The End for Digital Gold?

We love trading weeks like this one, filled with impactful events, crypto-crashes, economic releases, and political decisions from global leaders. The day has a lot to offer, so let’s take the most from it!

Events of the day:

Monthly US CPI at 15:30 GMT+2

Bank of Canada Governor Macklem Speaks at 18:50 GMT+2

Is It Buy for Crypto?

Crypto-exchange FTX is about to crash. The initial reason is that FTX CEO used clients’ funds to save his other company several months ago and didn’t tell anybody about it. Now, the exchange faces a liquidity crisis that caused enormous margin calls. Coins like SOL, FTT, UNI and many others are under heavy pressure.

Bitcoin has a lot of difficulties, too. The main crypto lost 27% over the last few days, turning the market red. The $15 700 is not only the 2-year low but also the price where bitcoin miners start to capitulate because of mining costs. Every time the BTC price reached such levels, it became the point where the next bull market began. The global economy is way more damaged this time, but current prices are excellent for long-term investors and mid-term traders.

BTCUSD.ccH1.png

Other great news to follow

China locks down another district in Guangzhou city on Covid. On Monday, the city recorded 2528 new cases, most of which were asymptomatic. Also, China’s annual CPI is 2.1% vs. the 2.4% expected.
Japan’s current account surplus hits an 8-year low in the fiscal 1st half of the year.
The US elections are still present, with Republicans winning the majority in the House of Representatives. Results of the polls in the Senate will be released weeks later as one of the states needs to carry out re-election.
AstraZeneca PLC released its earnings report. Both EPS and revenue turned out to be higher than expected. The stock is up 3% in the pre-market session.
Analysts expect Tesla stock to continue its downtrend in 2023. The most extreme scenario is another 40% dump.

Use the volatility to perform your trades, and good luck!