Bitcoin might fall deeper

Bitcoin might fall deeper

Good morning, our dear traders! Are you ready for the news that is worth following for trading today? Let’s see!

Today’s events:

14:00 GMT+2, EUR, ECB President Lagarde Speaks

16:30 GMT+2 CHF, Gov Board Member Maechler Speaks

Bitcoin’s future

Standard Chartered, a financial multinational, claimed the markets are underestimating the likelihood of a further 70% fall in the Bitcoin price, down to $5,000. Besides, the company suggested that demand could switch from Bitcoin, perceived by the market as a digital version of gold, to a real asset, leading to a 30% increase in the price of the precious metal.

Bitcoin has already fallen over 60% this year after several high-profile projects and company crashes that have swept the industry. The latest and biggest victim was the FTX cryptocurrency exchange, which declared bankruptcy. The contagion from the FTX drop continues to spread throughout the market. 

The fall in the price of Bitcoin will also coincide with a rally in gold, said Eric Robertsen, head of global research at Standard Chartered. He supposed the yellow metal could rise 30% to $2,250 “as cryptocurrencies continue to fall and more crypto firms succumb to liquidity shortages and investor exit.”

At the moment, Bitcoin keeps higher than $15600 support level. The nearest support is $17400. The price is moving in tunnel for a quite a long time, so most likely, the price will break though any of these levels soon. Any news can influence the asset’s price now.

 BTCUSDDaily.png

Other important news:

  • Hong Kong shares rose almost 3% after reports that the city is easing anti-Covid rules.
  • EU announces ninth round of sanctions against Russia after Putin's warning that the threat of nuclear war is growing.
  • Google, Oracle, Amazon, and Microsoft have signed $9 billion cloud computing contracts with the US government.
  • Deutsche Bank partners with Nvidia to bring artificial intelligence to financial services.
  • Japan posted lower than expected GDP, q/q = -0.2% vs. +1.1% expected, and y/y = -0.8% vs. +4.5% expected.
  • WSJ reported Apple is developing a new data encryption system.
  • Oil rose as investors weighed in on the impact of China's moves to ease the Covid Zero policy amid a looming slowdown in the US.
  • Gold fell on weak Treasury yields as traders wait for Friday's US producer price report and the release of the US CPI next week.

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