Next FOMC meeting: July 26 2023.
Binance, the leading cryptocurrency exchange, has announced the imminent launch of Binance Web3 Japan. The new initiative aims to promote Web3 technologies and blockchain adoption in Japan, aligning with the growing interest in decentralized finance (DeFi) and the broader Web3 ecosystem. By establishing a presence in Japan, Binance seeks to tap into the country's tech-savvy population and position itself as a key player in the evolving Web3 landscape. As Web3 technologies continue to gain momentum globally, Binance's expansion into Japan is expected to drive greater awareness and adoption of blockchain-based innovations in the country's financial and technology sectors.
Major financial firms, including Fidelity, Citadel, Charles Schwab, ED&F Man, and Talos, have joined forces to create a new platform aimed at increasing efficiencies in the cryptocurrency trading process. The collaboration will focus on streamlining post-trade processes, such as clearing and settlement, to reduce costs and enhance operational capabilities in the crypto market. By leveraging their collective expertise and resources, these financial giants seek to address some of the existing challenges faced by institutional investors when trading digital assets. The move indicates growing institutional interest and confidence in the cryptocurrency space, as more traditional financial players seek ways to participate in and improve the emerging digital asset ecosystem.
Binance, facing a complex legal battle with the U.S. Commodity Futures Trading Commission (CFTC), plans to seek dismissal of the charges filed against the exchange. The CFTC alleges that Binance allowed U.S. residents to trade cryptocurrency derivatives illegally, despite not being registered with the commission. In response, Binance asserts that the CFTC lacks jurisdiction over digital assets. The legal dispute highlights the challenges and complexities surrounding the regulatory oversight of cryptocurrencies, particularly when exchanges operate across international borders. The outcome of this legal battle could have significant implications for the cryptocurrency industry and the jurisdictional boundaries for regulatory authorities seeking to oversee digital asset trading platforms.
Elon Musk recently provided an explanation for the rebranding of Twitter to 'X,' emphasizing that it entails more than a mere change of name. Musk envisions 'X' to evolve into a platform that offers comprehensive communication features and the capability to manage one's entire financial affairs.
In another development, the International Monetary Fund (IMF) raised its projection for global economic growth in 2023 by 0.2%, now standing at 3% compared to the 2.8% forecast made in April. However, the IMF maintained its 2024 growth estimate at 3%. The organization expressed concerns over stricter credit conditions, reduced household savings in the United States, and a slower-than-anticipated economic recovery in China, influenced by the impact of stringent Covid-19 lockdowns.
Following the conclusion of the trading day, notable tech giants Alphabet and Microsoft are scheduled to disclose their quarterly results. The market awaits these announcements with interest, as they may potentially influence both the equity and cryptocurrency markets, despite a noticeable decrease in their correlation over the past couple of months.
Moving on with Bitcoin, BTCUSDT has started to recover and bounced off today’s session low of $29,075 and reached a high of $29,330. Bids were piling up around the $29k mark which explains the rebound. For now, the order book is showing some resistance around $29,400 with support near $28,600. As long as the US dollar index keeps grinding higher, we can expect risk assets to feel a bit of pressure. Given the sudden drop on Bitcoin, we believe BTC should outperform NQ in the very short term, especially that the RSI is rebounding straight from oversold territory.
There is a considerable amount of discussion on the internet regarding the potential integration of Dogecoin into Twitter's payment system. Recent changes to Elon Musk's Twitter bio have sparked renewed speculation about the possibility of using Dogecoin for transactions on his all-inclusive "everything app." Notably, Musk's profile location now displays both an "X" in reference to Twitter's new branding and a "D," which many have interpreted as a nod to Dogecoin. This cryptocurrency is a meme coin that Musk has openly endorsed in the past.
DOGE is up 17% since the start of July and +4% today.
Today the DOGE price climbed nearly 5.5% to $0.078, its highest level in two months.
The token’s intraday gains came as a part of a weekly rally that started two days ago when Elon Musk rebranded Twitter to X while adding the DOGE symbol to his bio.
There are also speculations that Twitter’s rebrand to X would add a DOGE payment option.
DOGE/USDT - Price structure is in a strong uptrend, with the 'X' news being the catalyst for the most recent leg to the upside. We expect the region of demand to act as support for this trend to continue.
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