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On April 16th, the European Union proposed measures requiring Google (GOOG.O) to open its search data to competitors, including AI chatbots, in an effort to curb the influence of the US tech giant. The European Commission stated on Thursday that it had sent preliminary findings to Googles parent company, Alphabet, demanding compliance with the Digital Markets Act by the end of July. The proposed measures would allow third-party search engines access to ranking and query data to "optimize their services and compete with Google Search." If approved, the data could be made available to companies like OpenAI and Anthropic. Googles senior competition counsel, Claire Kelly, responded that Google would "defend itself against overstepping its authority," arguing that the move "jeopardizes privacy and security." The EU launched a review in January. Furthermore, Google also faces penalties under the Digital Markets Act for favoring internal services and restricting app developers.European Central Bank meeting minutes: European Central Bank officials said the war has fundamentally altered the inflation outlook.European Central Bank meeting minutes: European Central Bank officials believe that market inflation expectations are generally stable in the medium term.ECB meeting minutes: We must closely monitor signs of excessive second-order effects and any indication that medium- to long-term inflation expectations may be spiraling out of control.European Central Bank meeting minutes: European Central Bank officials believe that energy supply disruptions could last for months.

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.

 

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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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