Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Bitcoin revives having dived below $8,000
On Thursday, crypto assets went down in the face of ongoing bearish sentiment in the financial market.
Bitcoin inched down below $8,000 hitting a five-week minimum in early trade, although it has since revived to trade nearly flat.
Digital currencies have been affected by a sell-off in the crypto market, which started in the beginning of March. The previous week investor confidence was punctured by worries of regulation, huge sellers liquidating holdings in the market as well as gossips of another exchange hack.
Market participants were heavily affected by the latest blow delivered by the number one search engine. So, on Wednesday, Google made up its mind to have all crypto ads banned. The move undoubtedly hurt already fragile market sentiment. As a result, digital currencies found themselves in the red.
The CEO of crypto-expert PR company Ditto, Trey Ditto told on Wednesday that Google’s shocking decision to forbid crypto ads on its platform is similar to throwing the kid out with the bath water.
Ditto pointed out that they make use of Google and Facebook to educate users and potential investors as for a range of opportunities and topics. He added that he really worries that it painfully punishes the promising actors in this rapidly growing space and thus it will affect the investors and consumers who are hunting for information to make rational crypto investment decisions.
CEO of Apex Token Fund, Chris Keshian offered a more upbeat view on the subject. He told that banning happens to be a so-called 'pause' button because organizations look for better ways to regulate an asset class, which is still incomprehensible to them. He also told that he expects further bans, but there’s a likelihood that the clampdown is going to be lifted in the nearer future.
Now traders follow the economic events with new vision as inflation in the US seems like decreasing. Let’s see what releases will influence the market due to that factor.
The week will have the biggest event in the US political process over the last two years. How will the elections affect the Forex market? We covered the most important news of this week in this report.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…