
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
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14:00 GMT+2, EUR, ECB President Lagarde Speaks
16:30 GMT+2 CHF, Gov Board Member Maechler Speaks
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.
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About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!
Saudi Arabia agreed to cut oil production. What will happen with the oil price now?
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
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