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March 10th - According to foreign media reports, both Goldman Sachs and Barclays have warned that continued oil price increases could push up overall inflation. Goldman Sachs estimates that a sustained 10% rise in oil prices could increase the CPI by approximately 0.28 percentage points. In one scenario, if oil prices rise by about $10 and remain high for three months, the US inflation rate could rise from 2.4% to about 3%. Barclays believes that oil prices approaching $100 per barrel will push up overall inflation, primarily through gasoline prices. Based on its baseline outlook, it expects overall US inflation to be around 2.7% year-on-year, and core inflation to be around 2.8%, assuming oil prices do not remain high for an extended period. If oil prices continue to approach $100 per barrel, it could push the inflation rate towards 3% and potentially delay expectations of a Federal Reserve interest rate cut.March 10th - According to the Ministry of Water Resources, as of 10:00 AM on March 9th, the Yellow River had thawed for a total of 379.3 kilometers. It is expected to be fully thawed around March 14th, nine days earlier than usual. The maximum ten-day water volume at the Toudaoguai hydrological station is estimated at around 600 million cubic meters, about 40% less than usual; the maximum peak flow during the thaw is expected to be around 950 cubic meters per second, about 50% lower than usual. The thaw is progressing smoothly, and the overall risks are controllable.On March 10, the European Commission for Economic and Financial Affairs held a meeting in Brussels, Belgium, attended by finance ministers from EU member states. According to information previously published on the EU website, the meeting agenda included a routine discussion on the impact of the Russia-Ukraine conflict on the current economic and financial situation in Ukraine.The main Shanghai copper futures contract rose more than 2.00% intraday, currently trading at 101,890.00 yuan/ton.On March 10th, it was reported that Federal Reserve Chair nominee Kevin Warsh will meet this week with a Republican senator who previously blocked his confirmation by opposing President Trumps attacks on the Fed. Warshs meeting is intended to resolve differences and move the nomination forward, but it also reflects the Trump administrations intention to interfere with the Feds independence. This event not only concerns a change in Fed leadership but could also affect the future direction of US monetary policy and the stability of global financial markets.

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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