CZ Steps Down Amidst Record Penalty. BNB Retreats from Lows. Binance has reached a settlement of $4.3 billion for breaching sanctions and laws related to money transmission, marking this as one of the highest corporate fines on record. The company’s founder, Changpeng “CZ” Zhao, admitted guilt and resigned as CEO. Documents recently made public reveal […]
EUR/USD Bulls Are Getting Ready to Take a Break. But When? The US Dollar has started to decline against most of its major counterparts following recent U.S. economic data that has been weaker than expected. Last week’s highlight was the inflation report that missed expectations by a hefty margin. This has led markets to largely […]
$38K: An Insurmountable Barrier… At Least For Now. In the past week, the Bitcoin roller-coaster has been working overtime, and the apex cryptocurrency experienced dramatic fluctuations, making massive gains on Wednesday and erasing them on Thursday. In just 7 days, Bitcoin came within a few dollars of the $38,000 level three times. Last Thursday, the […]
EUR/USD Set for Action-Packed Week, Approaching Key Support. The policies of the European Central Bank and the Federal Reserve are starting to diverge, which could mean that we are set for higher volatility. For now, it looks like the Fed is winning the battle of hawkish comments. In a speech delivered last Thursday, Fed Chair […]
Bitcoin, Ethereum Soar – Beware of Pullbacks Ethereum (ETH) captured the limelight from Bitcoin (BTC) on Thursday when the investment behemoth BlackRock indicated plans to introduce an ETH-based exchange-traded fund (ETF). ETH’s price soared above the crucial $2,000 mark and reached a high of $2,131, climbing from just under $1,900. This comes after news that […]
Double Bottom Boosts EUR/USD. A Technical Reversal in the Making. The greenback sank to its lowest in six weeks and the yields on 10-year U.S. Treasury notes dropped to their lowest in five weeks on Friday following the U.S. labor market reports. The data indicated a significant deceleration in U.S. employment growth for October, surpassing […]
Bitcoin Pullbacks: Profit Wells or Bull Traps? After a stellar October, Bitcoin opened November with another push and came within a hair of $36K, at $35,968, marking a 17-month high. Last week we talked about the overbought position of the Relative Strength Index and a potential pullback. The pullback is happening right now but a […]
Technical Spotlight: EUR/USD Faces Key Resistance Points. We are headed into a busy week, as the Fed is getting ready to meet to discuss the interest rate on November 1st, followed by the Non-Farm Payrolls report on Friday. Last week the American economy showed signs of resiliency, with the quarterly Advance GDP exceeding expectations and […]
The Technical Take: Bitcoin Soaring Through Overbought Territory Last week, an error made the headlines of most crypto news outlets and sent Bitcoin to $30,000. This week, that error could be proof that someone has a time machine… but let’s not get ahead of ourselves. The short story goes like this: in a post by […]
EUR/USD: Between ECB’s Rate Call and US’s Core PCE Release. The U.S. economy is still buoyant, despite a high interest rate, as shown by last week’s Retail Sales numbers that exceeded expectations by a hefty margin. During his anticipated speech on Thursday, Federal Reserve Chair Powell highlighted that the robust U.S. economy and the sustained […]