Daily News | Global market risk appetite and investor optimism fuel cryptocurrency surge
Crypto Daily Digest:
Good morning, traders! Let’s seize this Friday relentlessly and make the most of it! And have a good weekend🚀
Despite pressure on financials, US stocks gained, driven by technology shares, with the S&P 500 and the Nasdaq 100 up by 0.6% and 0.9% respectively. The gains followed remarks by Federal Reserve officials indicating the need for more monetary tightening. US mid-sized banks are expected to face stricter regulations.
The market expects US rates to drop 70 basis points from current levels to 4.3% by the year-end. Unemployment claims rose for the first time in three weeks, and high inflation is anticipated.
Meanwhile, Asian stocks rose, led by technology shares, and futures in Hong Kong advanced. Positive signals out of China are also buoying the Bloomberg Commodity Index, with Alibaba Group Holding Ltd.’s logistics arm Cainiao Network Technology Co. preparing for its Hong Kong initial public offering.
Bitcoin has risen above pre-US regulatory crackdown levels and is approaching $30,000 for the first time in over nine months. The cryptocurrency has increased by over 70% this year, helped by an increase in global market risk appetite and investors betting on a peak in interest rates and improved bank stability. Despite a recent dip in response to allegations against Binance Holdings Ltd, overall market sentiment remains bullish.
Crypto Market Cap $1.146T (+2.56%) - Neutral Outlook
Overview:
- Closest daily support zone: 1.02T - 1.07T
- Closest daily resistance zone: 1.136T - 1.293T
- Key Level: 1.136T (Monthly High of Jan. 2021)
HTF (3D) indicates the next phase is the BUEC but if smart money wants to absorb more supply then it could be a retest phase, potentially reaching 50EMA (957B - 924B).
Daily Support zones
- 1.02T - 1.07T
- 957B - 924B
- 908B - 873B
