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The main Shanghai silver futures contract fell 2.00% during the day, currently trading at 16,478.00 yuan/kg.On June 18th, a recent report by an international organization claimed that the growth of Chinese companies global market share in some key sectors was mainly due to government subsidies. On the same day, Li Chao, Deputy Director of the Policy Research Office and spokesperson for the National Development and Reform Commission, responded at a press conference, stating that simply attributing Chinas industrial competitiveness to so-called "subsidies" is not only overly simplistic but also completely wrong. Chinas industrial competitiveness stems from the intensive development of its massive market, the efficient collaboration of its complete industrial system, the long-term accumulation of education, science and technology, and talent, and the continuous optimization of its business environment.On June 18th, Li Chao, Deputy Director of the Policy Research Office and Spokesperson of the National Development and Reform Commission, responded at a press conference that my country has made positive progress in computing-power synergy and computing-network integration in recent years. However, we also see that the synergy between computing networks and new power grids still faces some obstacles in planning, construction, and pricing mechanisms. The integration of computing networks with next-generation communication networks needs further strengthening, and breakthroughs are needed in computing power monitoring and scheduling technologies and mechanisms. During the 15th Five-Year Plan period, we will pay more attention to supply and demand matching and strengthen the coordinated planning and construction of computing networks with new power grids and next-generation communication networks. In terms of "hard investment," we will explore more effective computing-power synergy models to achieve a balance between electricity and computing power; strengthen computing-network integration and innovation; appropriately promote the expansion of direct connection lines between national hubs; and further reduce network transmission latency. In terms of "soft infrastructure," we will strengthen the monitoring and market-based scheduling of computing resources and accelerate the construction of a nationwide integrated computing network that is interconnected, accessible, green, and secure.On June 18, Li Chao, Deputy Director of the Policy Research Office and Spokesperson of the National Development and Reform Commission (NDRC), responded at a press conference that the NDRC will work with relevant departments to issue and implement the "15th Five-Year Plan" for modern logistics. This plan will coordinate various funding channels to support both the upgrading of existing logistics facilities and the construction of new facilities, promote the formation of a comprehensive logistics infrastructure network, enhance the adaptability and support of logistics facilities for industrial development, densify the urban and rural last-mile logistics network, accelerate the development of digital, intelligent, and green logistics facilities and equipment, and promote the improvement of the logistics network by addressing its shortcomings, ensuring smooth connectivity, and enhancing its capabilities. The goal is to achieve a systemic transformation from simply having a logistics network to having a high-quality one, and from merely having access to truly efficient and effective logistics. The objective is to establish by 2030 a logistics network that is closely integrated with industries and consumption, connects channels and networks both internally and externally, features green and intelligent facilities and equipment, and ensures comprehensive interconnection of rules and information, thereby better serving the high-quality development of the real economy.Japanese Chief Cabinet Secretary Minoru Kihara: We will continue to closely monitor the financial markets.

Early Support for ETH and BTC, with US Economic Indicators in Focus

Alina Haynes

Nov 03, 2022 19:39

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Wednesday saw Bitcoin (BTC) and Ethereum (ETH) join the larger market in the red. The NASDAQ Composite Index, Bitcoin, and Ethereum all fell in response to Fed Chair Powell's news conference. Nevertheless, the technical indications continue to be optimistic, indicating upward price trends. On Wednesday, Ethereum (ETH) fell 3.80%. Reversing Tuesday's gain of 0.32%, ETH closed the day at $1,518.

 

After a turbulent morning session, ETH recovered to a high of $1,622 by late afternoon. ETH surpassed the First Major Resistance Level (R1) at $1,606 prior to falling to a late low of $1,506. ETH ended the day below $1,520 after breaking through the First Major Support Level (S1) at $1,556 and the Second Major Support Level (S2) at $1,535.

 

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On Wednesday, the price of bitcoin (BTC) plummeted by 1.63 percent. BTC ended Tuesday at $20,165, a decrease of 0.04% from its opening price.

 

BTC rose to a high of $20,817 in response to the FOMC Statement, following a range-bound morning. BTC surpassed the First Major Resistance Level (R1) at $20,686 before falling to an intraday low of $20,086. BTC went below the First and Second Major Support Levels (S1 and S2) at $20,327 and $20,154, respectively.

 

In accordance with forecasts, the Fed raised rates by 75 basis points on Wednesday. The FOMC Statement hinted at a likely policy move in December, lending credence to December Fed pivot wagers. The Rate Statement pushed BTC and ETH to their daily peaks.

 

However, Fed Chair Powell dashed prospects for a reversal, citing excessive inflation and the need to continue forward. Powell remarked that the "final level of interest rates will be higher than anticipated."

 

As a result, the NASDAQ Composite Index fell 3.36 percent, sending BTC and ETH into the negative.

 

Today, attention will be on US factory orders, jobless claims, and the ISM Non-Manufacturing PMI. We anticipate the PMI and its subcomponents to have the most effect.

 

Due to the sensitivity of BTC and ETH to US economic statistics and the FED, the correlation with the NASDAQ Composite Index remains intact. The NASDAQ 100 Mini was up 35 points this morning.