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On June 7th, Eli Lilly (LLY.N) announced the results of a trial of its next-generation weight-loss drug, Retatrutide, to medical experts. The results showed that in addition to promoting weight loss and relieving knee pain, the drug can also reduce the severity of sleep apnea. In a phase 3 clinical trial, Eli Lilly found that once-weekly injections of Retatrutide reduced symptoms of moderate to severe obstructive sleep apnea by 60.6% in obese adult patients. In the same trial, Eli Lilly also found that the drug reduced pain in patients with knee osteoarthritis by up to 73.1%.On June 7th, the Nansha District Government and Baoan District Government of Guangzhou signed a strategic cooperation framework agreement. The two districts will promote comprehensive cooperation in multiple areas, including industrial collaboration, technological innovation, talent exchange, infrastructure, and a high-quality living environment, jointly creating a new model of coordinated development in the Greater Bay Area and supporting the high-quality development of the "Golden Inner Bay." In the area of peoples livelihood, the two districts will pilot projects in areas such as sharing high-quality educational resources, cross-regional medical cooperation, mutual recognition and interoperability of social security rights, and cross-regional use of housing provident funds.On June 7th, German Chancellor Merz stated at the CDU state party congress in Mecklenburg-Western Pomerania that despite disagreements within the ruling coalition on some issues, the coalition still possesses the ability to "push forward reforms and maintain unity and cooperation." He believes that the current difficulties can be overcome, and Germany is expected to show a new development trend in a relatively short period of time. When discussing key reform areas, Merz mentioned digitalization, streamlining administrative procedures, improving infrastructure, and ensuring energy supply. He stated that Germany has the potential to build a more efficient railway transport system, enhance data transmission capabilities, and maintain international competitiveness in modern climate protection technologies. Furthermore, Germany also has the capability to build one of the most powerful conventional armed forces in Europe.On June 7th, it was learned from the Hainan Provincial Housing Provident Fund Management Bureau that, in order to standardize the management of individual housing provident fund accounts and improve data quality, the bureau will conduct a cleanup of "one person, multiple accounts" among contributors. According to reports, during a special investigation, the bureau discovered that some contributors had "one person, multiple accounts" (multiple accounts under different names using the same ID number). According to the "Housing Provident Fund Management Regulations," each employee can only have one housing provident fund account. The bureau has issued a notice reminding relevant contributing units and contributors to proactively verify their account details from June 6th to June 20th.On June 7th, Jin Lei, Secretary of the Shenzhen Municipal Committee of the CPC, recently visited DJI Innovations Technology Co., Ltd., Mindray Bio-Medical Electronics Co., Ltd., and UBTECH Robotics Corp., Ltd. He engaged in in-depth exchanges with company leaders, gaining a detailed understanding of their production, operations, and innovative development. He also solicited opinions and suggestions on further improving service support and optimizing the innovation environment and industrial ecosystem. Jin Lei stated that Shenzhen is a city with a strong innovation atmosphere and vibrant innovation vitality. A number of innovative enterprises are thriving, and innovative products are constantly emerging, becoming a valuable asset and source of vitality for the city. He sincerely thanked them for their significant contributions to Shenzhens economic and social development. Currently, a new round of technological revolution and industrial transformation is accelerating, bringing new opportunities for the innovative development of both the city and enterprises. Shenzhen is accelerating its efforts to build a globally influential industrial and technological innovation center. He hoped that everyone would focus on innovation breakthroughs, continuously enhance their core competitiveness, explore broader domestic and international markets, and achieve better and greater development. We will always work together with everyone in the same direction, achieving mutual success and creating new and greater miracles.

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

Alina Haynes

Nov 03, 2022 19:39

 截屏2022-11-03 下午7.34.53.png

 

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.


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