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U.S. Agriculture Secretary Rawlings: More announcements related to increased fertilizer shipments will be released.March 22 – The Australian government stated on the 22nd that although fuel imports have been impacted by the conflict with Iran, supplies remain sufficient and there are no plans for rationing. Regarding the panic buying of gasoline in a few areas, the government urged the public to refuel rationally. Australian Climate Change and Energy Minister Chris Bowen said in a television interview that as of the 21st, the countrys reserves of petrol, diesel, and aviation fuel were sufficient for 38 days, 30 days, and 30 days respectively, and fuel supplies remained "strong."Market news: Fannie Mae and Freddie Mac have made large-scale purchases of mortgage-backed securities.March 22 - Iranian President Ayatollah Peschizian posted on social media this evening (March 22), stating that "attempts to wipe Iran off the map are a desperate trampling on the will of a nation that makes history. Threats and intimidation will only strengthen Irans unity. The Strait of Hormuz is open to everyone except those who violate Iranian territory. Iran will resolutely confront these insane threats on the battlefield."On March 22, U.S. Treasury Secretary Bessenter defended the U.S. and Israels attacks on Iranian infrastructure, claiming that "sometimes you have to escalate to de-escalate." This came shortly after Trump gave Iran 48 hours to open the Strait of Hormuz and threatened to destroy its power plants. Bessenter defended Trumps remarks, saying it was "the only language the Iranians understand." Bessenter also addressed Kharg Island, a key hub for Iranian oil production, claiming that "all options are being considered," including sending U.S. troops to control the island. Bessenter further defended the decision to ease some sanctions on Iran, claiming it was a "soft approach" to the Iranians—using their own oil to retaliate against them.

Crypto Market Daily Highlights: XRP Led a Choppy Top Ten Session

Jimmy Khan

Feb 23, 2023 16:01

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It was a mixed session for the crypto top ten on Wednesday. XRP led the way, with BNB, DOGE, and MATIC bucking the bearish trend. The mixed session left BTC short of the $25,000 handle for the second time in seven sessions.


On Wednesday, the heavily anticipated FOMC meeting minutes drew plenty of interest. Less hawkish than expected, the broader crypto market cap responded to the minutes with a late partial recovery.


There were no surprises, with the minutes noting that inflation remained well above the Fed target and that labor market conditions are still very tight, contributing to the upward trend in wages and prices.


However, the markets were mindful of the shift in sentiment toward the US economy, labor market conditions, and inflation since the last FOMC meeting. The US unemployment rate fell to 3.4%, spending rebounded, service sector activity surged, and inflation remained sticky, questioning Fed Chair Powell’s disinflation view.


Mixed sentiment toward the minutes left the Dow and the S&P 500 with losses of 0.26% and 0.16%, respectively, while the NASDAQ Composite rose by 0.13%.


It was also a busier session on the crypto news wires. New York Attorney General filed charges against CoinEx for failing to register as a securities and commodities broker-dealer. NFTs were in the spotlight, with a Federal Judge ruling that NBA Top Shot NFTs could be unregistered securities.

The Day Ahead

In the afternoon session, US economic indicators and the NASDAQ Index will likely provide direction. Initial jobless claims and Q4 GDP numbers will be in the spotlight. An unexpected fall in jobless claims and a hotter-than-expected US economy could fuel Fed Fear.


Investors should also monitor Fed chatter. FOMC member Bostic speaks today. Following the FOMC meeting minutes, investors may need more up-to-date guidance on where the Fed stands vis-à-vis inflation, the economic outlook, and interest rates.


However, the crypto news wires also need tracking for events that could move the dial. Binance will remain a focal point, with FTX, Genesis, and Silvergate Bank updates needing consideration. However, regulatory activity and US lawmaker chatter will remain the key drivers.


The NASDAQ mini was up 69.5 points this morning, supporting the crypto market in the final hour.


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