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March 23 – International Energy Agency Executive Director Fatih Birol said on Monday that more than 40 energy facilities in nine Middle Eastern countries have suffered “serious or very serious” damage due to the Middle East wars, which could lead to continued disruptions to global supply chains after the conflict ends. Birol stated that the damage means oil fields, refineries, and pipelines will need some time to return to operation.On March 23, Capital Economics analyst Gareth Lesser noted in a report that Asias reliance on imported energy makes it more vulnerable to prolonged periods of high oil prices compared to other regions. Historically, approximately 80% to 90% of energy traffic through the Strait of Hormuz has been destined for Asian markets. Asia has already experienced rising crude oil and refined product prices; since the start of the war, the Singapore diesel benchmark price has increased by about 140%. Sri Lanka, the Philippines, and Pakistan will be hit hardest because they heavily rely on energy imports from the Middle East and have limited fiscal space to mitigate the impact.March 23 - Two weekend polls showed that a majority of Japanese people oppose sending warships to the Middle East in response to the potential conflict with Iran. This comes after the United States has been pressuring its allies to help secure the Strait of Hormuz. A Yomiuri Shimbun poll showed 67% of respondents opposed sending Japanese Self-Defense Forces to the region, while an Annan News Agency poll showed 52%. The polls also indicated that Prime Minister Sanae Takaichis cabinet maintains high approval ratings at 71% and 65.2% respectively, with most people positively evaluating her meeting with Trump on March 19. Takaichi avoided a direct confrontation with Trump over Japans support for securing the strait, but Trump continues to pressure Japan to fulfill its responsibilities.Australian Prime Minister Albanese: Strengthening energy security cooperation with Singapore and supporting the flow of diesel and liquefied natural gas between the two countries.Nomura Securities: Lowered its target price for Tencent Holdings (00700.HK) from HK$775 to HK$727.

ETH and a Look at $1,800 Shanghai Hard Fork Update Dependent

Skylar Shaw

Feb 20, 2023 15:57

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On Saturday, Ethereum (ETH) fell by 0.12%. On Friday, ETH gained 3.42% and closed the day at $1,692. ETH returned to $1,700 for a third session in a row.


After spending the morning in a narrow range, ETH increased to a late-afternoon high of $1,714 before going back down. The price of ETH dropped to a late low of $1,680 after failing to reach the First Major Resistance Level (R1) at $1,734. The First Significant Support Level (S1) at $1,642 was avoided, and ETH returned to $1,694 before slipping back into the negative territory.


Bitcoin (BTC) increased by 0.21% on Saturday. BTC finished the day at $24,633, building on a 4.48% increase from Friday. Bitcoin missed the $25,000 level for the first time in three sessions despite the positive day.


Following a day of range-bound trading, Bitcoin dropped to a low of $24,450 in the early morning. BTC increased to a high of $24,878 in the late afternoon, avoiding the First Significant Support Level (S1) at $23,614 in the process. Bitcoin slipped down to close the day at $24,633 after failing to surpass the First Major Resistance Level (R1) at $25,287.

Shanghai Hard Fork Update: ETH is no longer active Without heels

There were no development updates from Shapella testnet testing on Saturday. The Shanghai hard fork is anticipated to take place in March, therefore on Saturday, the absence of news was welcome. Yet, ETH and BTC may have been held back from another high session by uncertainties over the US crypto industry regulatory environment and Fed Fear.


While US lawmakers' investigation of SEC regulatory action resulted in mid-week support, there is still anti-crypto sentiment on Capitol Hill in the aftermath of FTX's bankruptcy.


Last week, Coinbase CEO Brian Armstrong urged for more clarity in cryptocurrency legislation, stating that the absence of such regulations and a hostile regulatory climate were contributing to America's long-term decline as a financial center. To adopt unambiguous law, Congress has to move quickly.


 Everyone can use cryptocurrency, and others are taking the lead. The UK, the EU, and now Hong Kong.


The CEO of Coinbase said that all inhabitants of Hong Kong would be able to trade cryptocurrencies starting on June 1.


Although progress toward the Shanghai hard fork is encouraging for ETH, the impact of the hard fork on ETH will probably rely on the state of the cryptocurrency market. Investor attitude and staking intents would be affected by the SEC's enforcement of regulation being tightened up and by anti-crypto sentiment on Capitol Hill.


The SEC's action against Kraken and other cryptocurrency staking firms caused a significant decline in daily staking inflows for Ethereum. After the decline on February 13, stake inflows have been inconsistent.


CryptoQuant reports that daily ETH staking inflows reached a low of 4,896 ETH on February 23 before increasing. Inflows peaked at 33,280 EHT on February 14 before dropping to 16,640 EHT on Friday and 11,520 EHT on Saturday.

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