BTC-ETH Correlation Weakens, Crypto Daily TV 17/5/2023

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Bitcoin-Ether correlation weakens

Bitcoin and ether, the world’s top two cryptocurrencies by market value, moved in tandem for much of 2022. That positive relationship has weakened this year, signaling an impending regime change in the market. As of this week, the 30-day rolling correlation between changes in bitcoin and ether prices was 77%, the lowest since 2021.

OpenAI to secure $100m Worldcoin funding

OpenAI boss Sam Altman is reportedly in “advanced talks” of securing $100 million funding for Worldcoin, a project aimed at creating a collectively owned and globally distributed cryptocurrency.

Volatility and volume continue to decline in Bitcoin trading

Trading ranges within bitcoin markets continue to narrow, a sign that uncertainty remains the order of the day for the largest cryptocurrency by market capitalization. Simultaneously BTC’s share of overall crypto markets continues to rise, indicating that it remains the safe haven digital asset for investors.

BTC dropped 0.8% against USD in the last session.

Bitcoin dropped 0.8% against the Dollar in the last session. The ROC is giving a negative signal. Support is at 26301.3333 and resistance is at 28115.3333.

The ROC is currently in negative territory.

The Ethereum-Dollar pair gained a moderate 0.1% in the last session.

The Ethereum-Dollar pair made a minor upwards correction in the last session, rising 0.1%. The Ultimate Oscillator is giving a positive signal. Support is at 1757.7033 and resistance is at 1874.9233.

The Ultimate Oscillator is giving a positive signal.

The last session saw XRP drop 0.6% against USD.

The Ripple-Dollar pair fell 0.6% in the last session. The Stochastic-RSI is giving a positive signal. Support is at 0.4174 and resistance is at 0.4352.

The Stochastic-RSI is currently in positive territory.

LTC/USD exploded 2.7% in the last session.

The Litecoin-Dollar pair skyrocketed 2.7% in the last session. The RSI is giving a positive signal. Support is at 79.641 and resistance is at 92.081.

The RSI is giving a positive signal.

Daily Economic Calendar:

US Housing Starts

The Housing Starts captures how many new single-family homes or buildings were constructed. It is a key indicator of the housing market. The US Housing Starts will be released at 12:30 GMT, the US MBA Mortgage Applications at 11:00 GMT, and the Eurozone’s Harmonized Index of Consumer Prices at 09:00 GMT.

US MBA Mortgage Applications

The MBA Mortgage Applications released by the Mortgage Bankers Association presents various mortgage applications. It is considered a leading indicator of the U.S Housing Market.

EMU Harmonized Index of Consumer Prices

The HICP is a measure of price movements or inflation harmonized across EU Member States. It is similar to the national Consumer Price Indices (CPI).

DE 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. Germany’s 10-y Bond Auction will be released at 09:30 GMT, Japan’s Exports at 23:50 GMT, and Japan’s Imports at 23:50 GMT.

JP Exports

The Exports measure the total exports of goods and services by the local economy. Steady demand for exports helps to support growth in the trade surplus.

JP Imports

Imports of goods and services consist of transactions in goods and services (purchases, barter, gifts or grants) from non-residents to residents.

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.