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Bitop Exchange – U.S. market and cryptocurrency review on November 15, 2022

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Bitop Exchange – U.S. market and cryptocurrency review on November 15, 2022

November 16
01:15 2022

On the first trading day of this week, the U.S. stock market traded two sides, consolidated last week’s huge gains, and fell at the end of the session, the three benchmark stock indexes closed lower with nearing session low, Dow Jones Industrial Average closed down 0.63%, the S&P 500 closed down 0.89%, and the NASDAQ Composite fell 1.12%, last week Dow rose 4.15%, the S&P 500 gained 5.9%, and the NASDAQ added 8.1%, the latter posted its biggest weekly gain in nearly eight months.

Fed Vice Chairman Lael Brainard said in an interview that it might be appropriate soon to slow down the current pace of rate hikes. there is still a lot of work to be done, the remark is almost the same as Fed Governor Christopher Waller’s speech over the weekend. The New York Fed’s October survey showed that consumers’ one-year inflation expectations rose to 5.9% from 5.4% of the previous month, and three-year inflation expectations rose to 3.1% from 2.9%.

The yield on the US 10-year treasuries rose modestly to 3.87%, still, not far from a five-week low, and the yield on the 2-year note, which is more sensitive to monetary policy change, rose 8 basis points to 4.41%. The dollar index ever rebounded strongly 0.9%, and topped the 107 mark, but ended paring most of its gains as more Fed officials signaled a slowdown in the pace of tightening, the euro recovered almost all drop against the dollar.

WTI December crude rose and then declined, closed down 3.47% at $85.87/b, Brent January crude closed down 2.97% at $93.14 a barrel as the dollar strengthened, also OPEC latest report lower its forecast for global oil demand growth in 2022 by 100,000 b/d to 2.55 million b/d, also lower 2023 global oil demand growth forecast 100,000 b/d to 2.2 million b/d, this is the fifth time OPEC has lowered demand outlook this year. COMEX December gold ended rising 0.4% at $1,776.90 an ounce, hitting a new three-month high for three consecutive trading days, December silver futures closed up more than 2%, hitting a five-month high above $22.00 an ounce.

The main cryptocurrencies swung on Monday, bitcoin price once again fell below the $16,000 mark, approaching a two-year low of $15,635 set last Wednesday, then rebounded, and ended rallying about 1.7%, Ethereum price also rose after falling below the $1,200 mark. Bitcoin daily K line formed a “doji” pattern, can be regarded as the “morning shoot star” at the bottom, which is a positive signal, if the next two days, the daily high is moving up, may indicate a short-term bottom, daily slow stochastic and other technical indicators show stabilization at the oversold area and move upward signs, resistances are seen at the $17,000 mark, $17,055 and $17,905, the latter two are 23.6% and 38.2% Fibonacci retracement of November 5-November 9 decline. The news said that since the cryptocurrency exchange FTX filed for bankruptcy, some investors have been unable to withdraw cryptocurrency assets from FTX, we do not rule out the possibility that the liquidity crisis will further assault the entire cryptocurrency circle.

If people are looking for a highly secured exchange platform with high-volume trading and a user-friendly interface for both beginner and experienced traders, Bitop is the right choice for you.

Start trading now at www.bitop.com or check out their social media accounts:

Facebook: https://www.facebook.com/BitopGlobal

Twitter: https://twitter.com/bitop_exchange

Instagram: https://www.instagram.com/bitop_exchange/

Media Contact
Company Name: Bitop
Contact Person: Bitop Team
Email: Send Email
Country: Singapore
Website: www.bitop.com

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