The US will reveal its Inflation Rate, while Apple will launch iPhone 13 today. How will the markets react? Let’s find out.
Musk crashed Bitcoin. Time to buy dips?
Elon Musk, Tesla’s founder and CEO, said the company wouldn’t accept Bitcoin as payment any longer. As a result, BTC/USD dropped to $45,300, the low unseen since March.
Why has Musk done that?
He explained his actions with environmental issues: “rapidly increasing use of fossil fuels for Bitcoin mining and transactions”. Indeed, this problem exists. According to Citigroup’s report, Bitcoin mining is consuming 66 times more electricity than it did back in late 2015, and as a result, carbon emissions are increasingly rising.
He won’t sell any of the Bitcoin Tesla already holds and what’s more important, he signaled he might accept other cryptocurrencies as payment if they are less energy-intensive. Well, what would be his next #1 crypto? Maybe Dogecoin? He asked about that his followers on Twitter already: 78% said yes. There are some talks about ETH and XRP right now.
What about Bitcoin?
Musk’s tweet can’t make an end to Bitcoin. The BTC is still the #1 cryptocurrency by the market cap and it’s likely to keep its uptrend in the long term. For most investors, it’s just a good opportunity to buy the dips.
The RSI indicator hasn’t yet crossed the 30.00 level on the daily chart. Therefore, there is still some room to fall further, but probably the price reverses up from the current levels. If it jumps above the midline of Bollinger Bands at $55,000, the way up to $60,000 will be open. In the opposite scenario, the move below the lower trend line at $48,000 will press down the crypto to the $45,000 support.
Pay attention. To trade crypto, use the app FBS Trader.
Japan’s Nikkei 225 hit 30,000 for the first time since April. Bitcoin topped $52,000. El Salvador bought 400 coins, which are worth nearly $21 million at current trading levels.
The US dollar takes a breath after a long rally. Its recent jump was caused by the Fed’s Meeting Minutes. What else drives the market?
Commodities (iron ore, oil) and commodity-linked currencies (AUD, CAD) surged. West Texas Intermediate has reached $75 a barrel, while Brent rose to the highest mark since October 2018.
Although Jerome Powell’s speech sounded hawkish on Wednesday, September 22, markets did not get scared and the main stock indices got bought back…
Turkey’s central bank governor was at a crossroads: to hold interest rates and take a risk to be fired like it was for three governors before him, or to comply with the president, to cut rates, and to risk the market. Let’s find out, how to react to the rate cut.