Here’s what major banks expect from NFP
NFP is going out at 15:30 MT today. Let’s see what major banks forecast for Nonfarm Payrolls.
BTC: revival after huge sell-off
BCA Research warned investors to ‘stay away’ from the largest cryptocurrency (BTC). Elsewhere JPMorgan said that flows to Bitcoin funds are significantly weaker than in December. Should traders worry about that? Let’s find out.
After a huge sell-off in the previous week, Bitcoin turned to the upside. Some analysts believe it’s only the beginning of the further downtrend. Why? BCA Research pointed to the environmental concerns and tightening regulations as the main headwinds.
Indeed, a huge amount of energy is needed to mine Bitcoin. Thus, some environmental funds may be against the large energy consumption by miners on computer networks.
Besides, governments are interested in BTC losing its value as they don’t have enough tools to regulate it. Moreover, they can lose billions of dollars in revenue from the difference between the face value of money and its production cost.
However, the BTC is still up more than five times over the past year! A strong argument against people who see a speculative bubble. For instance, Square and MicroStrategy used the recent BTC drop as an opportunity to buy the dip.
In the short term, the BTC is likely to rise as the downside is limited by the support of $45,000, which the cryptocurrency has failed to cross several times. If it manages to break above the high of February 24 of $50,000, the way up to the next resistance of $52,000 will be open. The good news for FBS traders is that they can make both buy and sell trades. So a trader doesn’t need to hold already an asset to sell it. Thus, traders have a chance to profit in case of either outcome.
Don't know how to trade cryptocurrencies? Here are some simple steps.
Similar
High volatility alert: NFP
The United States will post the indicators of employment on April 2, at 15:30 MT time.
How may purchasing managers push the USD?
The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.
Latest news
S&P ASX 200: one step from a breakthrough
The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
Strong USD is back
Jump in to know the latest market news and trade ideas for today!
NZD will be driven by RBNZ
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.
Deposit with your local payment systems
