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February 2nd - On February 1st local time, US President Trump, answering reporters questions about Iran at Mar-a-Lago, stated his hope that "a deal can be reached." Responding to Iranian Supreme Leader Khameneis warning that a US strike would trigger a regional war, Trump said that if a deal cannot be reached, "then well see if he (Khamenei) is right." Trump emphasized to reporters that the US has deployed "the worlds largest and most powerful ships" in the region. Earlier that day, Iranian Foreign Minister Araqchi stated that Iran "remains confident" of reaching an agreement with the US on the nuclear issue.Domestic News: 1. The State Taxation Administration clarified the threshold for value-added tax (VAT) collection and management. 2. Wang Yi held strategic communication with Sergei Shoigu, Secretary of the Security Council of the Russian Federation. 3. Industrial and Commercial Bank of China (ICBC): Investors should closely monitor changes in precious metal prices and reasonably control their position size. 4. The first-month performance reports of emerging electric vehicle manufacturers in the new year are released. Xiaomi, Wenjie, and HarmonyOS performed well, while BYDs production and sales both declined. 5. Guotou Silver LOF: Trading will be suspended from the opening of the market on February 2nd until 10:30 am on the same day. The daily price fluctuation limit after resumption of trading will be 10%. 6. China Mobile, China Telecom, and China Unicom announced: The scope of application of VAT on telecommunications services has been adjusted, and the tax rate has increased to 9%, which will affect the companys revenue and profits. International News: 1. The Speaker of the Iranian Parliament announced that the armies of European countries will be considered "terrorist organizations." 2. US media: The Speaker of the US House of Representatives said he is confident that the partial government shutdown will end by Tuesday. 3. Zelensky: A new round of trilateral talks between Ukraine, the US, and Russia will be held on February 4th and 5th. 4. Saudi stocks suffered their biggest drop since June last year due to geopolitical factors and a gold price plunge. 5. Indias budget: 400 billion rupees will be allocated to support the semiconductor manufacturing industry. 6. Indias stock market held a special trading session on Sunday due to the budget, with metal stocks and ETFs suffering heavy losses. 7. OPEC+ statement: Eight member countries will maintain their original plan to suspend increases in oil production in March. 8. US-Iran situation—① It is reported that high-ranking US and Israeli military officials held intensive talks this weekend to discuss a strike against Iran. ② Iranian Supreme Leader Khamenei stated that if the US launches a war this time, it will trigger a regional conflict. ③ Iranian officials: Media reports about the Revolutionary Guard planning military exercises in the Strait of Hormuz are incorrect. ④ US media: The US military is strengthening its air defense deployment in the Middle East to prepare for potential action against Iran.OPEC+ Statement: The OPEC+ Joint Ministerial Monitoring Committee (JMMC) reiterated the importance of full compliance with oil production targets.On February 1st, OPEC+ held an online meeting to assess the global market situation and outlook. The eight participating countries reaffirmed the decision made on November 2nd, 2025, to suspend increased production in March 2026 due to seasonal factors. The eight countries reiterated that the previous production cut of 1.65 million barrels per day may be partially or fully restored depending on market developments, and this will be done gradually. Countries will continue to closely monitor and assess market conditions, and while continuing efforts to maintain market stability, reiterated the importance of a cautious approach and sufficient flexibility to continue suspending (increased production) or canceling additional (production cuts), including the voluntary production cut of 2.2 million barrels per day announced in November 2023. The organization will hold its next meeting on March 1st, 2026.OPEC+ statement: Reaffirmed its commitment to maintaining market stability, and stated that the global economic outlook is stable and the current oil market fundamentals are healthy with low inventory levels.

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.


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