DXY Continues To Rise – DA Vasil | XRP Updates

 232 total views

2022-12-06 15:29:45

Market situation

After a day of Fed announcement to raise interest rates, US stocks continued to have a losing session in all three indexes. Futures contracts are in light green. Gold and oil prices remained flat at $1,680/ounce and $83/barrel, respectively.

Bitcoin has a slight rebound to around $19,000. The crypto market was less volatile than stocks over the past day.

The Fed raised interest rates and tightened money sources, causing the dollar to appreciate. This is reflected in the continued increase of the DXY index. Although the USD inflation and depreciation, many other major currencies have the same or more inflation. Therefore, the USD continues to be a more valuable currency than some other major currencies such as Euro, Yen, ….

In general, many countries’ economies are facing difficulties and high inflation. A series of national central banks tightened money sources and raised interest rates to control inflation. So the economy will slow down in the near term. Investors fear a possible financial recession. Large investment segments such as securities, gold, … did not see strong money coming in. The US stock exchange, which is the world’s largest stock exchange, has continuously declined since the beginning of the year. Investors seem hesitant and just want to store cash to see the situation.

Similar to this situation in the US, inflation in the UK eased slightly in August but at 9.9%, much higher than the Bank Of England’s (BOE) 2% target. The Bank of England said it believes the UK economy has slipped into recession. The agency also forecast GDP will shrink 0.1% in the third quarter, down from its previous forecast of 0.4% growth. It will fall 0.1% in the second quarter.

In contrast to the FED, the Turkish central bank once again surprised the markets with its decision to cut interest rates despite inflation in the country rising above 80%. Turkey’s monetary policymakers opted for a 1% rate cut, bringing the key one-week repurchase rate from 13% to 12%. The Turkish lira has depreciated by 27% this year alone and by 80% in five years against the dollar.

Russia wants to accept crypto

The amount of Bitcoin on all exchanges has not changed much since September. Especially the number of BTC on the spot exchanges is almost flat. There were a few times when BTC on derivatives exchanges went up and then dropped again.

Ethereum increased in number on exchanges before The Merge took place. The amount of ETH increased mainly on derivatives exchanges.

Although BTC price corrects along with financial markets, there is still positive news for investors. After years of negative views on BTC, the Central Bank of Russia and the Russian Ministry of Finance have reached a consensus on the use of cryptocurrencies for international payments. The bill is also proposed that could give Russian citizens access to digital wallets.

Russia’s shift to crypto stems from increased sanctions during its war with Ukraine. Russia has been blocked from SWIFT’s international payment system. So opting to be crypto-friendly and talking to friendly countries about setting up clearing platforms for international payments in stablecoins is a good option given Russia’s current circumstances.

Other information:

► Join Exchanges with exclusive deals with CHK

#DXY #Continues #Rise #Vasil #XRP #Updates

Leave a Reply

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