3/9/2023 0 Comments Crypto market watch liveThe information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. So not a market to get excited about yet, but one that really should go back on your radar given the key band of support it is sitting on. The market has recently failed at the 55-day ma, so it has not really done enough to suggest that it is ready to head higher either. It looks like a breakout above the September high is on the cards, as rates continue to print bullish characteristics.ġ 2 1 Gold - not exciting yet, but needs to go back on to your radar We are in consolidation mode around the 1615 zone, this is the 55-month ma, a long term Fibo and the mid-point of a long-term up channel. The USD/CNH has, in response, started to move higher again. But the fact that China has delayed the release of the data does not look good and investors are worried that the world’s second largest economy may have performed even poorer than those expectations.Īt the same time, the Fed has yet to indicate that it is ready to pivot to a more dovish stance. The renewed weakness in the yuan has been mirrored in the price action of things like copper and China's stock market, which fell overnight despite US and European indices rallying.įears over global growth intensified after China decided to postpone, without giving a reason, the release of its third quarter growth and industrial production figures that were due for publication this Wednesday.Īnalysts think that economic growth there has slowed to a new three-decade low of 3.3% compared to 4.9% recorded in the same period a year ago. Securities and Exchange Commission Chairman Gary Gensler has said that the crypto industry is “rife with fraud, scams and abuse” and that his agency needs more authority from Congress - and more funding - to regulate the market.11 3 8 USD/CNH set for fresh breakout as growth concerns intensify The USD/CNH is definitely worth watching as the recession narrative comes back to the forefront of investors' minds. Right before the implosion of Terra, the Fed said in its semiannual report on financial stability that stablecoins are vulnerable to “runs” that could harm owners of the coins. financial system and will require new rules to protect consumers. In March, Federal Reserve Chair Jerome Powell said new forms of digital money such as cryptocurrencies and stablecoins present risks to the U.S. needs a regulatory framework to guard against the risks surrounding cryptocurrencies and stablecoins. Treasury Secretary Janet Yellen, responding to the volatility in the crypto markets said that the U.S. There has been a lot of talk about regulating cryptocurrencies, but little in the way of action. That’s because the value of many stablecoins is pegged to a government-backed currency, such as the U.S. Stablecoins have been viewed as a safe harbor among cryptocurrencies. “The rapid ongoing evolution of the digital financial system at the national and international levels should lead us to frame the question not as whether there is a need for a central-bank-issued digital dollar today, but rather whether there may be conditions in the future that may give rise to such a need,” Brainard said. “More broadly, it is important for the United States to play a lead role in the development of standards governing international digital finance transactions involving CBDC’s consistent with the norms of privacy, accessibility, interoperability, and security,” Brainard said.īrainard told the committee that “recent turmoil” in crypto markets has shown that actions, such as a new regulatory framework or rolling out a “digital dollar,” must be considered. currency was still relied on into the future. She said the Federal Reserve issuing a digital currency could ensure that U.S. WATCH: Yellen calls for new regulations amid Crypto declineīrainard noted that other countries and central banks have already begun to pilot digital currencies including in China and Europe. “In some future circumstances, could coexist with and be complementary to stablecoins and commercial bank money by providing a safe central bank liability in the digital financial ecosystem, much like cash currently coexists with commercial bank money,” Brainard said before a hearing of the House Finance Committee. A digital currency issued by the Federal Reserve could be implemented alongside stablecoins–cryptocurrencies that are intended to be pegged to a currency or commodity that is less volatile, Board of Governors Vice Chair Lael Brainard said on Thursday.
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