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Market research and intelligence firm IIR: Middle Eastern oil refineries have reduced refining capacity by approximately 1.9 million barrels per day.On March 10th, Bank of America stated in a report that while the market currently views rising oil prices as a greater threat to inflation, supply shocks actually pose a risk to both sides of the Federal Reserves dual mandate. The report points out that monetary policy tends to tighten only when consumer demand is strong enough and economic activity can withstand supply shocks, allowing the Fed to focus on inflation as it did during the 2022 Russia-Ukraine conflict. However, the bank notes that at that time, economic demand was significantly stronger (unemployment rate at 4%, core PCE inflation exceeding 5%, non-farm payrolls increasing by 500,000 per month, and consumers still having substantial stimulus funds). Currently, job growth is slower, inflation is moderately high, and fiscal stimulus is more limited. The bank believes that if the oil price shock persists, it will create conditions for the Fed to implement a more accommodative monetary policy.Iraq says it is trying to resume Kirkuk crude oil shipments, and Iraq’s daily oil production has fallen to 1.2 million barrels.Market news: U.S. Senate Democrats warned that Treasury Secretary Bessenters term as acting IRS commissioner has expired.On March 10th, Morgan Stanleys Bruna Skarica stated in a report that the Bank of England may cut interest rates in April if global energy supply disruptions are resolved in the near future. The Middle East war and rising energy prices have reignited inflation concerns, leading to lower market expectations for a March rate cut by the Bank of England. LSEG data shows that the money market currently prices in a 15% probability of a March rate cut and a 36% probability of a rate cut in April. Morgan Stanley previously predicted rate cuts in March, July, and November, but has now revised its forecast to April, November, and February of the following year, provided that energy supply disruptions are not prolonged.

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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