ECB is ready to take the decision about the key rate. What to expect from officials? Oil prices are high, and economy indicators demonstrate the slowing down in the strongest European economies.
Jeremy Gardner, founder of Ausum Ventures: “The point is to get people to think about bitcoin, not spend it. I don’t think it’s good for that. It’s not meant to be used like cash.”
Bitcoin has stuck again: the digital currency has been trading sideways since the last Friday between $3,566 and $3,790 levels. The highly anticipated Ethereum’s update Constantinople failed to create additional volatility to the crypto market due to its postponement. The reason for that delay was a potential security vulnerability in the Ethereum’s chain.
For now, the grandfather of cryptocurrencies has been trading below the 50 MA on the H4 chart. If bulls manage to push bitcoin up, the price will retest the resistance at $3,720. If it’s broken, the next resistance is placed at $3,746. In case of a bearish pressure, bitcoin will fall to the support at $3,685. The next support is at $3,660.
In other news:
- The popular New Zealand crypto trading platform Cryptopia was hacked on Tuesday. According to news, the platform suffered significant losses.
- The president of Venezuela Nicolás Maduro raised the price of the national crypto El Petro from 9 to 36 thousand bolivars. In addition, he gave orders to sell 15% of the exported oil for El Petro. It’s uncertain, which countries it will be sold to, though.
- Chevron and Total oil companies joined Vakt blockchain platform to trade energy resources.
- R3 blockchain-consortium launched its own platform named Corda
- Vlad Zamfir, an Ethereum developer and one of the main creators of the Casper protocol will cooperate with the Casper Labs start-up, which develops a separate blockchain using this protocol.
- Blocksteam presented the API beta-version of its own project Satellite. It will help to send bitcoins to any part of the world through satellites.
- Malaysian government officials are still undecided on whether or not they will legalize cryptocurrency. The matter is still under consideration, which is frustrating those looking to seize the moment to help the Malaysian cryptocurrency industry grow.
The Fed is going to take a decision about the interest rate. This is the crucial news for the following week. What's going on in the markets and what to expect?
The market is pricing that the Fed will leave the rate at the same level. Meanwhile the major players think that the Fed will start with the monetary easing in the second quarter 2024.
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.