Aurelia Butler

More stories

  • 175 Shares169 Views

    in Cryptocurrency

    Bitcoin price today: falls for 3rd straight day to $94k on Fed rate jitters

    Bitcoin fell 0.3% to $94,268.7 by 01:12 ET (06:125 GMT). Bitcoin prices fell sharply last week, having declined six out of the previous seven sessions as potential token sales by the U.S. government eroded sentiment towards crypto.Robust U.S. employment data released on Friday has backed the Federal Reserve’s forecast of fewer rate cuts this year. In December, the U.S. economy added 256,000 jobs, surpassing forecasts of 153,000, and the unemployment rate declined to 4.1% from 4.2% in November. This strong labor market performance suggests that the Fed may adopt a more cautious approach to monetary easing.Higher interest rates can exert downward pressure on Bitcoin and other cryptocurrencies, as they often lead to a stronger U.S. dollar and reduced liquidity in financial markets. Additionally, elevated Treasury yields have been associated with declines in Bitcoin’s price, with some analysts suggesting that sustained high yields could push Bitcoin’s value down to around $90,000.Another factor influencing Bitcoin’s market dynamics is the potential for government sales of seized cryptocurrencies. Last week, media reports emerged saying that the Department of Justice had received court approval to sell about $6.5 billion worth of Bitcoin confiscated from the Silk Road black market. The U.S. government has previously liquidated Bitcoin assets acquired through law enforcement actions, and the possibility of future sales could introduce additional supply into the market, potentially impacting prices. This also likely opposes the idea of a strategic Bitcoin reserve under the Donald Trump administration, further weighing on the token.In the broader cryptocurrency market, Bitcoin’s performance continues to influence other digital assets. World no.2 crypto Ether fell 1.6% to $3,229.02.Bucking the trend, world no.3 crypto XRP rose 3.8% to $2.5139.Solana fell 1.3%, and Polygon declined 4.8%, while Cardano slumped 6.2%. Among meme tokens, Dogecoin lost 3.2%. More

  • 225 Shares129 Views

    in Cryptocurrency

    Enormous XRP Breakout to Launch Skyrocketing Rally, Shiba Inu (SHIB): Pattern You Don’t Avoid, Bitcoin (BTC) Still Sleeping

    The next important resistance levels to keep an eye on if the bullish momentum continues are $2.50 and $2.70. With a successful push above these levels, XRP might aim for $3.00, a psychological barrier that might pique investors’ interest once more. The breakout volume is noteworthy but not yet explosive, indicating that although the breakout is legitimate, more buying pressure could help the rally gain more traction.With an RSI of 59 right now, there is still opportunity for more upside before the market becomes overbought. If XRP is unable to maintain its position above $2.30, it may retest the descending trendline, which is currently serving as support at about $2.20. But if this level is broken, the bullish scenario may be invalidated and the price may move toward the $2.00 level, which is in line with the 100 EMA. All things considered, XRP’s breakout paves the way for a possible bullish rally with $3.00 serving as the crucial long-term target.To verify the strength of this breakout, traders should keep a careful eye on volume and support levels. With the technical structure suggesting expansion, XRP might be preparing for its next significant move.Right now, SHIB’s price is trading close to $0.0000200, just above the 200 EMA. By serving as a strong support area, this level has stopped a more severe sell-off. But the neckline of the pattern, which is at about $0.0000215, is still crucial. In line with previous demand zones, a confirmed breakdown below this level might lead to a strong move toward the next important support at $0.0000180.Immediate resistance on the upside is the $0.0000225 level. If this level is broken, the bearish pattern may be deemed invalid, allowing SHIB to retest $0.0000250. It would take significant buying pressure to break through this resistance level, which is in line with the 50 EMA.Volume analysis shows that there isn’t much bullish momentum, which makes the current pattern even more alarming. The RSI is also close to 45, indicating neutral conditions with potential for declines if sellers take control.SHIB’s next move will be largely determined by the price action around the neckline and 200 EMA, even though the head-and-shoulders pattern is not yet fully confirmed. Because a break in either direction could result in significant price movement, traders should keep a careful eye on these levels. For the time being, it is advised to exercise caution and to manage risk around these crucial levels.The absence of notable price movement contrasts sharply with the more dynamic performance of other crypto market assets. Bitcoin has not been able to draw in traders or bolster confidence in a possible breakout because of this muted activity. The price of Bitcoin is consolidating below the 50 EMA, a crucial resistance level close to $97,000, according to the daily chart.For there to be any possibility of an upward trend, this level must be broken. The $87,700 support level, which corresponds to the 100 EMA, is still a safeguard against further declines. A longer decline toward the 200 EMA at $78,000 might be in store if Bitcoin breaks below this.Although the RSI is currently at 45, indicating neutral sentiment, it also shows that Bitcoin does not have the momentum necessary for a significant move in either direction. Furthermore, the market’s below-average trading volumes support the idea that it is in a wait-and-see phase.This article was originally published on U.Today More

  • 138 Shares119 Views

    in Economy

    Companies move to strengthen supply chains on Trump trade war fears

    $99 for your first yearFT newspaper delivered Monday-Saturday, plus FT Digital Edition delivered to your device Monday-Saturday.What’s included Weekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysis More

  • 100 Shares159 Views

    in Economy

    An out-of-the box idea for China and Trump

    $99 for your first yearFT newspaper delivered Monday-Saturday, plus FT Digital Edition delivered to your device Monday-Saturday.What’s included Weekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysis More

  • 150 Shares139 Views

    in Economy

    Where voters don’t want to throw the incumbents out — and why

    Standard Digitalwas $540 now $319 per yearSave now on essential digital access to quality FT journalism on any device.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to share More

  • 113 Shares99 Views

    in Economy

    Towering dollar after solid jobs data leaves peers struggling

    SINGAPORE (Reuters) – The dollar began the week on a strong note on Monday, leaving its peers languishing near multi-year lows after a blowout U.S. jobs report that underlined the outperformance of the world’s largest economy versus the rest of the world.The euro and the New Zealand dollar were pinned close to a more than two-year trough at $1.0242 and $0.5565, respectively, in the early Asian session. Trading was thinned with Japan markets closed for a holiday.The Australian dollar struggled to break away from its weakest level in over four years of $0.6139. It last traded 0.1% higher at $0.6153.Data on Friday showed U.S. job growth unexpectedly accelerated in December while the unemployment rate fell to 4.1% as the labour market ended the year on a solid footing, leaving traders heavily scaling back bets of Federal Reserve rate cuts this year.”This latest round of data underlines the fact that U.S. economic exceptionalism remains a key market theme to start 2025,” said Nick Rees, head of macro research at Monex Europe.”The U.S. labour market has stabilised but is not continuing to unwind, and that combined with upside inflation risks stemming from the new (Donald) Trump administration … should support an extended pause to easing by the FOMC.”Markets are now pricing in just 27 basis points worth of Fed rate cuts this year, down from roughly 50 bps at the start of the year.Adding to expectations of a less aggressive easing cycle is the view that U.S. President-elect Donald Trump’s plans for hefty import tariffs, tax cuts and immigration restrictions could stoke inflation. He returns to the White House in a week.Ahead of that, data on U.S. inflation is due on Wednesday, where any upside surprise could threaten to close the door on easing altogether. A slew of Fed officials are also due to speak this week.The U.S. dollar was firm at 109.67 against a basket of currencies, hovering near its strongest since November 2022.Against the dollar, the yen fell 0.12% to 157.92. The scale of the yen’s decline was mitigated by news that Bank of Japan policymakers could raise their inflation forecast at a policy meeting this month as a prelude to hiking rates again.Sterling last rose 0.07% to $1.2204 but strayed not too far from a 14-month low of $1.2239, also pressured by concerns at home over rising borrowing costs and growing unease over Britain’s finances.”It feels like all roads lead to a lower GBP, and rallies should be contained and swiftly sold,” said Chris Weston, head of research at Pepperstone.In China, the offshore yuan was little changed at 7.3605 per dollar.The People’s Bank of China suspended treasury bond purchases on Friday, briefly lifting yields and spurring speculation it is stepping up defence of the Chinese currency. More

  • 125 Shares179 Views

    in Economy

    Shares slip in Asia, dollar firm as inflation, earnings loom

    By Wayne ColeSYDNEY (Reuters) -Asian shares slipped on Monday while the dollar held near 14-month peaks after an unambiguously strong payrolls report shoved up bond yields and tested lofty equity valuations just as the earnings season gets under way.The impact of the jobs report on U.S. rate cut prospects also raised the stakes for consumer price figures on Wednesday where any rise in the core greater than the forecast 0.2% would threaten to close the door on easing altogether.Not helping, was a spike in oil prices to four-month highs amid signs of weaker crude shipments from Russia as Washington stepped up sanctions on the country.Markets have already scaled back expectations for Federal Reserve rate cuts to just 27 basis points for all of 2025, with the terminal level now seen around 4.0% compared to the 3.0% many had hoped for this time last year.”Given such strong data, we now expect the Fed to cut rates only once this year, by 25bp in June,” said Christian Keller, head of economic research at Barclays (LON:BARC).”We still expect the FOMC to proceed with a cut in June, as we expect the economy to slow in coming quarters and inflation to continue to decline in H1, before tariffs lead to some firming in inflation in H2.” At least five Fed officials are on the docket to speak this week and offer their reaction to the jobs surprise, with the influential Federal Reserve Bank of New York President John Williams appearing on Wednesday.The hawkish turn on rates lifted yields on 10-year Treasuries to 14-month peaks of 4.79%, and they were last trading at 4.764% in Asia.Higher yields on risk free bonds raise the discounting bar for corporate earnings and make debt relatively more attractive compared to equities, cash, property and commodities.They also raise borrowing costs for businesses and consumers, and that is before President-elect Donald Trump’s proposed tariffs inflate import prices.This could test the optimism around corporate earnings as the season kicks off with the major banks on Wednesday, including Citigroup (NYSE:C), Goldman Sachs and JPMorgan.BEARS EYE STERLINGA holiday in Japan made for thin early trading on Monday and MSCI’s broadest index of Asia-Pacific shares outside Japan edged down 0.4%.While the Nikkei was shut, futures traded down at 38,770 compared to a cash close of 39,190.South Korean stocks eased 0.2%, with the political situation still in flux as a Constitutional Court hearing begin on Tuesday to decide if impeached president, Yoon Suk Yeol, will be removed from office or reinstated.Over in China, trade figures for December are due later Monday followed by data on gross domestic product, retail sales and industrial output on Friday.S&P 500 futures and Nasdaq futures were both off 0.1%, following Friday’s pullback. The inexorable rise in Treasury yields has boosted the dollar across the board and seen the euro fall for eight weeks straight to huddle at $1.0240, just above its lowest since November 2022. [USD/]The dollar was steady at 157.84 yen, though off a six-month top of 158.88 amid reports the Bank of Japan might revise up its inflation forecasts this month as a prelude to hiking rates again. Sterling was pinned near 14-month lows at $1.2202, with sentiment soured by a recent rout in the gilt market on concerns the Labour government would have to borrow more to fund spending pledges. [GBP/]British finance minister Rachel Reeves on Saturday vowed she would act to ensure the government’s fiscal rules were met. Gold prices were holding firm at $2,688 an ounce, having proven surprisingly resilient in the face of a stronger dollar and higher bond yields. [GOL/]Oil prices continued to climb on supply concerns as Russia’s seaborne exports hit their lowest since August 2023, even before the latest round of U.S. sanctions. [O/R]Brent jumped $1.43 to $81.19 a barrel, while U.S. crude surged $1.50 to $78.07 per barrel. More