Forex Today: Bitcoin Reaches New 2-Year Low Price

Cryptocurrency is in focus as Bitcoin continues to trade lower to record lows as markets await potential contagion from FTX bankruptcy.

  

   
  1. Bitcoin is continuing its firm downwards trend, making a new 2-year low price is recent hours as it traded close to $15,500. It remains likely to continue lower to at least $14,000 where the nearest key support level is likely to be located. Crypto is being hit by both deteriorating risk sentiment, the sense that the crypto bubble has truly burst, and fears over the ultimate impact of FTX’s bankruptcy a few days ago.
  2. FOMC Mester called for a more restrictive policy from the Fed, saying the Fed is “barely in restrictive territory”. Minutes of the Fed’s recent meeting will be released tomorrow. Fed members Mester, George, and Bullard will all be speaking publicly later today.
  3. In the Forex market, while the US Dollar is continuing to show some strength, but has started to sell off quietly towards the end of the Asian session, with the New Zealand Dollar and the Euro showing some short-term strength.
  4. The Reserve Bank of New Zealand is expected to hike rates later by another 0.75% later to reach a rate of 4.25%, which would be the highest interest rate of any major currency.
  5. Daily new global coronavirus cases remained steady last week, maintaining a downwards trend which began last July.
  6. It is estimated that 68.4% of the world’s population has received at least one dose of a coronavirus vaccination.  
  7. Total confirmed new coronavirus cases worldwide stand at over 643.4 million with an average case fatality rate of 1.03%.  
  8. The rate of new coronavirus infections appears to now be significantly increasing only in China, Japan, the Solomon Islands, and Tuvalu.  
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.