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On August 17, Iranian Foreign Ministry spokesman Baghae stated that the environmental damage caused by the continued US military presence in the region has resulted in trillions of dollars in losses, and Iran will prioritize seeking compensation for these losses. Baghae claimed that the environmental damage caused by the US in the Persian Gulf and the Gulf of Oman is not limited to the past six months or year, but has continued for approximately 50 years. The US military presence, accompanied by the use of advanced weaponry, numerous military exercises, and various wars waged in the region, has caused enormous environmental damage, resulting in trillions of dollars in losses. Baghae stated that this damage has been further exacerbated in the past two years due to the attacks on various facilities along the Persian Gulf coast by the US and Israel, as well as the consequences of their military presence. Iran will definitely prioritize seeking compensation for these damages.On August 17th, Geely Automobile (00175.HK) announced that Li Shufu will resign as Chairman of the Board and Executive Director of Geely Automobile Holdings Limited, effective August 18, 2026. In recognition of his outstanding contributions to the companys development over the years, he has been appointed as Honorary Chairman for Life. As a major and controlling shareholder, he will continue to fully support the companys long-term development. Li Shufu will continue to serve as Chairman of Zhejiang Geely Holding Group. An Conghui has been appointed Chairman of the Board of Directors of Geely Automobile Holdings Limited. Li Donghui has resigned as Vice Chairman of the Board of Directors of Geely Automobile Holdings Limited but will continue to serve as an Executive Director. Gui Shengyue has resigned as CEO of Geely Automobile Holdings Limited but has been appointed as Vice Chairman of the Board of Directors and will continue to serve as an Executive Director, in order to improve the efficiency of communication and coordination between the Board and management. Gan Jiayue has been appointed CEO of Geely Automobile Holdings Limited, responsible for the companys daily operations.According to Hong Kong Stock Exchange filings, HSBC Holdings (00005.HK) spent HK$19.9 million to repurchase 1.3 million shares on August 14.Iranian Foreign Ministry spokesman Baghae: Fundamentally, the problem between us and the United States is not about mediation; the problem lies in the American way of thinking, its misjudgments, and its clinging to methods and means that have been proven to fail countless times, while the US administration continues to repeat the same mistakes. The result will inevitably be no different from the past.Iranian Foreign Ministry spokesman Bagaei: Admitting mistakes can be a prerequisite for making the right decisions, but I doubt whether US policymakers have that courage.

Is Bitcoin Developing a Reversal Similar to Stocks?

Daniel Rogers

May 30, 2022 16:56

Bitcoin, Alternatives to Bitcoin, and Indicators 

Bitcoin has decreased by 2.5% over the past week, closing near $29,200. Ethereum lost 10.6%, while other prominent altcoins in the top ten plummeted between 1% (Polkadot) and 14.8%. (Solana). According to CoinMarketCap, the entire market capitalization for cryptocurrencies decreased by 2.4% during the past week to $1.26 trillion. The Bitcoin dominance index increased by 1.3 points to 44.9 percent over the same time period due to the first cryptocurrency's improved performance.

 

By Monday, the cryptocurrency fear and greed index had decreased to 10 points. However, this decline does not account for Monday's early-morning market performance. Bitcoin has finished lower for eight consecutive weeks, representing the longest selling streak in the history of the first cryptocurrency. However, the dips over the past two weeks have been fairly tentative.

 

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Analysis of Bitcoin Technical Data

BTCUSD again broke the $30,000 threshold on Monday morning and returned to last week's highs, breaking over the downside resistance line in a robust surge. It is premature to discuss a bullish counteroffensive until Bitcoin breaks above its horizontal resistance line since mid-May, which is $30.6K. Renewed risk appetite on the global markets fuels optimism for a comeback. The dynamics of equities and cryptocurrencies diverged significantly last week, illustrating the crypto market's weakness.

Bitcoin as a Potential Investment

As institutional players have entered the market in recent years and enhanced market liquidity, Dan Held, director of business development at crypto exchange Kraken, feels the current crypto crisis is not as bad as past ones. We would add that, due to the increased crypto market capacity, the bull cycle of 2021 has not witnessed as big of a spike as it did in 2013 and 2017, which explains the relatively low 'winter' losses. Michael Saylor, the CEO of MicroStrategy, stated he will always purchase bitcoin.

 

According to him, Bitcoin is the most stable asset in the current chaotic global economy. Bill Miller, the head of the investment firm Miller Value Partners, referred to bitcoin as an efficient method for gaining access to financial services regardless of military or economic conditions.

 

According to Deutsche Bank, regulation of cryptocurrencies would alleviate the turmoil on the crypto market.

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