20210123

Bitcoin Fall: Is This The End Of The Bull Run?

While 2021 started out as a promising year for Bitcoin, the last 7 days has shown a fading bullish rally. The price action on the charts as enabled the flagship cryptocurrency to register new ATHs. Bitcoin has refaced all the way from around $42k to $31,924, where it stood at 5:40 PM GMT press time.

The reversal poses two questions: does this reversal signal the end of the bull run? Or does it mean a wider scale correction similar to what happened in January 2018? Or as many traders would see it, is Bitcoin stabilizing above its previous ATH and maintaining much of the gains it raked up since December 2020?

Social volume show positive outlook

It appears that Bitcoin’s social volume metric can help elaborate what happened with the world’s largest cryptocurrency enduring a price correction amounting to close to 10%.

The data by Santiment shows that as Bitcoin fell to $31.1k, it’s social volume, a measure to determine the market sentiment and where the price will head in the short term, increased and registered a 6-day high. Considering that the interest in Bitcoin enjoyed a boost from retailers and institutions in the past few months, it wasn’t surprising to see that many traders and investors saw the price dip as an opportunity to buy more of the pioneer cryptocurrency.

Despite this positive outlook to the dip, there have been certain caveats. It was noticed that since the dip by Santiment that there have been sudden surge in negative commentary around Bitcoin. What this means is that while there’s a building in the cryptocurrency, negative outlook will also see increase as a bigger price correction cannot be overlooked. Although it doesn’t look like the price of the king cryptocurrency will fall to the November 2020 valuation, a dip below the $30k mark cannot be ignored as unlikely.

Another thing to consider about the fate of Bitcoin in the coming weeks are Hodlers. According to Glassnode’s Liquid Supply Change charts for Bitcoin, the crypto’s price continues to be fairly secure. The chart shows that a large dip is highly improbable.

The data shows that the pioneer cryptocurrency is seeing the largest depletion of liquidity in a few years. A majority of Bitcoin being moved from exchanges into non-exchange entities that are to be hodled for long period of time.

In December alone, a whopping sum of 270,000 Bitcoins have been moved to entities considered HODLers. With action by large Bitcoin accounts that continue to hodl, Bitcoin will see occasional dips and corrections. It’s credible, however, that the bullish rally will continue alongside price stabilizations.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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United States Overnight Repo Rate

The United States Overnight Repo Rate decreased to 0.09 on Friday January 22 from 0.10 in the previous day. Repo Rate in the United States averaged 2.30 from 1995 until 2021, reaching an all time high of 6.94 in September of 2019 and a record low of -0.01 in December of 2009. Overnight repo rate is the interest rate at which different market participants swap treasuries for cash to cover short-term cash needs. The repo rate is helping to ensure banks have the liquidity to meet their daily operational needs and maintain sufficient reserves. The repo rate usually trades in line with the Federal Reserve’s target interest rate. This page provides - United States Repo Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/repo-rate

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United States - Credit Rating

Fitch Ratings changed on Friday 31 July 2020 the United States’ sovereign rating outlook to negative from stable and affirmed the debt grade at AAA, citing as main trigger behind the revision the ongoing deterioration in the U.S. public finances and the absence of a credible fiscal consolidation plan, issues that were highlighted in the agency's last rating review on March 26, 2020. Standard & Poor's credit rating for the United States stands at AA+ with stable outlook. Moody's credit rating for the United States was last set at Aaa with stable outlook. DBRS's credit rating for the United States is AAA with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of the United States thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for the United States as reported by major credit rating agencies.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/rating

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United States Net Long-term Tic Flows

There was 149172 million of dollars worth of Treasury International Capital (TIC) flowing into the United States in November of 2020. Net Long Term Tic Flows in the United States averaged 24558.74 USD Million from 1978 until 2020, reaching an all time high of 157830 USD Million in September of 2014 and a record low of -134895 USD Million in April of 2020. The Net Long-Term TIC Flows track the flow of Treasury and agency securities, corporate bonds and equities, into and out of the United States. This page provides the latest reported value for - United States Net Long-term Tic Flows - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/net-long-term-tic-flows

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20210122

Commodities Week in Review: January 18 to January 22

Commodities Week in Review: January 18 to January 22

Agriculture 

The agriculture sector had one of its worst weekly performances in many months, with most of these commodities recording substantial losses during the holiday-shortened trading week. Ostensibly, there are two explanations for the surprise decline in this part of the commodities sector. The US Dollar Index (DXY), which tracks the greenback against a basket of currencies, has performed better than what the market had anticipated in 2021, making dollar-pegged agriculture more expensive for foreign investors to purchase. The second is that investors are taking early profits following the market’s meteoric ascent in recent months.

Cocoa 

  • Friday Settlement: -$8.00, or 0.32%, to $2,521 per metric tons
  • Weekly Performance: -0.55%
  • YTD Performance: -2.93%

Coffee 

  • Friday Settlement: -$0.0085, or 0.69%, to $1.232 per pound
  • Weekly Performance: -3.56%
  • YTD Performance: -3.22%

Corn 

  • Friday Settlement: -$0.24, or 4.58%, to $5.0025 per pound
  • Weekly Performance: -5.75%
  • YTD Performance: +2.99%

Cotton 

  • Friday Settlement: -$0.0101, or 1.22%, to 81.56 cents per pound
  • Weekly Performance: +0.98%
  • YTD Performance: +4.28%

Orange Juice 

  • Friday Settlement: +$0.002, or 0.17%, to $1.1710 per pound
  • Weekly Performance: -4.49%
  • YTD Performance: -6.95%

Rice 

  • Friday Settlement: +$0.015, or 0.12%, to $12.60 per pound
  • Weekly Performance: 0%
  • YTD Performance: +5.79%

Soybeans 

  • Friday Settlement: -$0.605, or 4.42%, to $13.0975 per bushel
  • Weekly Performance: -7.42%
  • YTD Performance: -0.04%

Sugar 

  • Friday Settlement: -0.20 cents, or 1.25%, to 15.85 cents per pound
  • Weekly Performance: -3.53%
  • YTD Performance: +2.26%

Wheat 

  • Friday Settlement: -$0.2575, or 3.9%, to $6.35 per bushel
  • Weekly Performance: -5.89%
  • YTD Performance: -1.05%

Bitcoin 

The peer-to-peer decentralized digital currency bitcoin had fallen below $30,000 before paring some of its losses. Still, the cryptocurrency slumped this week as new Treasury Secretary Janet Yellen hinted at more regulatory oversight over bitcoin. In the short-term, some analysts are forecasting that prices will slide to $26,000 before restarting a new rally.

  • Friday Settlement: +$1,370.00, or 4.29%, to $33,290.00 per coin
  • Weekly Performance: -8.22%
  • YTD Performance: +13.93%

Energy 

The energy sector was mixed this week, with natural gas prices leading the industry’s losses. Energy prices slumped on foreign demand concerns, as well as renewed activity in America’s oil and gas market. Overall, market observers believe that crude prices are going through a consolidation after oil prices surged too high too quickly, forcing the market to scale back a bit.

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: -$0.0115, or 2.16%, to $51.98 per barrel
  • Weekly Performance: -0.12%
  • YTD Performance: +7.35%

Brent Crude Oil 

  • Friday Settlement: -$0.20, or 0.36%, to $55.21 per barrel
  • Weekly Performance: +0.38%
  • YTD Performance: +6.75%

Natural Gas 

  • Friday Settlement: -$0.038, or 1.52%, to $2.459 per million British thermal units (btu)
  • Weekly Performance: -9.19%
  • YTD Performance: -3.04%

Gasoline 

  • Friday Settlement: -$0.0114, or 0.74%, to $1.5365 per gallon
  • Weekly Performance: +1.20%
  • YTD Performance: +8.89%

Heating Oil 

  • Friday Settlement: -$0.0326, or 2.03%, to $1.5698 per gallon
  • Weekly Performance: -1.1%
  • YTD Performance: +5.73%

Metals 

Precious metals quietly put together a winning week, although gold and silver prices are still down in the first few weeks of the calendar year. Inflation fears are still driving the metals market, while the performance in the broader financial market and economy is setting the stage for the industrial metals. Overall, as long as fiscal and monetary stimulus and relief is in the trillions, traders will remain bullish on gold and silver while also taking advantage of the momentum in stocks.

Gold 

  • Friday Settlement: -$10.40, or 0.56%, to $1,855.50 per ounce
  • Weekly Performance: +1.52%
  • YTD Performance: -2.42%

Silver 

  • Friday Settlement: -$0.289, or 1.12%, to $25.565 per ounce
  • Weekly Performance: +2.96%
  • YTD Performance: -3.62%

Copper 

  • Friday Settlement: -$0.028, or 0.77%, to $3.6195 per pound
  • Weekly Performance: +0.51%
  • YTD Performance: +2.83%

Palladium 

  • Friday Settlement: -$7.60, or 0.32%, to $2,367.50 per ounce
  • Weekly Performance: -0.98%
  • YTD Performance: -3.58%

Platinum 

  • Friday Settlement: -$18.90, or 1.68%, to $1,109.10 per ounce
  • Weekly Performance: +2.78%
  • YTD Performance: +2.74%

Steel 

  • Friday Settlement: -$17.00, or 1.57%, to $1,065.o0 per ton
  • Weekly Performance: +2.4%
  • YTD Performance: +10.59%

If you have any questions and comments on commodities today, use the form below to reply.


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source https://www.earnforex.com/commodities/commodities-week-in-review-january-18-to-january-22/

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Metals Drop on Friday, Head to Weekly Gains

Metals fell on Friday but were heading to end the week with gains. Market analysts pointed at the stronger dollar as the reason for the decline of commodities. The equity market dropped and investors were fleeing towards safer assets. While gold is considered to be one of such assets, investors were preferring the greenback over bullion as a safe haven lately. Surprisingly, the euro also attracted demand. While gold often moves together with the shared currency of the eurozone, that was not the case today.

The reasons for the investors’ pessimism were concerns about the novel coronavirus pandemic and measures to halt its spread which can damage the world’s economy. China announced a partial lockdown in its capital city of Beijing after several cases of the coronavirus were detected. British officials said that it is “too early” to consider lifting restrictions and hinted that the lockdown may stretch into summer. European Commission President Ursula von der Leyen argued against the total closure of borders but said that “targeted measures” may be needed.

There is still a possibility that the market sentiment can improve later. Hopes for COVID-19 vaccines and fiscal stimulus in the United States were pushing the US currency lower, and that may happen again. Therefore, traders will watch closely coronavirus news and comments from US officials, especially President Joe Biden.

Futures for delivery of gold in April dropped by $10.7 (0.57%) to $1,858.6 per troy ounce as of 20:13 GMT on COMEX today. Silver for delivery in March slumped by $0.32 (1.25%) to $25.53 per ounce. Spot price for platinum tumbled by $27.2 (2.41%) to $1,103.51 per ounce, and palladium dropped by $10.98 (0.46%) to $2,358.82 per ounce. March contract for copper lost $0.021 (0.58%) to trade at $3.6265 per pound.

If you have any questions and comments on the commodities today, use the form below to reply.


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source https://www.earnforex.com/commodities/metals-drop-on-friday-head-to-weekly-gains/

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Oil Slumps Amid Vast US Supply Build, Higher Crude Rig Count

US crude oil futures ended the holiday-shortened trading week below $53, but they are still poised to record a modest weekly gain. The more than 1% drop on Friday came as the US government reported a significant increase in domestic inventories, with demand failing to catch up to supplies. Is this part of a downward correction for the oil market?

March West Texas Intermediate (WTI) crude oil futures tumbled $0.72, or 1.36%, to $52.41 per barrel at 16:59 GMT on Friday on the New York Mercantile Exchange. US crude prices will settle the week with a 0.7% gain, adding an impressive 8% start to the calendar year.

Brent, the international benchmark for oil prices, is also in the red on Friday. March Brent crude futures slumped $0.63, or 1.12%, to $55.47 a barrel on London’s ICE Futures exchange. Brent prices will also post a weekly boost of 0.8%, bringing its year-to-date surge to 7.25%.

According to the US Energy Information Administration (EIA), domestic supplies increased by 4.4 million barrels for the week ending January 15. The market had penciled in a drop of 2.5 million barrels. Crude stocks at the Cushing, Oklahoma storage facility dropped by 4.7 million barrels.

Gasoline inventories declined by 300,000 barrels, while distillate stocks advanced 500,000 barrels.

The Baker Hughes crude oil rig count edged up by two to 289 in the week ending January 22. The total rig count jumped from 373 to 378. Since October, the weekly rig count has increased ten of the last 12 weeks. This is an important metric for crude markets since it reflects how active the oil and gas sector is in the US.

Earlier this week, the EIA published its January 2020 Short-Term Energy Outlook (STEO), forecasting that crude output will dip 0.2% in 2021 to average a little more than 11 million barrels. It does anticipate that oil production will rebound by 400,000 barrels per day in 2022 as drillers take advantage of prices hovering around the $50 mark.

While crude prices have been on a downward trend, market analysts believe oil could stay around $50 as long as Saudi Arabia refrains from raising production. Earlier this month, Riyadh announced that it would slash production to offset higher output from Kazakhstan and Russia.

The other factor is the US dollar, which, according to market observers, needs to stay weak to support crude prices. The greenback has defied expectations in the first few weeks of the calendar year, holding onto a modest gain. The US Dollar Index (DXY) rose 0.12% to 90.24, from an opening of 90.05, on Friday. A strengthening buck is bad for dollar-pegged commodities because it makes it more expensive for foreign investors to purchase.

In other energy commodities, March natural gas futures fell $0.032, or 1.28%, to $2.465 per million British thermal units (btu). March gasoline futures dipped $0.0054, or 0.35%, to $1.5425 per gallon. March heating oil futures picked up $0.0216, or 1.35%, to $1.5810 a gallon.

If you have any questions and comments on commodities today, use the form below to reply.


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EIA releases methods for estimating and forecasting global oil consumption (1/22/2021)

As a supplement to its January 2021 Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) released an analysis discussing developments in global oil consumption in 2020 and how they affect EIA’s forecasts for 2021 and 2022. Preliminary data and estimates indicate that global consumption of liquid fuels declined by 9.0 million barrels per day (b/d) in 2020, the largest annual decline in EIA data since at least 1980. EIA forecasts that global consumption of liquid fuels will rise by 5.6 million b/d in 2021 and 3.3 million b/d in 2022. The expected rise in liquid fuels consumption results from forecast growth in global gross domestic product (GDP) as well as a movement toward pre-pandemic levels of travel and other petroleum use, particularly in late 2021 and in 2022. ... Via EIA: This Week in Petroleum http://www.eia.gov/oog/info/twip/twip.asp

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Natural Gas Adds to 9% Weekly Loss Despite Large US Supply Drawdown

Natural gas futures fell below $2.45 to finish the holiday-shortened trading week, despite a larger-than-expected decline in US inventories. Natural gas prices have cratered this week amid warmer weather trends forming across North America and Europe, defying expectations for a Polar Vortex cold front. Is this the end of the bull market for natural gas prices?

March natural gas futures tumbled $0.049, or 1.96%, to $2.448 per million British thermal units (btu) at 16:05 GMT on Thursday on the New York Mercantile Exchange. The energy commodity is poised to record a weekly plunge of 9.5%.

According to the US Energy Information Administration (EIA), domestic supplies of natural gas decreased by 187 billion cubic feet for the week ending January 15. This is greater than the median estimate of 174 billion cubic feet. In total, US stockpiles stand at 3.009 trillion cubic feet, up 36 billion cubic feet from the same time a year ago. They are also 198 billion cubic feet above the five-year average.

The weekly reading comes shortly after the EIA published its January 2020 Short-Term Energy Outlook (STEO). The monthly forecast anticipates that natural gas output will slump 2% to an average just short of 96 billion cubic feet per day in 2021. But the US government predicts that natural gas production will return to growth in 2022, climbing by 2%.

But both bullish reports do not appear to be triggering a rally in natural gas prices, mainly because of warmer weather. The latest models suggest that above-average seasonal temperatures will occur for the remainder of January.

NatGasWeather recently wrote regarding the weather outlook for January 21 to January 27:

Cool to cold conditions will spread across the northern U.S. the next few days with highs of 20s to lower 40s for stronger national demand. The West will be cool and unsettled with areas of rain and snow and highs of 20s to 50s. The central and southern U.S. will be mild to warm with highs of 40s to 70s for light demand. After a brief break Monday across the Midwest and East, another chilly cold shot will arrive mid-next week with lows of 0s to 30s for a return to strong national demand. Overall, low demand today, then increasing to high by Saturday.

In other energy commodities, February West Texas Intermediate (WTI) crude oil futures slumped $0.65, or 1.22%, to $52.48 per barrel. March Brent crude futures dropped $0.58, or 1.03%, to $55.52 a barrel. March gasoline futures dipped $0.0062, or 0.4%, to $1.5417 a gallon. March heating oil futures declined $0.0178, or 1.11%, to $1.5846 per gallon.

If you have any questions and comments on commodities today, use the form below to reply.


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United States Initial Jobless Claims

Initial Jobless Claims in the United States decreased to 900 thousand in the week ending January 16 of 2021 from 926 thousand in the previous week. Initial Jobless Claims in the United States averaged 371.68 Thousand from 1967 until 2021, reaching an all time high of 6867 Thousand in March of 2020 and a record low of 162 Thousand in November of 1968. Initial jobless claims have a big impact in financial markets because unlike continued claims data which measures the number of persons claiming unemployment benefits, Initial jobless claims measures new and emerging unemployment. This page provides the latest reported value for - United States Initial Jobless Claims - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/jobless-claims

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United States Gasoline Stocks Change

Stocks of gasoline in the United States decreased by260 thousand barrels in the week ending January 15 of 2021. Gasoline Stocks Change in the United States averaged 21.13 Thousand Barrels from 1990 until 2021, reaching an all time high of 11456 Thousand Barrels in May of 1993 and a record low of -8428 Thousand Barrels in September of 2017. Stocks of gasoline refers to the weekly change of the gasoline supply situation. This page provides the latest reported value for - United States Gasoline Stocks Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/gasoline-stocks-change

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United States Heating Oil Stocks

Heating Oil Stocks in the United States increased to 391 Thousand Barrels in January 15 from -390 Thousand Barrels in the previous week. Heating Oil Stocks in the United States averaged -56.19 Thousand Barrels from 1993 until 2021, reaching an all time high of 94208 Thousand Barrels in July of 1993 and a record low of -92090 Thousand Barrels in June of 1993. This page provides - United States Heating Oil Stocks - actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/heating-oil-stocks

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United States Refinery Crude Runs

Refinery Crude Runs in the United States decreased to 110 Thousand Barrels in January 15 from 274 Thousand Barrels in the previous week. Refinery Crude Runs in the United States averaged 1.52 Thousand Barrels from 1982 until 2021, reaching an all time high of 1572 Thousand Barrels in October of 2008 and a record low of -3253 Thousand Barrels in September of 2017. Crude Runs refer to the volume of crude oil consumed by refineries. This page provides - United States Refinery Crude Runs- actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/refinery-crude-runs

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United States Gasoline Production

Gasoline Production in the United States increased to 1373 Thousand Barrels in January 15 from -498 Thousand Barrels in the previous week. Gasoline Production in the United States averaged 1.34 Thousand Barrels from 1982 until 2021, reaching an all time high of 1373 Thousand Barrels in January of 2021 and a record low of -1638 Thousand Barrels in April of 2020. This page provides - United States Gasoline Production- actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/gasoline-production

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United States Natural Gas Stocks Change

Working gas held in storage facilities in the United States decreased by 187 billion cubic feet in the week ending January 15 of 2021 . Natural Gas Stocks Change in the United States averaged 0.47 Billion cf from 1994 until 2021, reaching an all time high of 147 Billion cf in July of 2003 and a record low of -359 Billion cf in January of 2018. Natural Gas Stocks Change refers to the weekly change of the natural gas supply situation. This page provides the latest reported value for - United States Natural Gas Stocks Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/natural-gas-stocks-change

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United States Services PMI

Services PMI in the United States increased to 57.50 points in January from 54.80 points in December of 2020. Services PMI in the United States averaged 53.74 points from 2013 until 2021, reaching an all time high of 61 points in June of 2014 and a record low of 26.70 points in April of 2020. Markit US Services PMI (Purchasing Managers' Index) is based on data collected from a representative panel of over 400 private sector companies covering transport and communication, financial intermediaries, business and personal services, computing & IT and hotels and restaurants. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining. This page provides the latest reported value for - United States Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/services-pmi

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United States Manufacturing PMI

Manufacturing PMI in the United States increased to 59.10 points in January from 57.10 points in December of 2020. Manufacturing PMI in the United States averaged 53.28 points from 2012 until 2021, reaching an all time high of 59.10 points in January of 2021 and a record low of 36.10 points in April of 2020. In the United States, the Markit Manufacturing Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of 600 industrial companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change. This page provides the latest reported value for - United States Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/manufacturing-pmi

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Bitcoin Will Fall Further Before Another Bull Rally, Says Analyst

The Bitcoin dip is not over yet. Analyst predict that the short-term price woes may continue to $26,000.

On Thursday, the cryptocurrency fell by 13% in a spot market well-off. Earlier on Friday, it hit a low of $28,845, the lowest since January 4. Few hours after, the Cryptocurrency regained a quick run to $31,000 before pulling a stop. At 12:42 GMT, the pioneer cryptocurrency was trading at $31,645.

Ki-Young Ju, the CEO of blockchain analytics firm CryptoQuant mentioned highlighted a negative “Coinbase premium” as a prove of the weak dip demand from large investors.

I’m not sure the low of $28,000 seen early Friday is the bottom

CryptoQuant’s Coinbase premium indicator measures the spread between Coinbase’s BTC/USD pair and Binance’s BTC/USDT pair, which includes the stablecoin tether (USDT, +0.08%). Strong institutional inflows is seen with a positive spread. This is because Coinbase is seen a high net-worth individuals and institutional investors.

Although prices have regained to $31,000, the spread is on the negative. Suggesting a lack of demand from big institutional investors. The coinbase premium fell to $-227 in the last 24 hours. Which, according to Ju, Bitcoin consistently traded at a premium of over $50 on Coinbase during the $20,000 to $40,000 bull rally.

For Grayscale, the Grayscale Bitcoin Trust Premium, the premium has all almost evaporated. A sign of weakening institutional demand. While retail investors directly but Bitcoin on the spot market, many institutional investors invest through Grayscale Bitcoin Trust for regulatory reasons.

Matthew Dibb, COO and co-founder of Singapore-based Stack Funds, also cited the negative Coinbase premium as a cause of concern for the bulls. He told Coinbase on Whatsapp:

Bitcoin broke short-term support on Thursday, and while the market is trading positively now, we may see lows down to the $26,000 mark in the coming weeks

According to popular Twitter trader “Cred,” a move above $35,000 is needed to abort the bearish view. He said:

$BTC, which would likely underperform in those circumstances, must reclaim $35000s at least.

Patrick Heusser, head of trading at Swiss-based Crypto Broker AG said:

That level could be put to the test, as the derivative market is more relaxed now, and we have seen some good buying interest around $30,000. The perpetual funding rates and futures premium are reverting toward their mean from elevated levels observed earlier this month when bitcoin was trading near record highs.

Down but stacking

Despite the dip, it seems that many are still hopeful of what the cryptocurrency will bring. At least, Bitcoin is still up 6% on a year-to-date basis and up over 35% from the price of $23,000 seen precisely a month ago. It appears some investors are stacking up for the possible bull rally. Jehan Chu, managing partner at Hong Kong-based crypto investment firm Kenetic Capital, said:

Veteran investors in Asia are holding strong and taking the opportunity to stack higher. The history of bitcoin is littered with such shakeouts, and we expect a whipsaw reversal to $50,000 in short order.

Bitcoin has continued to take a beating throughout the week. There’s renewed interest in regulations and bearish comments by influencers and popular investors.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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source https://www.earnforex.com/commodities/bitcoin-will-fall-further-before-another-bull-rally-says-analyst/

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Video: Silver Price Forecast as of 22 January 2021

In the present video, Phil Carr from The Gold and Silver Club talks about silver and gold as of January 22, 2021. He discusses the recent moves of the metals and the reasons behind them. Phil also explains what factors can affect the market in the future and how traders can react to them.

If you found this video useful and want to see more videos like this one or if you want to see a commodity trading video on some other topic, please leave your response using the form below.


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source https://www.earnforex.com/commodities/video-silver-price-forecast-as-of-22-january-2021/

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In 2019, oil and lease condensate proved reserves were flat; natural gas reserves declined

In 2019, proved U.S. reserves of crude oil and lease condensate increased by 0.1%, and proved natural gas reserves declined by 1.9%, according to the U.S. Energy Information Administration's (EIA) recently released Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2019 report. Proved reserves of oil and natural gas each rose annually in the United States by at least 9% in the previous two years (2017 and 2018).

source https://www.eia.gov/todayinenergy/detail.php?id=46517

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Bitcoin Price Dropped to $28,800, But Recovered

On January 21, Bitcoin (BTC) exchange rate fell by more than $5,000. The bears increased their pressure and the Bitcoin price nosedived from a high of $35,600 to lows around $30,000.

Notably, on the morning of January 22, the price of the leading cryptocurrency dropped below $29,000. On the Bitstamp exchange, BTC price reached a low of $28,800 at 01:00 GMT. At the time of writing, however, the BTC/USD pair managed to recover and is trading at $32,000.

According to some analysts, the significant drop in the price of the premier cryptocurrency was due to the profit taking by US and European traders.

For more than two weeks, the price of Bitcoin has been consolidating. On January 8, Bitcoin recorded a new historical high, soaring to $42,000, but then started to decline. On January 14 alone, the price of BTC surged again to $40,000.

Earlier, Scott Minerd, the director of investments at Guggenheim Partners predicted that the Bitcoin price will rally to $400,000 but cautioned traders about a possible correction. According to Minerd, if the decline in BTC is prolonged, and the price may drop to $20,000. However, according to Bloomberg analyst Mike McGlone, Bitcoin bulls may prevent the price decline:

The behavior of BTC is similar to the period May-June 2017, when the Bitcoin price consolidated in the $2,000-$3,000 channel, but then began to rise.

Against the background of the fall in the price of the flagship cryptocurrency, altcoins also declined. Thus, Ethereum, which had recently rallied above $1,400, fell to $1,050.

Earlier, EarnForex reported that during the previous price decline, institutional investors increased their Bitcoin purchases. Perhaps the same will happen in the current situation and the BTC price will quickly gain back losses.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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source https://www.earnforex.com/commodities/bitcoin-price-dropped-to-28800-but-recovered/

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US Dollar LIBOR Three Month Rate

US Dollar LIBOR Three Month Rate was at 0.22 percent on Friday January 22. Interbank Rate in the United States averaged 3.64 percent from 1986 until 2021, reaching an all time high of 10.63 percent in March of 1989 and a record low of 0.20 percent in November of 2020. The three month US Dollar LIBOR interest rate is the average interest rate at which a LIBOR contributor bank can obtain unsecured funding in the London interbank market for a three month period in US dollars. This page provides - United States Interbank Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/interbank-rate

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20210121

Bitcoin Price Breakdown Targets $25,000 As Investors Remain Positive

After reaching an all-time high of $42,000, Bitcoin is in the bear market as it slides under $32,000. The crypto is risking a drop to under $30,000 before the end of the week.

Bitcoin is on the fringes of a massive fall after losing crucial support level. As the flagship cryptocurrency continues to trade at a crucial junction, there’s a mix of views coming from institutions on Bitcoin. The cryptocurrency was rejected $38,000, opening the Pandora box. The market is unsettled mainly because of Bitcoin drop under $32k.

On Thursday, January 21, at 5:02 GMT, the price of a Bitcoin was trading at $31,397, plunging at 10% within the last 24 hours. If the buyer congestion at this level is dispersed, we can expect the price to fall further to lower levels.

The pessimistic outlook appears to have been validated by the Relative Strength Index’s freefall toward the oversold area. If investors start panic selling their BTC holdings, the pioneer cryptocurrency is expected to likely experience a bearish leg overshooting to primary support at $28,000 and making an approach towards $25,000.

Grayscale’s investments continues

Despite these, investors sentiment seems to remain on the optimistic side. Grayscale Investment’s consistent purchase of BTC went unnoticed. The largest digital asset manager in the world made two large investments to its Bitcoin trust in less than two weeks. The company spent $509 million in purchasing BTC in the first buying round. In the second purchase, the company took advantage of the cryptocurrency’s dip to $34k and purchased 8,000 (or $272,000,000) more BTC.

The extent of the ongoing dip is unknown. The volatility of Bitcoin is well established. However, retracements is common in the BTC market. Hence, investors may see the dip as an opportunity to acquire more holdings or enter the market. Though it’s advisable to wait for a confirmation of a bull rally before investing it all in Bitcoin.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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source https://www.earnforex.com/commodities/bitcoin-price-breakdown-targets-25000-as-investors-remain-positive/

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Video: Agricultural Commodity Bull Market in 2021? Why are Wheat, Sugar, and Cotton Prices Soaring?

In the present video, David Jones from Capital.com talks about the agricultural commodity market in 2021, trying to answer the question: will agricultural commodities extend their upward movement this year? He explains what fundamentals are affecting the market and performs technical analysis, showing charts and technical indicators. In the end, David shows an example of setting up a long position for cotton.

If you found this video useful and want to see more videos like this one or if you want to see a commodity trading video on some other topic, please leave your response using the form below.


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source https://www.earnforex.com/commodities/video-agricultural-commodity-bull-market-in-2021-why-are-wheat-sugar-and-cotton-prices-soaring/

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Corn Rises on Possible Argentina Export Tax, Tighter US Supplies

Corn futures are rallying on Thursday as investors were on the hunt for some bargains in the broader commodities market. Corn is also benefiting from the political developments in Argentina that could lift prices in the short-term. Now that prices have topped $5, is $6 on the horizon?

March corn futures picked up $0.065, or 1.25%, to $5.285 per pound at 14:15 GMT on Thursday on the Chicago Board of Trade (CBoT). Corn is on track for a weekly loss of about 1%, but it has had a strong start to 2021 by advancing nearly 9% in the few trading weeks of the calendar year.

Farmers in Argentina have been ramping up sales from the upcoming 2020–2021 corn harvest over reports that the government attempt to intervene in international sales. According to Ministry of Agriculture data, producers sold 1.07 million tons of 2020–2021 marketing year corn between January 7 and January 13. Producers sold a little more than 334,000 during the same time a year ago.

Officials are weighing policies that would ensure ample food inventories in the South American country. One proposal would involve a two-month suspension of exports and a daily limit on global shipments. With consumer price inflation (CPI) hitting 4% in December, Buenos Aires may try to introduce export limits to slow down increases in domestic food prices.

This would have a considerable impact on the market since Argentina is the third-largest corn producer. Jorge Chemes, president of the Argentine Rural Association, or CRA, is not happy, telling Reuters:

Interventionist measures do not work. There is fear that the government will enact new measures aimed at increasing the domestic supply of corn, and that it might try to do the same with wheat and beef.

Argentina would follow in the footsteps of other commodity-rich nations that have imposed export taxes. Russia recently raised and extended its penalty on wheat shipments to limit exports, while Ukraine is mulling over similar export limitations.

Plus, the US Department of Agriculture (USDA) slashed its supply outlook in its most recent World Agricultural Supply and Demand Estimates (WASDE) report.

In other industry news, General Administration of Customs data highlighted that China imported a record 11.3 million tons of corn in 2020, including more than two million tons in December. Early estimates suggest that Beijing will purchase 30 million tons this year.

In other agricultural commodities, March wheat futures were unchanged at $6.675 per bushel. March soybean futures tacked on $0.1175, or 0.89%, to $13.8175 a bushel. March coffee futures edged up by $0.006, or 0.48%, to $1.258 per pound.

If you have any questions and comments on the commodities today, use the form below to reply.


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source https://www.earnforex.com/commodities/corn-rises-on-possible-argentina-export-tax-tigher-us-supplies/

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Bitcoin Plunges Below $33,000 – Coinbase Whales Behind the Dump

On Thursday, January 21, the price of one bitcoin sank by more than 7% in 24 hours, breaking below the $33,000 mark. According to the head of the analytical resource CryptoQuant, Ki Young Ju, Coinbase whales are behind the dump of Bitcoin pouring onto the exchange.

“Of course, bitcoin will reach $100,000 this year, but in the short term, if we do not see significant buyer pressure from Coinbase Pro, I think Bitcoin will enter bear territory,” the head of CryptoQuant wrote on his Twitter page.

The price of Bitcoin is already trading below the $33,000 level and has so far reached a low of $31,351 at 21:11 GMT.

However, Bitcoin still has room to fall. As part of the previous correction on January 11, the price of the leading cryptocurrency dropped to $30,239.

Battle of the Bitcoin whales

It is noteworthy that the current pressure on the price of the flagship cryptocurrency came from Coinbase, from which, on the contrary, they expect an influx of large capital.

Source: Ki Young Ju

The Coinbase Premium Index reached negative values, which indicates an excessive number of people who want to get rid of the cryptocurrency.

“Coinbase whales need a BTC drawdown to consolidate,” Ju suggested.

The head of CryptoQuant calls for monitoring the outflow of funds from Coinbase since it is by the recipient of the funds that the future price can be predicted.

Basically, a significant outflow of Bitcoin from Coinbase goes to cold wallets. According to Ju, big capital is putting cryptocurrency into custody in this way, which could mean that the bullish trend will continue in the long term.

In the meantime, the market continues to be buzzing with retail investors. At around 13:20 GMT, the price of the BTC/USD pair was trading at $32,697.

Source: TradingView

If you have any questions and comments on Bitcoin today, use the form below to reply.


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source https://www.earnforex.com/commodities/bitcoin-plunges-below-33000-coinbase-whales-behind-the-dump/

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EIA expects crude oil prices to average near $50 per barrel through 2022

In its January Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects global demand for petroleum liquids will be greater than global supply in 2021, especially during the first quarter, leading to inventory draws. As a result, EIA expects the price of Brent crude oil to increase from its December 2020 average of $50 per barrel (b) to an average of $56/b in the first quarter of 2021. The Brent price is then expected to average between $51/b and $54/b on a quarterly basis through 2022.

source https://www.eia.gov/todayinenergy/detail.php?id=46516

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United States Pandemic Unemployment Assistance Claims

Pandemic Unemployment Assistance Claims in the United States increased to 423.73 Thousand in January 16 from 284.89 Thousand in the previous week. Pandemic Unemployment Assistance Claims in the United States averaged 586.26 Thousand from 2020 until 2021, reaching an all time high of 1352.18 Thousand in May of 2020 and a record low of 31.95 Thousand in April of 2020. This page provides - United States Pandemic Unemployment Assistance Claims- actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/pandemic-unemployment-assistance-claims

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United States Housing Starts

Housing Starts in the United States increased to 1669 Thousand units in December from 1578 Thousand units in November of 2020. Housing Starts in the United States averaged 1428.95 Thousand units from 1959 until 2020, reaching an all time high of 2494 Thousand units in January of 1972 and a record low of 478 Thousand units in April of 2009. Housing Starts refer to the number of new residential construction projects that have begun during any particular month. Estimates of housing starts include units in structures being totally rebuilt on an existing foundation. This page provides the latest reported value for - United States Housing Starts - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/housing-starts

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United States Jobless Claims 4-week Average

Jobless Claims 4-week Average in the United States increased to 848 Thousand in January 16 from 824.50 Thousand in the previous week. Jobless Claims 4-week Average in the United States averaged 371.51 Thousand from 1967 until 2021, reaching an all time high of 5790.25 Thousand in April of 2020 and a record low of 179 Thousand in May of 1969. This page provides - United States Jobless Claims 4-week Average- actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/jobless-claims-4-week-average

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United States Initial Jobless Claims

Initial Jobless Claims in the United States decreased to 900 thousand in the week ending January 16 of 2021 from 926 thousand in the previous week. Initial Jobless Claims in the United States averaged 371.68 Thousand from 1967 until 2021, reaching an all time high of 6867 Thousand in March of 2020 and a record low of 162 Thousand in November of 1968. Initial jobless claims have a big impact in financial markets because unlike continued claims data which measures the number of persons claiming unemployment benefits, Initial jobless claims measures new and emerging unemployment. This page provides the latest reported value for - United States Initial Jobless Claims - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/jobless-claims

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United States Philadelphia Fed Manufacturing Index

Philadelphia Fed Manufacturing Index in the United States increased to 26.50 points in January from 9.10 points in December of 2020. Philadelphia Fed Manufacturing Index in the United States averaged 9.10 points from 1968 until 2021, reaching an all time high of 58.50 points in March of 1973 and a record low of -57.90 points in December of 1974. Philadelphia Fed Manufacturing Index is based on The Business Outlook Survey of manufacturers in the Third Federal Reserve District. Participants report the direction of change in overall business activity and in the various measures of activity at their plants: employment, working hours, new and unfilled orders, shipments, inventories, delivery times, prices paid, and prices received. The index above 0 indicates factory-sector growth, below 0 contraction. This page provides the latest reported value for - United States Philadelphia Fed Manufacturing Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/philadelphia-fed-manufacturing-index

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US Dollar LIBOR Three Month Rate

US Dollar LIBOR Three Month Rate was at 0.22 percent on Thursday January 21. Interbank Rate in the United States averaged 3.64 percent from 1986 until 2021, reaching an all time high of 10.63 percent in March of 1989 and a record low of 0.20 percent in November of 2020. The three month US Dollar LIBOR interest rate is the average interest rate at which a LIBOR contributor bank can obtain unsecured funding in the London interbank market for a three month period in US dollars. This page provides - United States Interbank Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/interbank-rate

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20210120

United States API Crude Imports

API Crude Imports in the United States increased to 0.09 BBL/1Million in January 8 from -0.21 BBL/1Million in the previous week. API Crude Imports in the United States averaged -3.68 BBL/1Million from 2016 until 2021, reaching an all time high of 1701 BBL/1Million in January of 2017 and a record low of -1472 BBL/1Million in February of 2017. This page provides - United States Api Crude Imports- actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/api-crude-imports

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United States ADP Employment Change

Private businesses in the United States fired -123 thousand workers in December of 2020 compared to 307 thousand in November of 2020. ADP Employment Change in the United States averaged 33.14 Thousand from 2001 until 2020, reaching an all time high of 4485 Thousand in June of 2020 and a record low of -19409 Thousand in April of 2020. The ADP National Employment Report measures levels of non-farm private employment. The Report is based on the actual payroll data from about 24 million employees processed by the Automatic Data Processing, Inc. This page provides the latest reported value for - United States ADP Employment Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/adp-employment-change

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Billions Moved Out of China in Bitcoin, Says China-based Blockchain Analytics Firm

According to a new report by China-based blockchain analytics firm Peckshield, close to $20 billion in Bitcoin has been moved out of China.

The company said:

In 2020, the total capital outflow from Chinese exchanges to foreign exchanges reached $17.5 billion, up from $11.4 billion in 2019, with this sum exceeding 1.5% of China’s three trillion foreign reserves

2
The firm conceded that the actual sum of the outflow may be higher has they only track a limited number of exchanges used by Chinese citizens. The firms tracked included Token [?], OKEx, Bitfinex, Gate.io, ZB, Kucoin, Bibox, Binance, Bitstamp, Bittrex, Kraken, as well as more mainstream exchanges like Coincheck [?], Coinbase, Poloniex, Bitflyer and Upbit.

The report added that:

The number of bitcoins that flowed from domestic to foreign countries was highest in March this year, reaching 172,115.39 bitcoin.

On December 12, 2020, the value of Bitcoin flowing from domestic to foreign countries reached its highest dollar value in the whole year, exceeding $2.5 billion.

Government can’t stop Bitcoin transfers

For a long time, the Chinese government have cracked down on methods used for capital flights. However, for a while now, the Chinese Yuan has been appreciating considerably against the Dollar. This might suggest they have loosened up.

Chinese citizens have remained attracted to Bitcoin. Since the rise of Bitcoin’s price, it seems that the interest keeps growing. Already, about 65% of all Bitcoin miners are based in China.

What this report shows is that the Chinese market is pivotal to the movement of Bitcoin price. From the transaction volume, they are doing so to the tune of billions of dollars.

However, the high transfer out of the country suggests that there are pipelines moving billions a month in Bitcoin. What this shows is that the Chinese government have not been able to stop the crypto despite their crackdown.

Apart from the capital flight using cryptocurrencies, the report also goes through the major crypto scams over the past three years.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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source https://www.earnforex.com/commodities/billions-moved-out-of-china-in-bitcoin-says-china-based-blockchain-analytics-firm/

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