Thread: ForexMart's Forex News

July 26. China was suspected of wanting to completely ban bitcoin

Bobby Lee, one of the first crypto billionaires in China and the founder of the BTC China crypto exchange, says that he does not rule out the possibility of the Chinese authorities introducing a complete ban on the storage of bitcoin and other cryptocurrencies.

In his interview, Lee noted that the Chinese authorities have declared war on bitcoin due to their unwillingness to deal with an unregulated financial instrument. Lee also advised miners to sell their hardware before it dropped dramatically.

At the same time, the entrepreneur is still optimistic about the future of bitcoin. Lee believes that the rate of the most popular cryptocurrency in the current year can grow to $250 thousand, and by 2025 – to one million dollars. The billionaire stressed that Bitcoin's success has never depended on China or any other country.

Recall that in mid-July, the bitcoin rate fell below $30 thousand. A similar dynamic was associated with news from China, which banned large financial institutions in the country from conducting operations with cryptocurrency. However, then the cryptocurrency rate recovered and approached $40 thousand amid growing interest in the asset from Elon Musk, Katie Wood and Amazon.

July 27. Chinese stocks are hitting the worst crash since 2008

According to the results of the last two trading sessions, shares of Chinese companies listed in the United States have experienced their strongest decline since 2008. In particular, the Nasdaq Golden Dragon China Index, which tracks quotations of 98 organizations from China, fell by almost 15% in two days.

A panic sell-off has swept the stock market amid wider regulatory crackdown on tech companies and China's IT sector. Moreover, on Monday, the authorities announced a reform in the field of out-of-school education and the introduction of new requirements for food delivery services.

Hong Kong's Hang Seng Index fell 4.42% to 25.060, while its tech index fell 6.7% to its lowest level in more than a year. The iShares MSCI China A ETF fell 4.0% and the Shanghai Shenzhen CSI 300 fell 3.5% to its lowest level since October.

In addition, the Chinese application WeChat temporarily stopped user registrations, and the company that owns the service, Tencent, lost more than $ 100 billion in market value in two days.

July 28. ME shares rise amid recovery in Chinese exchanges

Emerging market equities rallied Wednesday after declining 5% in the previous three sessions. The reason for the strengthening was the completion of sales in the Chinese stock markets. Now the focus of market participants' attention is the results of the meeting of the US Federal Reserve System, at which, possibly, signals about the curtailment of incentives will sound.

The MSCI Emerging Markets Index climbed 0.5%. Exchanges in Turkey and Eastern Europe rose 0.4-0.6%. Additional support for emerging market currencies was brought by the general weakness of the US dollar and a narrow range of its fluctuations ahead of an important meeting of the regulator.

In particular, the Chinese yuan rose for the first time in five sessions, to 6,512.

The Turkish lira rose to 8.5665. The Hungarian forint retreated from three-month lows after the central bank raised rates by 30 basis points to 1.2%, stronger than expected. The South African rand rose to 14.8203.

July 29. Data on US inventories supported oil prices

On Thursday, oil prices began to rise, supported by data on declining US energy inventories. The current price of Brent oil is $74.65 per barrel, WTI oil is $73.27 per barrel.

According to data from the US Department of Energy, oil reserves in the United States fell by 4.1 million barrels last week – to the lowest level since January 2020. At the same time, gasoline stocks decreased by 2.3 million barrels, distillates – by 3.1 million barrels. Reserves in Cushing, where oil traded on the Nymex is stored, decreased by 1.3 million barrels over the week.

Analysts predicted a decrease in hydrocarbon reserves by 2.5 million barrels, gasoline – by 1.3 million barrels, distillates – by 1.6 million barrels. Experts note that the decline in oil, gasoline and distillate stocks in the United States suggests that energy demand in the country remains high, despite the renewed increase in the incidence of Covid.

At the same time, it is expected that global oil reserves will continue to decline throughout the remainder of this year against the backdrop of economic recovery in countries that are major energy consumers.

July 30. US stock indices decline on macroeconomic statistics

Major US stock indexes are falling on Friday after the publication of statistics on GDP and personal income.

In particular, the Dow Jones Industrial Average fell 0.26% to 34.981 points, the NASDAQ high-tech index fell 0.92% to 14.645,9 points, and the S&P 500 broad market index fell 0.50% to 4.397,6 points.

Market participants analyze US macroeconomic data. A day before the country's Ministry of Commerce published statistics on GDP, which came out worse than analysts' expectations. In the second quarter, the US economy grew 6.5% year-over-year, while analysts had forecast 8.5% growth.

Today, the US Department of Commerce published data according to which incomes of the country's population in June increased by 0.1% versus May, although experts had expected a decline of 0.3%. Consumer expenses in the reporting period increased by 1% against the forecast of growth by 0.7%.

Additional interest today is caused by statistics on consumer sentiment from the University of Michigan: according to the final estimate, the index fell to 81.2 points from the June level of 85.5 points. Analysts had expected the indicator to remain at the level of the initial estimate, which showed a decline to 80.8 points.

August 02. Cryptocurrency market in the first week of August

At the end of the last week of July, almost all cryptocurrencies completed trading in positive territory. Bitcoin managed to overcome the $40K level, rising to $41,100. Ethereum strengthened to $2,580 and XPR rose to 75 cents. The total cryptocurrency market capitalization has increased to $1.65 trillion.

As for mining, as a result of another recalculation, the difficulty of bitcoin mining increased by 6.03% and the indicator reached 14.5 trillion hashes. This was the first increase in difficulty since May 13, when the indicator peaked at $25.05 trillion.

As you know, the difficulty correlates with the bitcoin hash rate, which began to fall in May, after problems with the power supply of miners in the Chinese province of Sichuan. The Chinese authorities launched a crackdown on the crypto industry in the country, which also led to a reduction in the computing power of bitcoin. However, in July, the hash rate began to recover, after the return of the miners' equipment to the network, who moved the business from China to other jurisdictions.

Cryptocurrency rate dynamics

According to a report by Crypto.com, the number of cryptocurrency users worldwide more than doubled in the first half of 2021, reaching 221 million in July. Analysts believe that the main driver was the bitcoin rally, the growth of which was supported by the comments of such large companies as PayPal, MicroStrategy, Visa and Mastercard about the acquisition or plans to support the cryptocurrency.

However, in May, there were some events that turned the trend - in particular, Elon Musk's criticism of bitcoin led to a decrease in both the currency rate and the number of network users. At the same time, the indicators of altcoins increased (the number of owners of Dogecoin and Shibaswap increased by about 50%).

Ban in China

The People's Bank of China continues to try to fight the cryptocurrency industry in its country. The regulator believes that it is necessary to curb the trading rush around digital asset trading, and intends to continue to monitor financial platforms.

Recall that the Chinese authorities launched a fight against cryptocurrency trading back in 2017. Since then, large financial institutions in the country have periodically taken measures to contain the cryptocurrency rush.

August 3. IMF has allocated a record amount for economic recovery

The International Monetary Fund (IMF) will allocate SDR 456 billion (the unit of calculation of the fund itself, approximately $650 billion) from its reserves. The head of the organization, Kristalina Georgieva, said that this is a record amount of the fund's distribution in its history.

Georgieva stressed that the decision to inject the largest amount of funds into the world economy is historic.

It is noted that the funds will be transferred to the member countries of the fund in proportion to quotas. Of the $650 billion, a portion of $275 billion will go to developing countries and emerging markets. The IMF is confident that the disbursement will help meet the long-term global need for reserves, build confidence and strengthen the resilience of the global economy.

Recall, according to the July forecast of the IMF, the world economy this year will grow by 6%, next year – by 4.9%. For developing countries, the forecast was lowered by 0.4 percentage points – to 6.3%.

August 05. US stock market demonstrates growth

On Thursday, futures for US stock indices are growing moderately in anticipation of internal statistics, which may indicate the state of the world's largest economy.

So, the futures on the Dow Jones Industrial Average (DJIA) grew by 0.22% – up to 34,792 points, on the NASDAQ high-tech index – up to 15112.25 points, on the S&P 500 broad market index – up to 4407.25 points.

Markets today await fresh statistics from the US on the labor market and foreign trade. In particular, the Ministry of Labor is to publish data on the number of initial applications for unemployment benefits in the country over the past week. Analysts predict a decrease in the indicator to 384 thousand from 400 thousand a week earlier.

In addition, the Ministry of Trade will present data on the state of the trade balance in the country. According to experts' forecasts, the trade deficit increased in June to $ 73.9 billion from $ 71.2 billion a month earlier.

In general, experts are optimistic about the stock market prospects, including against the backdrop of strong financial performance of large American companies. Analysts expect that the stock markets may continue to grow next year, which will be 5-10%.

August 4. Retail sales in the eurozone in June increased by 1.5% compared to May

Eurozone retail sales rose 1.5% in June from a revised figure in May, according to a press release from the European statistical agency Eurostat. Analysts predicted an increase of 1.7%. May's estimate was revised downward: Eurostat now estimates growth at 4.1% instead of 4.6%.

On an annualized basis, retail sales in the euro area rose 5%. Analysts had expected an increase of 4.5%. The May figure was also revised to 8.6% from 9%.

In all EU countries, retail sales increased by 1.2% compared to May, and on an annualized basis – by 5.3%.

The countries with the strongest growth in retail sales are Bulgaria (+ 22.7%), Lithuania (+ 15.3%) and Slovenia (+ 12.8%). In Luxembourg, a decline of 3.2% was recorded.

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August 06. American stock indices rose 0.6-0.8%

The number of Americans applying for unemployment benefits for the first time last week fell by 14 thousand, that is, to 385 thousand people, according to a report from the US Department of Labor. This is the minimum level for the month. Analysts on average expected a decline to 384 thousand.

Meanwhile, the US trade deficit in June 2021 was $ 75.7 billion, up from a revised $ 71 billion in May, according to the country's Commerce Department. Experts on average expected the US foreign trade deficit to increase to $ 73.9 billion in June from the previously announced $ 71.2 billion in May.

Traders continue to closely monitor the worldwide spread of the new COVID-19 delta strain in an attempt to assess the potential impact on the global economy. The number of registered infections with the coronavirus COVID-19 in the world as of Thursday morning was 200 million 239 thousand 381, the American Johns Hopkins University reported. Since the beginning of the spread of the virus, the number of victims of diseases related to COVID-19 has reached 4 million 256 thousand 797 people.

Also in the spotlight are the statistics on the labor market, the publication of which is expected on Friday. Experts suggest that they will be key for the Federal Reserve System (FRS) against the background of the fact that the regulator is considering the possibility of tightening monetary policy.

According to investment strategist Edward Jones Angelo Kurkafas, this will be a big event this week, as it will directly affect the Fed's actions. Tomorrow's data and September's are critically important for the representatives of the regulator's management before deciding on the curtailment of stimulus measures and when and at what pace to implement it.

By the close of trading, the Dow Jones Industrial Average rose by 271.58 points (0.78%) and amounted to 35,064.25 points.

Standard & Poor's 500 gained 26.44 points (0.60%), rising to 4429.10 points. The indicator has renewed its all-time high.

The Nasdaq Composite rose by 114.58 points (0.78%) and amounted to 14895.12 points.

Uber Technologies shares rose 3%. The American taxi-ordering and food delivery company hit profitable levels in the second quarter of 2021 thanks to an unrealized revenue of about $ 1.9 billion from a revaluation of its stake in Didi Global Inc. and Aurora Innovation Inc.

Occidental Petroleum Corp. share price rose by 2%. The American shale producer cut its net loss in the second quarter of 2021 by 3.5 times compared to the previous quarter amid rising oil and gas prices.

Electronic Arts Inc. fell in price by 2.2%. One of the leading PC game manufacturers in the world reduced its net profit in the first financial quarter by 44%, but increased its revenue.

Etsy Inc. decreased by 9.7%, although the US online trading platform increased net income and revenue in the second quarter stronger than expected.

Moderna Inc. declined 0.7%, despite the fact that the American biotech company reached profitable levels in the second quarter of 2021. At the same time, profit significantly exceeded expectations on the background of the sale of 199 million doses of the coronavirus vaccine developed by the company.