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Tackling risks
Bank of England deputy governor for financial stability, Jon Cunliffe, recommended forming a set of regulations – similar to conventional financial systems – to tackle risks within the cryptocurrency ecosystem while improving investor confidence.
Market Turns Red
The crypto market turned red Tuesday as the majority of cryptocurrencies bled profusely and Bitcoin lost the $20,000 price level.
Bet isn’t paying off
El Salvador’s bitcoin holdings have lost about 60% of their presumed value during the recent market plunge. The use of bitcoin among Salvadorans has collapsed, and the country is running out of cash.
BTC/USD dove 1.3% in the last session
The Bitcoin-Dollar pair dove 1.3% in the last session. The Williams indicator is giving a negative signal. Support is at 20128.8233 and resistance at 21952.9493.
The Williams indicator is giving a negative signal.
ETH/USD dove 1.5% in the last session
The Ethereum-Dollar pair plummeted 1.5% in the last session. The Williams indicator is giving a negative signal, which matches our overall technical analysis. Support is at 1116.831 and resistance at 1244.491.
The Williams indicator is currently in negative territory.
XRP/USD saw a minor dip of 0.2% in the last session
The Ripple-Dollar pair fell 0.2% in the last session after gaining as much as 1.0% during the session. The CCI is giving a negative signal. Support is at 0.3054 and resistance at 0.3548.
The CCI is currently in the negative zone.
LTC/USD plummeted 2.7% in the last session
The Litecoin-Dollar pair dove 2.7% in the last session. The RSI is giving a negative signal, which matches our overall technical analysis. Support is at 48.331 and resistance at 56.931.
The RSI is giving a negative signal.
Daily Economic Calendar:
US NFIB Business Optimism Index
The NFIB Business Optimism Index is the result of Small Business Economic Trends data collected quarterly surveys since 1974 and monthly surveys since 1986.
The US NFIB Business Optimism Index will be released at 10:00 GMT, the US 52-Week Bill Auction at 15:30 GMT, the Eurozone’s EcoFin Meeting at 07:00 GMT.
US 52-Week Bill Auction
Treasury bills are short-term securities maturing in one year or less. The yield on the bills represents the return an investor will receive by holding the bond until maturity.
EMU EcoFin Meeting
The Economic and Financial Affairs Council, the main decision-making body of the Council of the European Union, is composed of the Finance Ministers of the 27 European Union member states.
EMU ZEW Survey – Economic Sentiment
The ZEW Survey – Economic Sentiment measures institutional investor sentiment, reflecting the difference between the share of investors that are optimistic and pessimistic.
The Eurozone’s ZEW Survey – Economic Sentiment will be released at 09:00 GMT, Germany’s ZEW Survey – Current Situation at 09:00 GMT, and the UK’s 10-y Bond Auction at 09:30 GMT.
DE ZEW Survey – Current Situation
The ZEW Survey – Current Situation measures the current institutional investor sentiment, reflecting the difference between the share of investors that are optimistic and pessimistic.
UK 10-y Bond Auction
The auction sets the average yield on the bonds auctioned off. Yields are set by bond market investors, and therefore they can be used to estimate investors’ outlook on future interest rates.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2022/07/crypto-daily-daily-crypto-and-financial-news-12072022-el-salvador-s-bitcoin-bet-going-out-of-control