Bitcoin PUMP Then DUMP Before the FED Decision Date

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2022-05-25 02:44:26

Market situation

Bitcoin had a quick one-hour rise and fall from $39,300 to over $41,000 and then back to around $39,000 to $40,000. The past day, BTC price fluctuated wildly while waiting for the announcement from the Fed.

Although the price rises and falls quickly, the amount of leverage liquidated is not high. The market leans more towards Long orders. The end of March will also be the expiration time of the Bitcoin option of the first quarter, with the current maximum pain price of $42,000. The market often sees BTC price swinging around the max pain price at expiration.

The stock market rose yesterday in all three Dow, S&P 500 and Nasdaq indexes. The futures contract showed a sideways trend, increasing and decreasing insignificantly.

Oil moved sideways and returned to around $97/barrel. And gold fell slightly to the level of 1922 USD/ounce.

Yesterday, a number of large Chinese stocks such as Shanghai and Hong Kong suddenly dropped sharply. A number of reasons are hypothesized to be able to influence the market. First, the 7-hour meeting between the United States and China contained some information that, if China supported and supported Russia in the war with Ukraine, China might be subject to economic sanctions. like Russia. Another reason mentioned is related to the fact that Saudi Arabia is in discussions with Beijing about pricing some of Saudi Arabia’s oil sales to China in yuan instead of dollars. If it happens, it will make China’s conflict with the US even more intense. The above hypotheses are put forward to explain why investors are nervous and sell in the market.

Inflation, rising production costs made Tesla have to increase the price of its products. Tesla’s entire line of electric vehicles has increased in price by 5 to 10 percent. With the cheapest car the company sells, the Model 3 series, which now starts at $46,990, while its top-of-the-line Model X Tri engine has increased the price by $12,500, from $126,490 to $138,990. This is the second price hike Tesla has made in less than a week, after it raised prices on several long-range models last Wednesday.

In addition, US President Joe Biden signed a bill to increase the amount of government spending to keep the government open until September. The total amount of this support package is 1.5 trillion USD, including 13.6 billion USD. USD aid to Ukraine. The money for Ukraine will be used both to help refugees fleeing Russian aggression, as well as to equip the country’s defenses and train the country’s military.

Inflation remains high and the government continues to spend more. The political situation is also complicated. All these factors will make the Fed weigh carefully before deciding on interest rates.

Some other information:

  • Cinema chain AMC Entertainment has agreed to buy a major stake in Hycroft Mining, a Nevada-based gold and silver mining company. The deal will make AMC the owner of about 22% of Hycroft’s shares. It’s an unusual expansion for AMC. This company has accepted payments in crypto, and so far has spent the growth money thanks to crypto storage to buy gold, which many investors do not understand the reason for this decision.

  • This week, crypto exchanges FTX and Binance, the world’s largest cryptocurrency exchange by trading volume, announced the approval of licenses to operate in the Middle East. Binance said it received a license in the Gulf nation of Bahrain, while FTX said the emirate of Dubai in the United Arab Emirates has licensed it to operate the exchange and clear the coins. electronic.

  • DBS, Southeast Asia’s largest bank, has big plans for cryptocurrencies. Many institutional players are recognizing Bitcoin and other cryptocurrencies. According to Piyush Gupta, CEO of DBS Bank, cryptocurrencies like Bitcoin will continue to grow as an important store of value, just like gold.

  • Ethereum software developer ConsenSys’ valuation has risen to $7 billion after Brooklyn, New York-based company ConsenSys raised $450 million in a series D funding round backed by Microsoft, SoftBank and Temasek.

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