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As of 8:30 AM Beijing time, spot platinum was down 0.79% and spot palladium was down 0.11%.On June 29, the Australian Prudential Regulation Authority (APRA) released a public consultation proposal to amend the credit risk capital requirements for banks. The aim is to increase credit supply to support the economy while maintaining the soundness of the financial system. While maintaining the "unquestionably strong" banking system, APRA plans to lower the standard risk weights for some corporate loans to better reflect actual risk. Key proposals include: lowering the risk weights for large domestic public infrastructure loans; lowering the risk weights for high-quality unrated corporate loans that meet certain criteria; and adjusting the standards for land acquisition, development, and construction (ADC) loans to allow more residential development projects to apply the lower 100% risk weight. APRA plans to finalize the proposal in the second half of 2026 and implement it on April 1, 2027.June 29th - Japanese retail sales rose for the third consecutive month in May, primarily driven by wage increases and government subsidies easing the cost of living. Data released Monday showed that retail sales rose 1.9% month-on-month in May, and 5.3% compared to the same period last year. Despite growing concerns about the ongoing impact of the war in Iran on prices, the data showed that consumer demand remained strong as wage increases have consistently outpaced inflation. Furthermore, government subsidies provided by Prime Minister Sanae Takaichi are helping households save money so they can continue spending.WTI crude oil fell more than 1.00% intraday, currently trading at $69.37 per barrel.On June 29, Tuhu (09690.HK) announced on the Hong Kong Stock Exchange that it has confidentially submitted a draft F-1 registration statement to the U.S. Securities and Exchange Commission regarding the proposed initial public offering and listing of American Depositary Shares representing the companys Class A ordinary shares in the United States, and has filed with the relevant Chinese regulatory authorities in accordance with applicable Chinese laws and regulations regarding the proposed overseas offering and listing.

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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