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On March 12, U.S. Energy Secretary Wright issued a statement regarding the release of the Strategic Petroleum Reserve, stating that the 32 member countries of the International Energy Agency unanimously agreed to President Trumps request to coordinate the release of 400 million barrels of crude oil and refined products from their reserves to lower energy prices. As part of this action, Trump authorized the Department of Energy to release 172 million barrels of crude oil from the Strategic Petroleum Reserve starting next week. Based on the planned release schedule, delivery is expected to be completed in approximately 120 days. Trump also pledged to ensure U.S. energy security through the responsible management of the Strategic Petroleum Reserve. The U.S. has already arranged to replenish its strategic reserves by approximately 200 million barrels over the next year—20% more than planned—at no cost to taxpayers.U.S. Trade Representative Greer: We expect to initiate additional Section 301 investigations.U.S. Trade Representative Greer: Hopes to complete the Section 301 investigation before the expiration of Section 122 tariffs.U.S. Trade Representative Greer: The investigation could lead to countermeasures, including additional tariffs.1. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average fell 0.61% to 47,417.27 points, the S&P 500 fell 0.08% to 6,775.8 points, and the Nasdaq Composite rose 0.08% to 22,716.13 points. Sherwin-Williams fell more than 2%, and Home Depot fell nearly 2%, leading the decline in the Dow. The Wind U.S. Tech Big Seven Index rose 0.27%, Tesla rose more than 2%, and Nvidia rose 0.66%. The Nasdaq China Golden Dragon Index fell 0.77%, Wanwu Xinsheng fell more than 10%, and iQiyi fell more than 4%. The market continues to focus on the development of the U.S.-Israel-Iran war and oil price trends. 2. The three major European stock indexes all closed lower. The German DAX fell 1.37% to 23,640.03 points, the French CAC40 fell 0.19% to 8,041.81 points, and the UK FTSE 100 fell 0.56% to 10,353.77 points. 3. US Treasury yields rose across the board. The 2-year Treasury yield rose 6.06 basis points to 3.651%, the 3-year Treasury yield rose 6.23 basis points to 3.675%, the 5-year Treasury yield rose 6.31 basis points to 3.804%, the 10-year Treasury yield rose 7.20 basis points to 4.230%, and the 30-year Treasury yield rose 9.03 basis points to 4.880%. 4. International precious metals futures generally closed lower. COMEX gold futures fell 1.11% to $5183.90 per ounce, and COMEX silver futures fell 4.11% to $85.91 per ounce. 5. The most active US crude oil contract closed up 5.94% at $88.41 per barrel; the most active Brent crude oil contract rose 6.64% to $93.63 per barrel. 6. Most London base metals fell, with LME aluminum up 1.50% to $3457.0/ton, LME nickel up 1.33% to $17720.0/ton, LME lead down 0.26% to $1938.5/ton, LME copper down 0.69% to $13049.0/ton, LME zinc down 0.90% to $3315.5/ton, and LME tin down 1.06% to $49905.0/ton.

Crypto derivatives volumes surge to $3.12 trillion in July

Skylar Shaw

Aug 12, 2022 14:53

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According to researcher CryptoCompare, trade in cryptocurrency derivatives on centralized exchanges increased to $3.12 trillion in July, up 13% month over month, as cryptocurrency values begin to rebound from the recent market crisis.


According to CryptoCompare, the derivatives market now accounts for 69% of all crypto transactions, up from 66% in June, and helped drive total crypto volumes on exchanges to $4.51 trillion in July.


On July 29, derivatives exchanges transacted up to $245 billion, which is 9.7% greater than the $223 billion top daily high for June.


Spot cryptocurrency trade, however, dipped to $1.39 trillion in July, the lowest level since December 2020 and a monthly fall of 1.3%, according to CryptoCompare.


In May and June, the price of cryptocurrencies fell precipitously as investors fled riskier investments due to concerns about soaring inflation and Federal Reserve interest rate rises. Several cryptocurrency organizations have slashed staff after a significant pair of tokens collapsed, and other cryptocurrency lenders have frozen client withdrawals.


With bitcoin rising 17% in July, prices have somewhat recovered. It is still a long way from its record high of $69,000 in November, which it reached at roughly $24,300.


Since there is no U.S. Federal Reserve meeting in August, CryptoCompare said, "the jump in futures trading volume signals an increase in speculative activity as traders feel there is opportunity for more upside in current rally."


According to CryptoCompare, traders are also making predictions on the impending Ethereum merge, which is a network update anticipated for September.


Since its $880 low in June, ether has increased to over $1,900.


According to CryptoCompare, BinanceUSD, a stablecoin released by the cryptocurrency exchange Binance, gained popularity in July as spot volumes for transactions between bitcoin and BinanceUSD for the first time surpassed those between bitcoin and dollars.


With a 54% market share, Binance continued to dominate the exchange landscape, while Atom Asset Exchange (AAX), which saw its volume increase by 26.5% in July, moved into second place.


Trading volumes more than half in the second quarter of 2022, according to a data released on Tuesday by American exchange Coinbase.

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