Bitcoin Plunges to 2-Year Low Price

The US Dollar continues its decline for a third successive day, as Bitcoin falls sharply to a new low as an emergency deal between two major crypto exchanges is announced.



  1. Bitcoin fell sharply some hours ago to reach a new 2-year low just above $17k, triggered by news of an emergency deal between the crypto exchanges FTX and Binance, raising fears of contagion within the retail crypto industry. The price has recovered a bit but remains below the former support level at $18,570. However, there seems to be strong new support at $18k and the price does not want to spend long below that level, suggesting there are still strong long-term buyers stepping in here.
  2. The US Dollar continued to decline for a third day, as stock markets rose weakly. Both are likely driven by the likelihood of the Republicans making gains in mid-term congressional elections which took place yesterday, with key results continuing to trickle in through the night in the USA. The British Pound is showing the best medium-term strength against the Dollar, putting the GBP/USD currency pair in focus.
  3. Initial results in the US mid-terms suggest that Republicans are making gains, but that they may not do well enough to take control of the Senate. The better Republicans do, the more of a positive bump the stock market will be likely to enjoy, and the more the US Dollar will likely decline against other major currencies.
  4. WTI Crude Oil seems to have made a technical bearish double top at $93.50, suggesting the current downwards movement may have some way to run.
  5. Daily new global coronavirus cases dropped last week, continuing a downwards trend which began last July.
  6. It is estimated that 68.2% of the world’s population has received at least one dose of a coronavirus vaccination, while approximately 8.1% of the global population is confirmed to have contracted the virus at some time, although the true number is highly likely to be much larger.  
  7. Total confirmed new coronavirus cases worldwide stand at over 638.4 million with an average case fatality rate of 1.04%.  
  8. The rate of new coronavirus infections appears to now be significantly increasing only in Japan.  
Buka akaun dagangan patuh syariah anda di Weltrade.
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