Market updates on September 12
ECB meeting is on the agenda. Will the EUR get weaker?
Bitcoin conquers $4,000
On Thursday, key crypto assets managed to make some gains in Asia having lost ground for two days.
As a matter of fact, an actively discussed Bitcoin exchange-traded fund currently scrutinized by US Securities and Exchange Commission gained some adverse feedback.
Eventually, Bitcoin managed to break past the $4,000 mark, thus recording a one-week maximum. The number one digital coin jumped by 1.21% hitting $4,045. As for other digital currencies, they tacked on too. Besides this, Ethereum surged by 1.10% concluding the trading session at $139.08. As for XRP, it rallied by approximately 1.19% showing an outcome of $0.31678, while Litecoin headed north by about 1.95% being worth $60.113.
The SEC had obtained generally negative feedback on a proposed rule change for the Bitcoin ETF by investment company VanEck as well as financial services company SolidX. In fact, 6 out of 7 remarks the SEC received made the watchdog refrain from approving the proposal.
One remark had to do with Bitcoin’s lack of value as an asset, its wild volatility as well as market manipulation. Another comment made the watchdog take a watch and wait stance.
Previously, Jay Clayton, SEC chairman told that there might be a case where a Bitcoin ETF could have their rules satisfied. However, it’s unknown how the SEC’s approach to the issue will change after getting those remarks.
In addition to this, Switzerland officially approved a move to adapt the current provisions on procedural instruments of judicial as well as administrative authorities just to make them applicable to digital coins.
The given move is highly expected to protect crypto enthusiasts from illegal activities, including money laundering and extortion.
Similar
The British pound falls further ahead of the Cabinet meeting
The news that opposition lawmakers plan to stop Boris Johnson to leave the European Union without a deal increased the political uncertainties in the UK.
The market awaits NFP
The level of non-farm payrolls (NFP), also known as non-farm employment change will be published on September 6, at 15:30 MT time.
Latest news
5 important events this week will bring us!
Pay attention to the FOMC meeting, where the rate cut is expected. Also, it is recommended to keep an eye on the oil prices, updates on trade talks between the USD and China and, of course, Brexit.
Market updates on September 13
The retail sales for the US in focus today
"Buy the rumor - sell the fact" action for USD/TRY
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
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