Bitcoin Breaks Through, Challenges 9-Month High Lately, the drama surrounding major banks has been wilder than a bull on roller skates, yet among all this, Bitcoin and altcoins are making serious gains, challenging previous highs. Silicon Valley Bank (SVB), which is (or was) basically royalty in the financial industry, was closed by the California Department […]
CPI Ahead: Here’s Why This Release Is More Important Than Ever. The banking industry just took another hit: Silicon Valley Bank (SVB) collapsed and sent waves of fear across the finance sector. The probability of a 25-bps rate hike is now 95.2%, while the probability of a pause is 4.8%, according to CME’s FEDWATCH tool. […]
Silvergate Liquidation, Extra Tax for Miners, KuCoin Lawsuit. Despite a stellar start to 2023, Bitcoin’s recovery is once again stifled by the collapse of a crypto giant: Silvergate announced voluntary liquidation. The crypto-friendly bank Silvergate announced earlier this month that it is facing financial difficulties and several of its partners were quick to cut ties. […]
EUR/USD Rebounds. Will Powell’s Testimony Reveal New Rate Clues? It’s Non-Farm Payrolls week and usually, this means that we should prepare for some interesting swings and potential surprises. The last NFP release came with a huge surprise as the actual number was more than double the forecast (517K vs. 193K). The release sparked speculation about […]
Bitcoin Sheds More Than $1,400 In One Hour. Where to Next? Just when we thought that the effects of the FTX catastrophe are starting to go away, it looks like another prominent crypto figure is making headlines. And not in a good way! Crypto-friendly bank Silvergate is facing financial troubles and several of its clients […]
The Greenback Prints New Highs, Reaches Key Support vs. the Euro. The Core PCE Price Index delivered yet another surprise last week by exceeding analysts’ forecast by a hefty margin, prompting the USD to drive higher. The currency markets are currently driven by expectations that the peak Federal Funds Rate will be higher than initially […]
Bitcoin’s Pullback Is Underway. $25K Still a Target. In a statement released on February 23, the International Monetary Fund (IMF) made harsh remarks about cryptocurrency and called for a “coordinated response” from member countries. The IMF presented a rough attitude towards cryptocurrency, saying that “the widespread adoption of crypto assets could undermine the effectiveness of […]
Thin Monday – U.S. Markets Closed, EUR/USD Lingers at Support The U.S. economy is still firing on all cylinders, as evidenced by last week’s inflation and retail sales data, which could push the Fed’s peak rate higher. The Consumer Price Index exceeded the 6.2% forecast, showing an actual reading of 6.4%. This was lower than […]
El Salvador Spreads Crypto ‘Love’, Opens New Bitcoin Embassy. If you want to find a perfect example of how the principle of support and resistance works in trading, then look no further than Bitcoin’s latest price action. In late January, the apex cryptocurrency started to show indecision and rejection (doji candles and pinbars), coupled with […]
Buy the Dip: Is the Pullback Over? In a recent interview, Fed Chair Jerome Powell emphasized the importance of economic data going forward, which adds some extra spice to this week’s CPI. During a discussion hosted by the Economic Club of Washington, the Chairman stated: The reality is that we’re going to react to the […]