URGENT: JUST 7 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS - Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Enter email to get Free News Emails

Market Wrap: Bitcoin Prices Pull Back Ahead of US Inflation Report

Loading

Facebook
Twitter
LinkedIn
Pinterest
WhatsApp
Telegram

For just $2 per week

AUSTRALIAN NATIONAL REVIEW NEWS SUBSCRIPTION

Join now and receive a free 12-month Subscription to
TruthMed worth $495 USD for free

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

[cs_con]

You are not authorized to access this content

Subscribe now for access articles

Market Wrap: Bitcoin Prices Pull Back Ahead of US Inflation Report

By Glenn Williams, Jimmy He

Global markets are awaiting the data release scheduled for Wednesday.

Bitcoin (BTC) retreated in Tuesday trading, falling 4%. The decline occurred on average volume, suggesting that investors lack conviction in the crypto market’s direction. Ether, the second-largest cryptocurrency by market capitalization behind bitcoin, recently fell 5%.

Traditional assets declined as well, with the S&P 500, Dow Jones Industrial Average (DJIA) and Nasdaq recently falling 0.4%, 0.2%, and 1.17%, respectively. Investors appear to be spooked by disappointing earnings over the past two days.

The price of gold rose by 0.31% while crude oil declined 0.14%.

Macroeconomic news was light while market participants anxiously await the results of Wednesday’s release of inflation data in the U.S. Consumer Price Index (CPI). The report is expected to reveal how well the Federal Reserve’s anti-inflation measures have been working. The consensus of expectations is for an 8.7% year-over-year increase in the CPI.

Expectations for “core” inflation (which excludes energy and food costs) are that prices rose 6.1% year over year.

Alternative currencies (altcoins) tumbled, with EOS and XLM dropping 7% and 9%, respectively.

●Bitcoin (BTC): $23,100 −3.5%

●Ether (ETH): $1,692 −5.3%

●S&P 500 daily close: 4,122.47 −0.4%

●Gold: $1,811 per troy ounce +1.3%

●Ten-year Treasury yield daily close: 2.80% +0.03

Markets Pausing Ahead of CPI Report, Bitcoin Declines

Markets on Tuesday were focusing on release of the July CPI, which will show whether ongoing efforts to reduce inflation are working. The broad sell-off of stocks and crypto across traditional and digital markets suggests traders were looking to reduce risk ahead of the report, which will be released at 12:30 p.m. UTC (8:30 a.m. ET).

Should the CPI rise above the consensus expectation for an 8.7% increase, assets on traditional and digital markets will likely fall in price on expectations of another interest rate increase after September’s Federal Open Market Committee meeting.

The CME FedWatch tool, which measures the probability and likely extent of future rate hikes, now shows a 70% probability of another 75 basis point rate increase, which would match the last rate hike announced in June.

CoinDesk - Unknown
Target rate probabilities for Sept. 21, 2022, Federal Reserve meeting (CME FedWatch tool)

Should the inflation rate fall below forecasts, the prospects for a 75 basis point increase will likely decline and crypto markets will respond positively.

The spread between the two-year and 10-year Treasury notes contextualizes how investors are pricing lending risk. Currently the spread implies that traders require greater compensation to lend money for two years than they do to lend money for 10 years, which indicates a lack of confidence in short-term economic conditions.

CoinDesk - Unknown
Current spread between the 10-year and two-year Treasury bond yields (Federal Reserve Bank of St. Louis)

BTC is testing its trendline

From a technical perspective, BTC fell below its trendline on Tuesday. It will be important for traders to see if it reclaims the trendline. Volume in Tuesday trading fell below its 20-day moving average, a signal that there is limited conviction in the move lower.

Should bitcoin fail to reclaim the trend, it appears to be positioned to trade in a range rather than taking a significant downturn. The Volume Profile Visible Range (VPVR) tool shows spikes in activity at both the $23,000 and $20,000 levels.

The VPVR tool measures levels of activity at specific price levels. The data can show investors where price agreement occurs, indicating support and/or resistance.

The area of highest volume is labeled the “point of control” and is illustrated below (red line). The point of control can also indicate price levels where larger investors placed trades, as they tend to account for greater volume. The point of control is a barometer for where investors wish to get long or short an asset.

CoinDesk - Unknown
Bitcoin/U.S. dollar daily chart (Glenn Williams Jr./TradingView)

Altcoin roundup

  • Former Terra-Affiliated Project Kujira to Issue Stablecoin: The crypto project that was building on the Terra Classic blockchain and moved to layer 1 protocol Cosmos after Terra’s implosion is about to issue a stablecoin called USK. The token is set to maintain its price peg by combining overcollateralization of ATOM tokens with trading incentives.
  • Reddit Expands Community Points Offering With FTX Pay Integration: The social media giant has formed a partnership with FTX Pay to allow users to pay gas fees on transactions using community points. This integration will also allow Reddit users to purchase ether (ETH) directly on the app.

Other markets

Biggest Gainers

Asset Ticker Returns DACS Sector
Chainlink LINK +1.7% Computing

Biggest Losers

Asset Ticker Returns DACS Sector
Stellar XLM −9.1% Smart Contract Platform
Loopring LRC −8.1% Smart Contract Platform
Terra LUNA −7.1% Smart Contract Platform

Loading

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

Support the ANR from as little as $8 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Facebook
Twitter
LinkedIn
Pinterest
WhatsApp
Telegram

AUSTRALIAN NATIONAL REVIEW NEWS SUBSCRIPTION

Join now and receive a free 12-month Subscription to
TruthMed worth $495 USD for free

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Leave a Reply

Your email address will not be published. Required fields are marked *

We will expose the Covid Crimes of our Governments. Will you help us ?

Play Video

McIntyre Report
Political Talk Show

Episode 162

Episode 162

Get our free News Emails on latest articles, alerts and solutions for both legal templates and ways to help fight back against the Globalists vax Mandates , and health resources to boost your immune system and ways to Protect from deadly EMF 5G radiation and more.

FREE E-BOOKS AND REPORTS ALSO

Documentary: Died Suddenly (2022)

How you can advertise on Truthbook.social

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Ukraine. Military Summary And Analysis 23.01.2023

Raw Report

Ryan Jackson Saw show

in USD

in AUD

in GBP

in CAD

Jamie McIntyre

ANR on

Currency Exchange Rates in AUD

Live and updated every minute of the day

Nurses Speak Out

ANR Meme Report

with Nadine Roberts

Episode 002

21st Century Political System

Play Video

Editor's Pick

Thank you for visiting the
Australian National Review

To continue accessing more articles for free simply enter your email address

Watch Full Documentary

URGENT: JUST 7 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS

Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Get access to TruthMed- how to save your family and friends that have been vaxx with vaccine detox, & how the Unvaxxed can prevent spike protein infection from the jabbed.

Free with ANR Subscription from $8

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY