Fundamentals and expected events: week 23
Crypto markets: Bitcoin has managed to reverse the bearish development of past several weeks, rising above the $31,400 level after a bearish weekend and adding 5.1% to its USD exchange rate. Ethereum and other top cryptos have been following the king crypto to the North, with ETH rising 5.2%. Analytical company Santiment informed that mega whale addresses that hold between 100+ and 10,000+ Bitcoins have been accumulating heavily and by now, they hold their biggest supply of BTC in 2022. PlatonCoin broke above the level of USD 1 and also EUR 1 and is very near its historical ATH now.
Stock and commodity markets: Indices from the Asia-Pacific region traded higher at the start of the new week. European indices did the same. Oil has recovered from its recent decline and is trading at its highest level in almost 3 months. United States to allow Italy’s Eni and Spain’s Repsol to buy Venezuelan oil without violating sanctions. Precious metals are also rising, most notably silver and palladium.
Fundaments and important events: Macro data from Czech republic and surrounding countries regarding industrial production, foreign trade and construction in April fell short of market expectations. The data were affected by high prices of imported raw materials and continuing problems with the supply chain disruptions. On a positive note, the pandemic situation in China continues to improve. ECB will decide on its interest rates on Wednesday and CNB is expected to increase the basic interest rates as well, since CNB Governor Jiří Rusnok said during the weekend that he expects a decision on a rate hike of 0.75% or more at this month’s meeting. Currently, the base rate is at 5.75%, the highest since 1999.
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Cryptomarkets and marketcap: week 23
BTC / USD
ETH / USD
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