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On September 3, the Ministry of Commerce held a regular press conference. Spokesperson Huang Ling, responding to comments made by EU Trade and Economic Security Commissioner Šefčovič regarding China-EU trade, emphasized that consultations at all levels between China and the EU should adhere to the stable and balanced positioning of the key China-EU trade partnership, and insist on resolving each others concerns on an equal footing. Unilateral demands, conditions, or even threats of market closures should be avoided. Huang Ling stressed that China has repeatedly reiterated that the EU should face up to its own economic and trade problems. China is not the root cause of these problems, but rather a partner that can help the EU resolve them.The German IFW Institute for Economic Research has raised its 2026 economic growth forecast for Germany from 0.8% to 1.3%, while maintaining its 2027 growth forecast of 1.0%.September 3 – At a regular press conference held this afternoon (September 3), the Ministry of Commerce spokesperson stated that China has repeatedly declared its firm opposition to unilateral sanctions that lack a basis in international law and are not authorized by the UN Security Council. The US, disregarding repeated representations from China, has repeatedly sanctioned Chinese companies and citizens under the pretext of Iran. China expresses its strong dissatisfaction and firm opposition to this. The US unilateral sanctions improperly interfere with normal economic and trade exchanges between relevant countries and seriously disrupt global energy security and stable supply. China urges the US to immediately correct its erroneous practices and lift the sanctions against relevant Chinese companies and citizens. China will firmly safeguard the legitimate rights and interests of its companies and citizens.September 3rd - According to the UAEs *The Nation*, amid new reports of Iran expanding its cyberattacks against the United States, experts warn that the hacking attacks are "perfectly suited to Irans geopolitical situation." NBC News reports that Iran has intensified its efforts to infiltrate U.S. computer systems in recent weeks, actions that could impact power, telecommunications, and other critical infrastructure. Maurice Haber, chief security advisor at U.S. cybersecurity firm BeyondTrust, stated, "Cyberattacks are an asymmetric weapon, perfectly suited to Irans geopolitical situation. These attacks dont require aircraft or missiles, nor the deployment of personnel on U.S. soil, and they create ambiguity regarding attribution and how to respond appropriately." Haber added that from a technical standpoint, Irans attacks are not particularly sophisticated, but the hackers appear to have achieved significant success by exploiting weak cybersecurity defenses, such as outdated systems, weak password management processes, and devices that are unnecessarily connected to the internet.Emergency services say a Ukrainian drone strike on Russia’s Belgorod region has killed one person and injured four others.

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.