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January 28th - Silver prices continued their upward trend, driven by a weaker dollar. Investors are shifting from sovereign bonds and currency assets to safe-haven hard assets. Saxo Bank analysts stated that gold and silver continued their strong gains as devaluation trades regained focus. Furthermore, the fact that Rick Riddell, a BlackRock executive known for his aggressive interest rate cuts, is considered a leading candidate for the next Federal Reserve Chairman further reinforces this logic.The Russian Foreign Ministry announced that the two Russian crew members detained on the oil tanker have been released and are en route to Russia.On January 28th, gold prices broke through $5,300 for the first time, accumulating a gain of over 20% year-to-date. The current "confidence crisis" in the US dollar further enhances the attractiveness of gold to overseas investors. Kelvin Wong, senior market analyst at Oanda, stated that the rise in gold prices stems from its extremely strong indirect negative correlation with the US dollar, as well as Trumps response to the dollar, reflecting a possible consensus within the White House to push for a weaker dollar. Trump also indicated that he would soon announce his nominee for Federal Reserve Chairman and predicted that interest rates would decline after the new chairman takes office. Ilya Spivak, global head of macro at Tastylive, pointed out that given the tension between the Feds responsibilities and the White Houses stance, the market is simply taking a defensive stance ahead of Powells speech today.Chairman of the German Federal Financial Supervisory Authority: There is a high possibility of a sudden correction in the financial markets.Italys Istat consumer confidence index for January was 96.8, below the expected 97 and the previous reading of 96.6.

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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