Money

Cryptocurrencies stage recovery following Bitcoin’s retreat

Published

1 year ago

March 7, 2024

Ahron Young

Cryptocurrencies witnessed a strong rebound on Wednesday, reclaiming much of the ground lost during the previous day’s sell-off, triggered by a retreat in bitcoin after hitting a new all-time high.

Bitcoin surged 7.9% to reach $67,273.54, according to Coin Metrics, while ether, the second-largest cryptocurrency, soared over 13% to $3,872.56, marking its highest level since January 2021.

On Tuesday, Bitcoin reached a new intraday record of $69,210, its first since November 2021, before experiencing a sharp pullback shortly after hitting the milestone.

Enclave Markets CEO David Wells described Tuesday’s sell-off as a “bullish sharp correction,” which is typical after reaching a multiyear all-time high. He noted the likelihood of a second test of the highs and emphasized the significance of large options positions in determining future market movements.

CoinGlass reported $100 million in short liquidations and $236 million in long liquidations across centralised exchanges in the previous 24 hours. When traders use leverage to short bitcoin and its price rises, they buy bitcoin back from the market to close their positions, leading to further price increases and liquidations.

Profit taking

David Duong, head of institutional research at Coinbase, highlighted the spot-driven profit-taking initially observed during the sell-off, followed by significant long liquidations that reset the market.

He expressed optimism about the short-term outlook, suggesting that barring a major external shock, another large drop is unlikely.

Money

Markets surge as Fed hints at July cut

Fed’s Waller hints at July rate cut, boosting investor sentiment; Trump imposes 50% tariff on Brazil, provoking minimal market response.

Published

2 days ago

July 11, 2025

ticker NEWS

Fed’s Waller hints at July rate cut, boosting investor sentiment; Trump imposes 50% tariff on Brazil, provoking minimal market response.

Fed Governor Christopher Waller, tipped as a possible next Chair, signalled a July rate cut is on the table, calling current policy “too tight.” That’s been enough to supercharge investor sentiment.

Meanwhile, Trump has slapped a surprise 50% tariff on Brazil, sparking political tension. Brazil’s President responded with tough talk on “sovereignty,” but markets barely blinked, the Brazilian real dropped just 1%.

#StockMarket #FederalReserve #Bitcoin #AUD #TrumpTariffs #TickerNews

Money

Trump’s copper tariff shakes global markets

Trump’s 50% copper import tariff aims to strengthen U.S. manufacturing, impacting global supply chains and Chile significantly.

Published

3 days ago

July 10, 2025

ticker NEWS

Trump’s 50% copper import tariff aims to strengthen U.S. manufacturing, impacting global supply chains and Chile significantly.

President Donald Trump has unveiled plans to impose a 50% tariff on copper imports, a move set to rattle global supply chains and redraw the industrial map.

The tariff will hit within weeks, with Chile, the world’s largest copper exporter, expected to bear the brunt.

While Australia’s direct copper trade with the US is limited, analysts say the real message is strategic: the US is reinforcing its domestic manufacturing power.

#CopperTariff #DonaldTrump #TradeWar #GlobalMarkets #TickerNews

Money

RBA unexpectedly keeps interest rates steady at 3.85%

RBA surprises with decision to maintain interest rates at 3.85%, impacting economic forecasts and housing market activity.

Published

5 days ago

July 8, 2025

Ahron Young

RBA surprises with decision to maintain interest rates at 3.85%, impacting economic forecasts and housing market activity.

In Short:
The Reserve Bank of Australia has kept its cash rate at 3.85% despite concerns from the Housing Industry Association about its impact on new home construction. Although inflation is within target and there’s some market confidence, households are under financial strain amidst economic uncertainties.

The Reserve Bank of Australia has decided to maintain the cash rate at 3.85% following a split vote of six to three. This unexpected decision comes as the Housing Industry Association warns that these rates remain restrictive, potentially hindering new home building.

Senior economist Tom Devitt stated that the rates will delay necessary building activity but noted improved market confidence following previous rate cuts.

Current inflation data shows the RBA’s preferred measure has been declining and remains within the target range. However, household spending is under strain, with Australia experiencing a per capita recession since mid-2022.

Labour costs

The RBA’s decision was influenced by concerns over productivity growth and high unit labour costs, affecting its inflation outlook. While some economists anticipated a rate cut, the RBA opted for caution due to economic uncertainties, both domestically and internationally.

The bank acknowledged gradual recovery in private demand and household incomes but highlighted ongoing challenges in passing cost increases to final prices.

Despite the hold on rates, price rises in essentials like petrol continue to impact Australian households. The RBA emphasized the need for ongoing assessment before making future rate changes, suggesting a careful approach in response to evolving economic conditions.