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On December 3rd, William Blair analyst Alexandra Symeonidi stated that golds upward momentum may face challenges as asset allocation shifts back to risk assets if market sentiment improves next year. She noted that while gold futures open interest is above the long-term average, it is well below this years peak, potentially indicating a weakening of optimism in the gold market after the strong start to the year. In a report, the analyst pointed out that investors may increase their gold allocations given sticky inflation during a rate-cutting cycle. Symeonidi also believes that "central bank demand for gold is more structural, given the increasing US fiscal deficit and the low proportion of gold held in foreign exchange reserves by emerging market central banks."The yield on Japans 40-year government bond rose 3.0 basis points to 3.715%.Fitch: The surge in AI spending will support the prospects of South Korean memory chip manufacturers.Philippine central bank governor: Economic growth prospects are slowing, and the probability of an interest rate cut in December has increased further.On December 3, Iranian Parliament Speaker Mohammad Ghalibaf stated at a press conference in Tehran on December 2 that Iran supports diplomatic contact and negotiations on an equal footing. However, in previous negotiations, the United States did not address the issues but instead imposed its own demands on Iran, forcing it to surrender. Ghalibaf pointed out that the United States demanded that Iran reduce its missile range, but Irans self-defense was "non-negotiable" and it was impossible for Iran to accept this demand. He said that Europe, under direct orders from the United States, activated the "snapback" sanctions mechanism, failing to demonstrate its independent will. Due to its obedience to the United States, Europe no longer plays any role in the Iranian nuclear issue. Irans suspension of cooperation with the International Atomic Energy Agency was the "most important and accurate" decision.

Crypto Cloud Storage STORJ Leads Rally by 55% As ETH, BTC Consolidate

Jimmy Khan

Jun 24, 2022 14:48

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The top cryptocurrencies were anticipated to be driving the rise when the cryptocurrency market passed the $900 billion threshold today.


Storj managed to seize dominance, overtaking every other significant cryptocurrency with its ascent despite the fact that it turned out to be a relatively unknown coin.

Storj?

Indeed, Storj. The asset is, as it sounds, the native token of a cloud storage platform supported by cryptocurrencies, which until today was merely another coin.


However, the altcoin's one-day increase of 55.08 percent succeeded to place it on the map both literally and figuratively, as it joined the top 100 cryptocurrencies list.


Due to the price increase, the asset's market value increased by approximately $100 million during the course of the previous day. This increased the asset's overall growth over the preceding nine days to a total of 156.7 percent.


More than half of the losses that the cryptocurrency sustained during the May 65 percent fall were also nullified by this rebound in addition to the losses registered by the altcoin this month during the June 9 crash.


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The green candle, which closed above both the 100-day SMA and the 50-day Simple Moving Average (red line), insured that the gain was sustained (blue line). The 200-day SMA (purple line), which would effectively transform this into a bullish run, is also getting closer.


Additionally, after more than two months, the Awesome Oscillator switched the active trend's direction from bearish to bullish, with the green bars climbing above the neutral.


Now, it has to be seen if the asset will be able to sustain this growth moving forward or if it will just be another one-day wonder.

Ethereum and Bitcoin Take a Break

The king currencies have been moving slowly, essentially not at all, as the altcoins have taken the lead.

BTC has made little progress at all during the past week, hovering around the $20k to $21k level, whereas ETH recently broke the $1.1k threshold.


However, Bitcoin's recovery has been so sluggish that the king currency has not yet reached the upswing stage that every other altcoin is presently in.


Additionally, the Relative Strength Index (RSI), which has been signaling a trend reversal for more than two months, shows that BTC is still trapped in the negative zone.


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