CRUDE OIL OUTLOOK: SLIGHTLY BEARISH NEAR TERM Oil prices fell roughly 4% this week, pressured by demand concerns amid rapidly rising interest rates Although oil could trade lower in the coming days, its medium-term outlook remains constructive thanks to the reopening of the Chinese economy This article examines the key technical levels to . . . → Read More: Oil Forecast: Crude Prices Sink on Rising Rates & China’s Slow Demand Recovery
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USD/CAD FORECAST: MILDLY BULLISH USD/CAD advances and challenges a key technical resistance as volatility begins to pick up Canada’s inflation data could be an important catalyst for price action next week Market sentiment should also be a major driver of the Canadian dollar in the near term Recommended by Diego Colman . . . → Read More: Canadian Dollar Outlook: Canada’s CPI Eyed as USD/CAD Challenges Key Resistance Top Stories This Week Paxos ‘categorically disagrees’ with the SEC that BUSD is a security The United States Securities and Exchange Commission (SEC) has defined the stablecoin Binance USD (BUSD) as a security in a Wells Notice sent to its issuer, Paxos Trust Company. The SEC alleges the organization failed to register BUSD under . . . → Read More: SEC sues Do Kwon, Paxos ready to litigate, SBF’s VPN: Hodler’s Digest, Feb. 12-18 Mining refers to the process of verifying and adding new transactions to a blockchain network, such as in the case of Bitcoin (BTC) or other cryptocurrencies. The economics of mining refers to the economic incentives and costs associated with the mining process, as well as its impact on the broader economy. The economics of . . . → Read More: The economics of cryptocurrency mining: Costs, revenues and market trends Bitcoin (BTC) is leaving traders guessing as the future of the bull market depends on the last week of February. In multiple tweets on Feb. 17, popular trader and analyst Rekt Capital flagged crucial resistance battles ongoing on BTC/USD across multiple timeframes. Bitcoin price squares off with bear market downtrend Bitcoin hit new six-month . . . → Read More: Bitcoin faces do-or-die weekly, monthly close with macro bull trend at stake S&P 500, Dollar, EURUSD and Macro Economic Event Risk Talking Points: The Market Perspective: EURUSD Bearish Below 1.08; USDJPY Bullish Above 133; Dow Bearish Below 33,200 The global capital markets were showing an unusual amount of volatility before an extended holiday weekend (in the US), but the technical picture was less than convincing Top . . . → Read More: Dollar Breakout and S&P 500 Breakdown Don’t Project Conviction Into Next Week The total crypto market capitalization rejected at $1.13 trillion on Feb. 16, but there was no change in the month-long ascending channel structure. More importantly, this level represents a 43% gain in 2023, which is far from the $3 trillion level achieved in November 2021. Still, the current recovery is notable. Total crypto market . . . → Read More: Bitcoin price rally to $25K followed by total crypto market cap retest of the $1.13T resistance The upcoming Ethereum Shanghai hard fork is slated to occur in March 2023, and the upgrade will cap off the network’s move to proof-of-stake (PoS), which started during the Merge on Sept. 15, 2022. Once Shanghai is implemented, previously locked Ether (ETH) will gradually become liquid for the first time since December 2020. According to on-chain Etherscan . . . → Read More: Ethereum on-chain data suggests ETH sell pressure could be a non-event after the Shanghai upgrade Bitcoin miner CleanSpark is growing its mining capacity in the United States with the purchase of 20,000 new Antminer S19j Pro+ units for $43.6 million. The acquisition is expected to boost the company’s computing power by 37% and brings the total number of miners purchased during the bear market to 46,500 units. According to . . . → Read More: CleanSpark boosts computing power by 37% with thousands of new Bitmain rigs Most blockchain upgrades have an impact on price action. The Ethereum Shanghai upgrade would be no different. Ether supplies on exchanges have already started to plunge as investors choose to move their assets to self-custody. The previous Ethereum upgrade created good volatility in the market, which traders tapped into. ETH prices skyrocketed from . . . → Read More: Ethereum Shanghai upgrade, explained Bitcoin (BTC) climbed back above $24,000 at the Feb. 17 Wall Street open as analysis favored “consolidation and continuation” higher. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin faces key level to “break” bear trend Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering some overnight losses after dipping to $23,369 on Bitstamp. . . . → Read More: Bitcoin levels to watch as BTC price rejects at key $25K trendline US Dollar/ Japanese Yen (USD/JPY) Price Outlook: USD/JPY rises to above 135.00 after Fed officials push for higher rates. US Dollar Index (DXY) erases 2023 losses, pushing prices above 104.00 against a basket of foreign currencies. Japanese Yen (JPY) faces fresh fundamental and technical headwinds after USD breaks higher ahead of a long . . . → Read More: USD/JPY Outlook: Dollar Yen Jumps on Hawkish Fed & Rising Yields U.S. DOLLAR ANALYSIS & TALKING POINTS Fed speakers add to hawkish rhetoric. Will there be more follow through from the bull flag? Recommended by Warren Venketas Get Your Free USD Forecast Get My Guide USD FUNDAMENTAL BACKDROP The Dollar Index (DXY) has been rallying on the back . . . → Read More: USD Price Forecast: Dollar Index (DXY) Reacting Favorably to Fed Speakers On this week’s episode of NFT Steez, co-hosts Alyssa Expósito and Ray Salmond continue their chat with Justin and J.P. Alanis, the co-founders of StoryCo — an open media platform — on the prospect of a community of creators franchising intellectual property (IP) through collaboration and soulbound tokens. Speaking on his experience with musician . . . → Read More: Co-founders of StoryCo explain how community storytelling can impact franchised IP EUR/USD News and Analysis EUR/USD decline gathers pace on stickier PPI print and hawkish Fed comments Technical update: EURUSD bearish break gains traction Euro sentiment data, FOMC minutes and US consumer sentiment next week The analysis in this article makes use of chart patterns and key support and resistance levels. For more information . . . → Read More: EUR/USD Latest: Trendline Break and Rate Expectations Climb to 3.75% A Bitcoin (BTC) price indicator has flashed green for just the fourth time ever this week in a major warning to bears. In a tweet on Feb. 16, crypto market analyst Mohit Sorout announced that the dollar cost average (DCA) indicator was now “suggesting a raging bull market.” DCA breakout last preceded 640% BTC . . . → Read More: Bitcoin metric prints ‘mother of all BTC bullish signals’ for 4th time ever GBP/USD – Prices, Charts, and Analysis US dollar strength is forcing GBP/USD back towards multi-month lows. UK data may empower the MPC doves, leaving Sterling vulnerable. Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from . . . → Read More: British Pound (GBP) Latest: GBP/USD Slumps, a Victim of US Dollar Strength AUDUSD PRICE, CHARTS AND ANALYSIS: Recommended by Zain Vawda Get Your Free AUD Forecast Get My Guide Most Read: US Dollar Bumped Higher by Hawkish Fed and Blistering PPI. Higher USD? AUDUSD FUNDAMENTAL BACKDROP AUDUSD continued its move to the downside in the Asian session as . . . → Read More: AUD/USD Price Forecast: Hawkish RBA Unable to Arrest Slide, 200-Day MA in Focus The top Mt. Gox creditor chose to have an early payout in Bitcoin (BTC), deciding against waiting longer for an even larger payment. Mt. Gox Investment Fund, the largest creditor of the defunct crypto exchange, reportedly decided to take its chances with a lesser but earlier payout rather than waiting for all the . . . → Read More: Mt. Gox top creditor goes with early payout option: Report Recommended by David Cottle Get Your Free Top Trading Opportunities Forecast Get My Guide The global economy is looking at a very tough year Recession is not certain, but it may now be difficult to avoid What can past recessions teach us about what may be coming? . . . → Read More: What Past Global Recessions Can Teach Us About the Next One Gold, XAU/USD, Fedspeak, Technical Analysis – Briefing: Gold prices extend losses during Friday APAC hours Hawkish Fedspeak continues pushing up bond yields XAU/USD remains biased lower from a technical view Recommended by Daniel Dubrovsky Get Your Free Gold Forecast Get My Guide Gold prices were little . . . → Read More: Gold Prices Remain Vulnerable Amid Hawkish Fedspeak and Further Hike Odds Cryptocurrency investors funneled as much as $4.6 billion into crypto tokens suspected to be part of “pump and dump” schemes in 2022. A Feb. 16 report from blockchain analytics firm Chainalysis “analyzed all tokens launched” in 2022 on the BNB Smart Chain and Ethereum blockchains and found thatover 9,900 bore characteristics of a “pump . . . → Read More: Crypto investors spent $4.6B buying ‘pump and dump’ tokens last year Our weekly roundup of news from East Asia curates the industry’s most important developments. China blockchain SIM card Conflux Network says it is working with the second-largest telecommunications provider in China to develop a blockchain SIM card that will serve as a secure place to store digital private keys and nonfungible tokens. Conflux announced . . . → Read More: China Telco’s crypto SIM, Korean exchanges in turmoil… and more US Dollar, Federal Reserve, PPI, DXY Index, Treasury Yields – Talking Points The US Dollar continued strengthening today after Treasury yields soared PPI data reveals an economy with price pressures building again The Fed reminded markets of potential outsized hikes. Where to for USD? Trade Smarter – . . . → Read More: US Dollar Bumped Higher by Hawkish Fed and Blistering PPI. Higher USD? S&P 500, Dollar, EURUSD, GBPUSD and AUDUSD USDJPY, Talking Points: The Market Perspective: EURUSD Bearish Below 1.08; USDJPY Bullish Above 133 A risk aversion lean through Thursday found a fight in the through the Thursday session, but benchmarks are entering Friday trade on the cusp of prominent technical levels Where the S&P 500 is . . . → Read More: Dollar’s Friday Breakout Potential: EURUSD, GBPUSD, AUDUSD and USDJPY Bitcoin (BTC) price rallied over 12% on Feb. 15, marking the highest daily close in more than six months. Curiously, the movement happened while gold reached a 40-day low at $1,826, indicating some potential shift in investors’ risk assessment for cryptocurrencies. A stronger-than-expected U.S. inflation report on Feb. 14 showed consumer prices rising 5.6% . . . → Read More: Bitcoin price derivatives look a bit overheated, but data suggests bears are outnumbered Play-to-earn retro games with Bitcoin (BTC) payouts may soon be making their way to a bar, conference or meetup near you, according to a Feb. 12 tweet by Zebedee founder Christian Moss. The software is tentatively called “Bit-tendo.” Bitcoin Pay to Play & Play to Earn in Super Mario 3 on the . . . → Read More: ‘Bit-tendo’ prototype offers Bitcoin retro games for bars, conferences EQUITY MARKET OUTLOOK S&P 500 has lacked directional conviction in recent days following the strong rally earlier in the year The jump in Treasury yields over the past several days is changing the calculus on Wall Street, but sentiment hasn’t yet taken a major hit This article looks at major tech levels to . . . → Read More: S&P 500 Underwater but Exuberance Hasn’t Yet Cracked – What Now for Stocks? The price of Bitcoin (BTC) gained 6.3% just two days after reaching $21,370 on Feb. 13, which was the lowest level seen in more than three weeks. The price recovery can be partially explained by the Feb. 14 U.S. Consumer Price Index data displaying a 6.4% increase in year-over-year inflation in January. While the . . . → Read More: Bitcoin bulls aim to hold this week’s BTC gains leading into Friday’s $675M options expiry In this week’s episode of Market Talks, Cointelegraph welcomes Michaël van de Poppe, a full-time day/swing trader in cryptocurrencies based at the Amsterdam Stock Exchange who’s interested in everything related to blockchain in combination with the current financial system. He is also the CEO and founder of Eight Global, a cryptocurrency education and consultancy platform. . . . → Read More: $24K Bitcoin — Is it time to buy BTC and altcoins? Watch Market Talks live The price of Bitcoin (BTC) has reached a new 2023 high of $25,000 after surging over much of January. The last time Bitcoin’s price was around $25,000 was around mid-June, on its way down to between $19,000 and $21,000, where it then hovered for several months, according to data from CoinGecko. The price of . . . → Read More: Bitcoin price hits $25K in new 2023 high Bitcoin (BTC) trended toward $24,000 at the Feb. 16 Wall Street open after fresh macroeconomic data from the United States overshot estimates. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Hot U.S. PPI data “rattles” markets Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retracing some of its latest gains on the day, trading at . . . → Read More: BTC price cools on latest US data as Bitcoin liquidates $80M in shorts Ethereum’s native token, Ether (ETH), has printed a death cross technical pattern versus Bitcoin (BTC) for the first time since May 2022, suggesting more pain ahead for ETH/BTC in the coming weeks. Previous ETH price death cross preceded 27.5% drop A death cross appears when an asset’s short-term 50-period moving average moves below its . . . → Read More: Ethereum price prints ‘death cross’ after losing 13% versus Bitcoin from 2023 peak Bitcoin, Ethereum Talking Points Recommended by Tammy Da Costa Get Your Free Bitcoin Forecast Get My Guide Bitcoin Challenges Six-Month Highs, Ignoring Risks of Higher Rates Bitcoin prices have risen to their highest levels in six months, increasing the potential for the major cryptocurrency to retest $25,000. . . . → Read More: Bitcoin Price Outlook: Speculative Buying Sends BTC/USD, ETH/USD to Multi-Month Highs Fundamental analysis is the process of finding the intrinsic value of an asset, with the goal to determine whether the asset is overvalued or undervalued. That information can then be leveraged along with technical analysis to decide whether to invest in or trade an asset. In cryptocurrency fundamental analysis, the approach is somewhat different . . . → Read More: How to evaluate any crypto project using fundamental analysis Name: Simon DixonAnonymous: NoTwitter Followers: 109.1KKnown for: Co-founder of Bank To The Future and the dude who wrote the first-ever published book on Bitcoin. Who is this guy anyway? Simon Dixon is a true Bitcoin O.G. He is the author of the first-ever published book on Bitcoin in the world Bank to the Future, . . . → Read More: Bitcoiner Simon Dixon on bankruptcies and Elon Musk: Hall of Flame Technology is a powerful force that has significantly influenced the future. It has enriched our lives in innumerable ways, from boosting productivity and efficiency to bridging geographical distances. Artificial intelligence (AI), machine learning (ML), robotics and 5G networks are reshaping industries, opening up new applications, and altering our way of life. For instance, . . . → Read More: 10 emerging technologies in computer science that will shape the future While cryptocurrencies have been quite the rage over the past couple of years, nonfungible tokens (NFTs) have risen as an alternate asset class within the cryptocurrency ecosystem. This ecosystem is revolutionizing the world of art and gaming, among a host of other industries. Serving as a digital certificate that proves a collectible’s authenticity, NFTs . . . → Read More: How to buy and sell NFTs on Polygon EUR/USD News and Analysis Panetta warns of risks of overtightening and a preference for smaller rate hikes EUR/USD at key decision point as the pair approaches support Economic data skewed towards next week with ZEW and IFO sentiment data The analysis in this article makes use of chart patterns and key support and resistance . . . → Read More: EUR/USD Update: EURUSD at Decision Point as the ECB’s Doves Weigh in S&P 500 and Nasdaq 100 – Fundamental Forecasts and Analysis S&P 500 is eyeing a fresh multi-month high. The Nasdaq 100 has formed a bullish flag. Recommended by Nick Cawley The Fundamentals of Trend Trading Get My Guide US equity markets continue to defy market logic . . . → Read More: S&P 500, Nasdaq 100 Price Action – Pushing Higher Against Market Wisdom GBP/USD PRICE, CHARTS AND ANALYSIS: Recommended by Zain Vawda Get Your Free GBP Forecast Get My Guide Most Read: Breaking News: CPI Miss Confirms Cooling UK Inflation, GBP on Offer GBP/USD FUNDAMENTAL BACKDROP GBPUSD printed mild gains overnight which continued following the European open this morning . . . → Read More: GBP/USD Grinds Higher Following its Worst Day of Losses in 2 Weeks Bitcoin (BTC) hit a six-month high of $24,800 on Feb. 16, registering a double-digit surge of 15%. The single-day Bitcoin price surge took many by surprise, given February has been historically bearish for the top cryptocurrency. BTC’s price rose by $1,820 in a single day, making it the biggest green day for the top . . . → Read More: Bitcoin single-day price surge linked to billions in USDC inflows BRENT CRUDE OIL (LCOc1) ANALYSIS & TALKING POINTS Crude oil prices dismissive of higher stockpiles. Higher demand projections driving crude oil but USD rebound may limit upside potential. Bear flag remains in focus but a long way to go before we see breakout potential. Recommended by Warren Venketas Get . . . → Read More: Crude Oil Price Forecast: Brent Finding its Footing on Revised Demand Outlook & Weaker USD Galaxy Digital Holdings CEO Mike Novogratz believes there’s a chance Bitcoin (BTC) could return to $30,000 or above before the end of March. According to a Feb. 15 Bloomberg report, Novogratz spoke at a Bank of America conference the same day and said he would’ve been the “happiest guy” if 2022 ended with BTC at $30,000, . . . → Read More: Galaxy Digital CEO ‘wouldn’t be surprised’ if Bitcoin hit $30K this quarter In this week’s newsletter, read about how France’s top contemporary art museum will display nonfungible tokens (NFTs). Find out why a founder of the Bored Ape Yacht Club (BAYC) copycat project, RR/BAYC, is opposing trademark applications from Yuga Labs. Check out how NFTs based on Ethereum lost 60% of their market capitalization, and learn . . . → Read More: France’s top museum to display NFTs: Nifty Newsletter, Feb 8–14 Bitcoin (BTC) is leading the cryptocurrency markets on the path to recovery. Although the United States Consumer Price Index (CPI) print for January was marginally higher than expectations, it did not dent the enthusiasm of bullish crypto traders. A positive response to seemingly negative data is a sign that the sentiment is bullish . . . → Read More: Price analysis 2/15: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC The Bitcoin (BTC) white paper title describes Bitcoin as a “peer-to-peer electronic cash system.” So how is Bitcoin being used as a means of exchange, or electronic cash, in the first country to adopt Bitcoin? Reporter Joe Hall spent a few weeks in El Salvador attempting to live off Bitcoin and Bitcoin only. He . . . → Read More: Paying the way for Bitcoin adoption in El Salvador: Video Polygon Labs, the development and growth team for Polygon, announced that the beta version of its zero-knowledge Ethereum Virtual Machine (zkEVM) would launch on March 27, 2023. It’s possible that Polygon will enjoy a first-mover advantage in this space by launching a public mainnet before zkSync and Scroll. Zk-based roll-up technology is accepted as the gold . . . → Read More: Polygon ecosystem development and upcoming zkEVM launch add to MATIC’s bullish momentum Bitcoin (BTC) hit its highest in almost a week on Feb. 15 as “extremely positive” economic data boosted risk asset sentiment. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price aims for $23,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining 2.2% on the day to eye a reclaim of $23,000. Analysts were . . . → Read More: Bitcoin price eyes $23K despite US dollar strength hitting 6-week high Gold Price (XAU/USD) Outlook: Recommended by Tammy Da Costa How to Trade Gold Get My Guide Gold Prices Sink as Higher Rate Expectations Drive USD Strength Gold prices have extended losses in the aftermath of US CPI data, placing additional pressure on the precious metal. With the . . . → Read More: Gold Price Forecast: XAU/USD Battered in the Aftermath of US CPI On Oct. 25, 2022 — about two weeks before the collapse of the world’s third-largest cryptocurrency exchange, FTX — prominent DeFi architect Andre Cronje published a foreboding article with a chilling warning on the state of centralized cryptocurrency exchanges: “Remedies under the current regulatory regime are ineffective. Most investors sign away their rights to . . . → Read More: Can you trust crypto exchanges after the collapse of FTX? US Dollar (DXY) Price and Chart Analysis Retail sales pick up in January, NY Empire State Manuf Index also beats to the upside. The US dollar continues to push higher. Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and . . . → Read More: US Retail Sales Beat Expectations, US Dollar (DXY) Continues to Move Higher Can Bitcoin help Black Americans build wealth in a country that has historically and intentionally prevented them from doing so? The Agenda podcast recently sat down with Najah Roberts, a Bitcoin educator and entrepreneur, to explore the question. In Part 1 of the conversation, released on Feb. 1, Roberts told hosts Jonathan DeYoung and . . . → Read More: Education is key to financial freedom, says Bitcoin advocate Najah Roberts FTSE Technical Analysis Recommended by Richard Snow Get Your Free Equities Forecast Get My Guide Will 8000 Prove too Much for FTSE Bulls? Trading in the direction of the trend is not only sensible, but often the most prudent approach when analyzing financial markets. That holds . . . → Read More: FTSE Price Outlook: UK Index Falters at 8000 Level as Signs of Fatigue Show The world’s biggest cryptocurrency, Bitcoin (BTC), is connecting more countries as the government of El Salvador is opening a “Bitcoin Embassy” in the United States. El Salvador, a country that adopted Bitcoin as legal tender in 2021, is expanding its Bitcoin strategy in a new partnership with the government of Texas. The intergovernmental collaboration . . . → Read More: El Salvador to open a ‘Bitcoin Embassy’ in the United States Showing an interest in cryptocurrencies might be the key to attracting a romantic partner, according to a Valentine’s Day survey conducted by Binance. The cryptocurrency exchange carried out a global survey in the lead-up to the annual romantic holiday, with 2,600 participants weighing in on the importance of an interest in crypto in potential . . . → Read More: 83% confess attraction to crypto fanatics on Valentine’s Day survey USD/JPY Price and Chart Analysis The New BoJ governor is going to have his hands full from day one. US dollar strength pushes USD/JPY to a fresh six-week high. Recommended by Nick Cawley How to Trade USD/JPY Get My Guide Kazuo Ueda, the Japanese government’s nomination . . . → Read More: USD/JPY Pushing Higher on US Dollar Strength and Yen Weakness Ether (ETH), the second-largest cryptocurrency by market capitalization, has seen a constant decline in exchange supply over the past six months post-Merge. The Ethereum network underwent a major upgrade in September 2022, moving from a proof-of-work (PoW) to a proof-of-stake (PoS) network in an event called the Merge. According to on-chain data shared by crypto . . . → Read More: Ethereum supply plunges 37% on crypto exchanges post the Merge upgrade WTI PRICE, CHARTS and ANALYSIS: Recommended by Zain Vawda How to Trade Oil Get My Guide Most Read: Breaking News: CPI Miss Confirms Cooling UK Inflation, GBP on Offer WTI FUNDAMENTAL OUTLOOK Crude Oil faced renewed selling pressure yesterday as US inventories showed an increase of . . . → Read More: WTI Oil Price Forecast: Eyeing Potential Bounce Off 50-Day MA The long-awaited scaling upgrade from Ethereum layer-2 solution provider Polygon (MATIC) has been announced, with the beta launch of its zero-knowledge Ethereum Virtual Machine (zkEVM) mainnet slated for March 27. In a Feb. 14 blog post, Polygon said that after three and a half months of “battle testing,” the system will be ready for . . . → Read More: Polygon sets late March launch date for its zkEVM mainnet beta The decentralized autonomous organization behind Lido — the largest Ethereum staking pool — is deliberating whether it should sell or stake the $30 million in Ether (ETH) from its treasury. A proposal was submitted on Feb. 14 by the DAO’s financial unit, Steakhouse Financial, that considers four choices, one of which contemplates staking . . . → Read More: Sell or stake: Ethereum staking giant Lido mulls choices for its $30M ETH The price of Ether (ETH) declined 10.2% between Jan. 8 and Jan. 10, and has since been range trading near the $1,500 level. More importantly, on a broader time frame, Ether is down 52.5% in twelve months, which partially explains why derivatives metrics were somewhat neutral after Ether’s failed attempt to break $1,700 on . . . → Read More: Ethereum’s $1.5K support weakens as ETH traders turn slightly bearish Bitcoin (BTC) ticked above $22,000 after the Feb. 14 Wall Street open as crucial United States inflation data delivered “mixed” results. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price hits 5-day highs on CPI Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it tested multi-week lows twice on hourly timeframes before . . . → Read More: Bitcoin price returns to $22K despite ‘least volatile’ US CPI reaction US Equity Futures Latest: Nasdaq, S&P Linger After as Inflation Remains Elevated Recommended by Tammy Da Costa Futures for Beginners Get My Guide US CPI Rattles Markets as Investors Await Fed Speak US CPI data was the focus of today’s economic calendar, setting the tone for . . . → Read More: US Indices Post US CPI: Inflation Rattles S&P 500, Nasdaq and Dow Jones Cryptocurrency trading has evolved from the perception of simply being a game of chance to a strategic process. Successful traders rely on a combination of technical analysis, specific indicators and metrics to find trades with a high probability of profit. Before explaining the three technical analysis strategies that can help confirm a winning trade, . . . → Read More: 3 technical analysis strategies that help confirm winning trades Cathie Wood’s investment management firm Ark Invest continues stacking Coinbase (COIN) stock amid the latest cryptocurrency market decline. On Feb. 10 and Feb. 13, Ark made its first COIN purchases since mid-January, adding significant exposure to the United States’ largest crypto exchange. Last Friday, Ark bought 139,105 COIN shares for the ARK Innovation exchange-traded . . . → Read More: Cathie Wood’s Ark Invest bags nearly $16M Coinbase stocks in February U.S. DOLLAR/SPX ANALYSIS U.S. CPI (JAN) – HEADLINE ACT: 6.4%, EST: 6.2%; CORE ACT: 5.6%, EST: 5.5% Fed guidance to come. Recommended by Warren Venketas Get Your Free USD Forecast Get My Guide U.S. INFLATION PRINT A NON-EVENT AHEAD OF THE US OPEN Inflation for the . . . → Read More: Breaking News: Indecisive Market Reaction to US CPI Beat Gold (XAU/USD) Analysis Recommended by Richard Snow Get Your Free Gold Forecast Get My Guide Gold Selloff Stagnates Ahead of Major Event Risk: US CPI The weekly gold chart shows a marked slowdown in the gold selloff, particularly last week which produced a doji candle – . . . → Read More: Gold Price Setup Ahead of US CPI: Bear Flag Hints at Further Downside Interactive Brokers, a global brokerage firm with headquarters in the United States, announced the launch of its crypto trading services for institutional clients in Hong Kong on Feb. 14. The crypto trading services were launched in association with OSL Digital Securities, a Securities and Futures Commission-licensed digital asset brokerage and trading platform for . . . → Read More: NASDAQ-listed Interactive Brokers to offer crypto trading in Hong Kong The United Kingdom’s financial regulator, the Financial Conduct Authority (FCA), is coming for unregistered cryptocurrency automated teller machines (ATMs). The FCA and the cyber team at West Yorkshire Police have taken action against several sites in and around Leeds city suspected of hosting illegally operated crypto ATMs. Announcing the news on Feb. 14, the . . . → Read More: UK FCA to take action against unregistered, illegal cryptocurrency ATMs EUR/USD Price, Chart, and Analysis Euro Area growth estimates are in line with forecasts. US CPI is the next macro driver of note. Recommended by Nick Cawley Trading Forex News: The Strategy Get My Guide Most Read: US Bond Yields Rally Further Ahead of a Major . . . → Read More: Euro Update: EUR/USD Holds Early Gains After EU GDP Release, US CPI Looms BRENT CRUDE OIL (LCOc1) ANALYSIS & TALKING POINTS OPEC and API reports to be overshadowed by U.S. inflation announcement as the USD dominates global market moves today. Higher inflation data could see a pullback in Brent crude oil prices while a miss on estimates may lead to a breakout above the $80 handle. . . . → Read More: Crude Oil Price Forecast: Brent Bid Ahead of OPEC Report and US CPI The percentage of Ethereum blocks complying with orders set by the United States Office of Foreign Asset Control (OFAC) has now fallen to 47% — the lowest level since Oct. 11. The latest milestone in reversing censorship comes nearly three months after the percentage of OFAC-compliant blocks peaked at 79% on Nov. 21. . . . → Read More: OFAC-compliant blocks on Ethereum hit three-month low of 47% Turkey’s Economic Bleak Outlook Fueled by Outrage Against President Erdogan President Erdogan under severe scrutiny – Death toll from last week’s earthquake reaches 36,000. USD/TRY rises towards all-time high as political tensions rise. US Dollar resilience holds ahead of tomorrow’s US CPI print Recommended by Tammy Da Costa . . . → Read More: Earthquake Death Toll Tops 36,000 – Outrage Adds Pressure to USD/TRY Bitcoin (BTC) drifted toward major liquidity around the Feb. 13 Wall Street open as the dust settled on United States regulatory news. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC traders spread bids lower Data from Cointelegraph Markets Pro and TradingView showed BTC/USD $21,476 on Bitstamp, almost matching the weekend’s three-week lows. As analysts . . . → Read More: Bitcoin flirts with bid liquidity as BTC price nears new 3-week lows Bitcoin (BTC) is known for its robustness, security and predictability. Every 10 minutes–on average–the blockchain produces a new block and the successful miner earns a block reward of 6.25 BTC, circa $130,000. However, every once in a while, the Bitcoin blockchain surprises observers and participants. At block height 776,339, nodes across the network verified . . . → Read More: You don’t see that every day: Bitcoin empty block found Gold Price (XAU/USD), Chart, and Analysis Gold is struggling to make any headway. Will Tuesday’s US CPI data match the Fed’s hawkish narrative? Recommended by Nick Cawley How to Trade Gold Get My Guide US Bond Yields Rally Further Ahead of a Major US Inflation Report . . . → Read More: Gold Prices Look Oversold but the Short-Term Outlook Remains Uncertain EUR/USD PRICE, CHARTS AND ANALYSIS: Recommended by Zain Vawda Get Your Free EUR Forecast Get My Guide READ MORE: US Bond Yields Rally Further Ahead of a Major US Inflation Report EUR/USD FUNDAMENTAL OUTLOOK EURUSD remains flat following the London Open despite the European Commission raising . . . → Read More: EUR/USD Remains Vulnerable Ahead of Key Data Releases US Dollar (DXY) Price and Chart Analysis US 2-year yields break above 4.50%. Tuesday’s US inflation report will be this week’s big market driver. Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX . . . → Read More: US Bond Yields Rally Further Ahead of a Major US Inflation Report POUND STERLING ANALYSIS & TALKING POINTS Quite trading day expected today with Fed speak on the docket. UK labor and US CPI takes the limelight tomorrow. Key psychological levels under threat. Recommended by Warren Venketas Get Your Free GBP Forecast Get My Guide GBPUSD FUNDAMENTAL BACKDROP . . . → Read More: GBP/USD Price Forecast: Calm Before the Storm for Pound Bitcoin (BTC) starts a new week just under $22,000 as bulls fail to reclaim lost ground in February. After modest volatility toward the weekly close, BTC/USD is still near three-week lows as a new status quo enters with $22,000 as resistance. However, the largest cryptocurrency stands at the beginning of an important week of . . . → Read More: First weekly death cross ever — 5 things to know in Bitcoin this week Recently reported planned enforcement action against the Paxos Trust Company by the United States Securities and Exchange Commission (SEC) over Binance USD (BUSD) has many in the community questioning how the regulator could see a stablecoin as a security. Blockchain lawyers told Cointelegraph that while the answer isn’t black and white, there exists an argument . . . → Read More: Are stablecoins securities? Well, it’s not so simple, say lawyers A crackdown by the United States securities regulator on crypto staking could have unintended consequences for decentralized finance, according to the head of business development at Lido DAO. Jacob Blish — who leads business development at Lido’s decentralized autonomous organization — told Bloomberg in a Feb. 13 report that the most significant risk would be if . . . → Read More: SEC’s crypto staking crackdown has uncertain consequences for DeFi: Lido Finance Ethereum co-founder Vitalik Buterin has now made at least two substantial contributions to help the victims of last week’s devastating earthquake in Turkey and Syria. The Turkey-Syria 7.8 magnitude earthquake struck on Feb. 6. Its death toll has now risen to 33,000 — one of the world’s worst in decades. Over the . . . → Read More: Vitalik Buterin donates $227k to help earthquake victims in Turkey The ill-gotten crypto from one of the industry’s largest exploits is on the move again, with on-chain data showing another $46 million of stolen funds has just shifted from the hacker’s wallet. The Wormhole attack was the third-largest crypto hack in 2022, resulting from an exploit of Wormhole’s token bridge in February 2022. Around . . . → Read More: Wormhole hacker moves another $46M of stolen funds Blockstream CEO Adam Back believes the price of Bitcoin (BTC) could reach $10 million by the end of the sixth halvening in 2032, as long as Bitcoin layer-2 technology and wallet infrastructure improves. In a Feb. 12 Twitter thread, the Bitcoin Core contributor explained to his 509,000 followers under what situation Hal Finney’s $10 . . . → Read More: Bitcoin could hit $10M in 9 years but more sidechains needed: Blockstream CEO Bitcoin (BTC) price is trying to recover over the weekend but the current bounce lacks conviction. This suggests that dip buyers are nervous to load up before the release of January’s Consumer Price Index data on Feb. 14 as that could boost short-term volatility. Although the near term is uncertain, analysts at Delphi Digital . . . → Read More: MATIC, HBAR, LDO and BIT gather strength as Bitcoin price rebounds Recommended by Daniel Dubrovsky Get Your Free Equities Forecast Get My Guide Global market sentiment generally deteriorated this past week. On Wall Street, the Dow Jones and Nasdaq 100 weakened 0.17% and 2.41%, respectively. Things were not much better across the Atlantic, where the FTSE 100 and . . . → Read More: Markets Week Ahead: Dow Jones, Nasdaq 100, US Dollar, AUD/USD, US CPI US DOLLAR OUTLOOK: BULLISH The US Dollar Index rises for the second week in a row, bolstered by rising Treasury rates U.S. bond yields reach more than four-week highs as traders reprice higher the path of monetary policy All eyes will be on the January inflation report in the week ahead . . . → Read More: US Dollar Forecast: Inflation Data to Set Tone for Bond Yields, Fed Path Bitcoin (BTC) edged closer to $22,000 over the weekend as traders and analysts urged caution on overly bearish sentiment. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst dismisses “hysterical” crypto sentiment Data from Cointelegraph Markets Pro and TradingView showed BTC/USD seeing small spurts higher into Feb. 12. After hitting three-week lows the week prior, . . . → Read More: Bitcoin price eyes $22K rebound with BTC market structure ‘not yet broken’ A major Brazilian bank is offering a new and convenient option for taxpayers to settle their dues using cryptocurrencies. According to a statement published by Brazilian bank Banco do Brasil on Feb. 11, it is now “possible” for Brazilian taxpayers to pay their tax bill with crypto in a joint initiative with Brazilian-based crypto . . . → Read More: Brazil’s oldest bank allows residents to pay their taxes using crypto The global monetary watchdog has advised El Salvador to exercise caution in expanding government exposure to Bitcoin (BTC) due to the “speculative nature” of crypto markets. A Feb. 10 statement from the International Monetary Fund (IMF) emphasized Bitcoin’s risks to El Salvador have “not materialized” yet due to the country’s “limited” use of Bitcoin. . . . → Read More: El Salvador’s ‘limited’ use of Bitcoin prevents forecasted risks, says IMF Top Stories This Week Kraken reaches $30M settlement with SEC over staking as IRS seeks user information Kraken has agreed to stop offering staking services or programs to United States clients after reaching an agreement with the U.S. Securities and Exchange Commission (SEC). Along with ceasing operations, the crypto exchange will pay $30 million . . . → Read More: Kraken’s staking down, FTX post-bankruptcy hell and Binance news: Hodler’s Digest, Feb. 5-11 To power their mining operations, Bitcoin miners either purchase electricity from conventional and renewable energy sources or develop and run their own renewable energy facilities, turning them into energy consumers. Miners typically purchase electricity from energy providers, such as utility companies or independent power producers, to mine BTC. They then use . . . → Read More: Bitcoin miners as energy buyers, explained Will 2023 finally see an explosion of crypto gaming? The signs are mixed, with former play-to-earn darling Axie Infinity falling out of favor and hemorrhaging players, while mainstream gamers report that Web3 games still have playability issues. The bright spot is that AAA games are finally starting to emerge in Web3, with projects like . . . → Read More: 2023 is a make-or-break year for blockchain gaming: Play-to-own Bitcoin (BTC) is beginning its “seventh bull cycle,” and investors should not be scared of crypto post-FTX, Pantera Capital believes. In its latest “Blockchain Letter” on Feb. 8, the asset management firm’s CEO, Dan Morehead, predicted that 2023 would be a “year for rebuilding trust.” Morehead: Crypto assets have “seen the lows” this cycle . . . → Read More: Bitcoin is already in its ‘next bull market cycle’ — Pantera Capital While Satoshi Nakamoto is credited as the anonymous creator of Bitcoin (BTC), what often goes unnoticed are the selfless contributions of the community members — miners, developers, designers, hodlers and investors — that help materialize the original vision. However, one such significant contribution was found to carry an imperfection for over 12 years, invisible . . . → Read More: Bitcoin logo imperfection found on original artwork after 12 years Bitcoin (BTC) price and the wider crypto market corrected at the start of this week, giving back a small portion of the gains accrued in January, but it’s safe to say that the more experienced traders expected some technical correction. What was unexpected was the SEC’s Feb. 9 enforcement against the Kraken exchange and . . . → Read More: Bitcoin price correction was overdue — analysts outline why the end of 2023 will be bullish The Ethereum Foundation team announced another milestone on the road to the Shanghai upgrade, with the Shapella fork on the Zhejiang testnet moving into the final pre-launch sequence, according to a blog post on Feb 10. The Shapella transition includes “many features,” and “most importantly to stakers and the consensus-layer, is the enabling . . . → Read More: Ethereum’s Shapella transition is “on the horizon” The United States Securities and Exchange Commission is ramping up pressure on the crypto sector. On Feb. 9, the SEC reached a $30 million settlement with Kraken over the centralized staking program it offered to its users. The news of the crackdown sent the price of Bitcoin (BTC) to a three-week low as investors . . . → Read More: SEC enforcement against Kraken opens doors for Lido, Frax and Rocket Pool |
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