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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FOREX
- Selling pressures on Bitcoin have been rising significantly in the past few weeks after the cryptocurrency reached an all-time high of 68,992 on November 10th.
- The sharp consolidation in the US Dollar in the past two month have not been supporting Bitcoin, which is down over 40% from its record high and currently trading slightly above the $40,000 level.
- The recent rise in real interest rates, the deceleration in global liquidity and the fall in the total amount of negative-yielding debt, which could be seen as a measure of market stress, could have been some of the factors behind the consolidation in Bitcoin prices.
- Interestingly, gold prices have remained steady since the start of the year and continue to oscillate around the $1,800 level.
- A major characteristic of gold is that it is defined as a ‘zero-beta’ asset, which tends to either remain flat or appreciate in periods of market selloffs.
- Hence, the recent consolidation in US growth stocks (with Nasdaq composite breaking below its 200DMA) could increase the downward pressure on Bitcoin in the near term.
- Key level to watch below $40,000 stands at $30,000, which acted as a strong support in the past year (rejected several times in the last drawdown).
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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