Category: Financial Markets
Bitcoin’s popularity seems to be going down
Bitcoin is viewed as a gold substitute, but Ethereum is viewed as a supercomputer upon which additional crypto’s can be built. Ethereum’s designers have already stated that they are working on a more energy-efficient successor to the cryptocurrency, which might be released later this year.
The more interesting fact here is that, while the number of active Ether addresses has increased, the number of active Bitcoin addresses has decreased. This indicates that Bitcoin investors are considering alternative crypto currencies as long-term investments.
Reasons for the decline in Bitcoin’s popularity
Some possible explanations include China’s restriction on Bitcoin mining and environmental concerns highlighted by a number of people, including Tesla CEO Elon Musk, who confirmed that his company will not accept Bitcoin payments until it becomes more energy efficient. Neither Musk nor Tesla, on the other hand, have sold any of their Bitcoin holdings thus far.
Crypto aficionados remain optimistic that Bitcoin will recover from its present lows, as it has in the past. The coin has been around for nearly a decade and has shown to be durable. This is the first time it has been challenged by another cryptocurrency. It will also be intriguing to watch if Ethereum can keep up the momentum it has gained in recent days.
(Source: India Today)
General Advice Warning
Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.
For the previous two weeks, the AUD/JPY has been trading in a price band between 82.80 and 84.20 on the daily chart.
Daily candle stick chart Price action
If price falls below the intraday low of 82.69, it may try the 82.50 horizontal support level before testing the June 21 low of 82.13.
With a bearish crossover, the Moving Average Convergence Divergence (MACD) indicator is in the oversold zone. Any drop in the MACD could amplify the bearish trend.
Bears in the AUD/JPY would look to test the 81.99 level, which was reached on February 26.
Alternatively, if price reverses course, it might return to the 83.00 horizontal resistance level, then to the 83.35 high set on June 30.
A daily close above 83.35 would allow the 83.50 horizontal resistance area to open up.
(Source: FXSTREET)
General Advice Warning
Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.
Minutes contain no noteworthy surprises.
According to the minutes, Fed officials believe the criteria of “substantial further progress” required to change monetary policy has not yet been satisfied. Several FOMC members stated that they expect the pace of asset purchases to slow down and those criteria would be met sooner than expected.
Following the minutes, the US dollar retreated across the board, wiping off the previous day’s gains. The DXY fell to the 92.50 level, turning negative. US yields are still hovering around daily lows. The 10-year note is currently trading at 1.31 percent, its lowest closing since February 18.
Short-term Outlook
With the price well below the 20-day simple moving average, the AUD/USD remains negative (SMA). The pressure will be relieved if the Aussie recovers over 0.7540, and it will rise above 0.7600/05. The 0.7560 area, where the 20 and 200-day SMAs intersect, will be a key milestone to watch.
The key support, on the other hand, is at 0.7455. A break below 0.7400 would pave the way for additional losses, with the initial target being around 0.7400.
(Source: FXSTREET)
General Advice Warning
Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.
