fed Chair Powell's recent comments weighed on the NASDAQ Composite Index. The NASDAQ Composite Index declined by 1.73 percent on Thursday.

 

The US jobs report will have a significant impact on the NASDAQ Composite Index and the cryptocurrency market today. Due to the sensitivity of BTC and ETH to US economic statistics and the FED, the correlation with the NASDAQ Composite Index remains intact. The NASDAQ 100 Mini gained 17.75 points this morning.


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