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On May 5th, following the Reserve Bank of Australias (RBA) third consecutive interest rate hike and raising its cash rate target to 4.35%, the rate remains below Societe Generales year-end forecast of 4.7%. Societe Generale economists stated in a report, "The RBA still has room to maneuver and may raise rates at least one more time." Economists expect the RBA to maintain interest rates at 4.7% throughout 2027 and the first half of 2028, predicting core inflation will peak at 3.8% in the second quarter, before falling to 3.1% by the end of 2026. They added, "A pause in rate hikes in June seems inevitable," noting that RBA Governor Bullocks more neutral tone prompted demand for short-term rates, simultaneously pushing the yield curve for Australian 2-year and 10-year government bonds into a "bull market steepening."The World Health Organization says it plans to medically evacuate the two people on board who are infected with Hantavirus, and the cruise ship will continue its journey to the Canary Islands.World Health Organization: Our hypothesis is that the Hantavirus cases were contracted outside the cruise ship where the incident occurred.Iranian border police commander: Five smuggling vessels carrying 200,000 liters of smuggled fuel were seized in Khuzestan province.The China Earthquake Networks Center officially reported that a magnitude 3.1 earthquake occurred at 17:05 on May 5 in Kuqa City, Aksu Prefecture, Xinjiang (41.35 degrees north latitude, 83.89 degrees east longitude), with a focal depth of 15 kilometers.

Crypto Market Daily Highlights - ETH Extends Winning Streak to Eight

Daniel Rogers

Jan 16, 2023 10:52

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The top ten cryptocurrencies had a mixed Sunday session, with ETH bucking the trend while the larger market ended a seven-day losing streak. Profit-taking and regulatory risk contributed to a turbulent Sunday session. The crypto market cap declined by $0.881 billion to close the day at $938.70 billion. It was a mixed afternoon for the crypto top 10 on Sunday. ETH bucked the top ten trend. Notably, BTC revisited $21,000 for the second time since November 7 and the bankruptcy of FTX.

 

On Sunday, neither external market forces nor crypto market catalysts contributed to the eight-session winning streak. With the US markets closed today, profit-taking left the larger crypto market with a small loss.

 

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Regulatory risk almost certainly contributed to the decline. On Thursday, US politicians were back in the spotlight. Reportedly, House Republicans intend to form a Subcommittee to oversee the digital asset market.

 

The disclosure coincides with the SEC bringing accusations against Genesis and Gemini for the unregistered offer and sale of crypto asset securities through the Gemini Earn lending program.

 

There are currently no US economic indicators for investors to evaluate. The lack of statistics will leave the crypto market to the discretion of crypto news outlets and FOMC member talk. Regulatory noise and hawkish FOMC member rhetoric may test current buyer appetite.

 

This week, US business earnings, economic indicators, and FOMC member talk will likely affect investor sentiment, as measured by the NASDAQ Index. Bets on a 25-basis-point Fed rate hike and a decline in FTX contagion risk continue to support the crypto market.


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