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On September 14th, U.S. Energy Secretary Chris Wright warned oil traders not to expect a quick breakthrough on the Strait of Hormuz issue. Iran is planning to propose a shipping agreement to other Gulf states. In an interview on Sunday, Wright stated, "Expecting to reach a consensus agreement with Iran today is clearly not a good option." He said the market still needs to rely on alternative shipping routes. He estimated that these alternative routes can currently still supply about 10 million barrels of crude oil and petroleum products per day. Wright said, "Therefore, the current global oil market supply is indeed tighter than we would like, but not excessively so." Wright also said that Irans nuclear program will end "in some way," adding, "We prefer a negotiated solution. If negotiations fail, they can continue with a secret, hidden, covered-up, and denied nuclear weapons program, but after that, Iran will face the U.S. military, and the U.S. military will ensure they cannot develop nuclear weapons."U.S. Energy Secretary Wright stated that the U.S. will terminate Irans nuclear program "no matter what"; the U.S. expressed concern over the suspension of inspections of Irans nuclear program. Hoping to reach a Hormuz-related agreement with Iran is not a prudent option.Musk confirmed that Tesla will livestream the launch event for its Roadster electric sports car.According to the Iranian news agency IRNA: The Israeli military continues its airstrikes in southern Lebanon, bombing several towns and areas in Nabatieh.On September 14th, Business Insider, citing a source familiar with the matter, reported that Anthropic has chosen Nasdaq as the listing venue for its potential IPO. Another source indicated that the company, planning to list in October, has chosen Nasdaq, meaning the exchange has won another significant competition. Earlier this year, Nasdaq successfully secured a listing for SpaceX, which is valued at $1.75 trillion. Some estimates suggest Anthropic could be valued at $2 trillion, although this figure is not yet finalized. Previously, OpenAI CEO Sam Altman stated that OpenAI would not be going public at this time due to the controversy surrounding the potential existential threat of AI to humanity.

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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