The crypto market has seen a renaissance this month, with Bitcoin up by approximately 40% since the month began.
Bitcoin continued to rise firmly yesterday in weekend trading, reaching a new 6-month high price just below $24k. Bitcoin is in a new long-term bullish trend and will likely see higher prices over the coming days, although it faces overhead resistance below $25k.
Global stock markets are mostly trading lower as the week begins, with the Chinese Hang Seng Index a notable lower, down by more than 1.8% on the day.
In the Forex market, the US Dollar remains firm, but most of the action is in other currencies, notably the strong Japanese Yen and the weak Australian Dollar.The EUR/USD currency pair remains within a valid bullish trend after reaching within just a few pips short of $1.09, so it is likely we will see higher prices there over the coming days.
Daily confirmed new global coronavirus cases decreased last week for the sixth consecutive week, but there are serious doubts over the veracity of China’s official statistics, which almost certainly dramatically understate new coronavirus cases.
Total confirmed new coronavirus cases worldwide stand at over 674.8 million with an average case fatality rate of 1.00%. Daily new confirmed cases have fallen to a low level not seen since the summer of 2020.
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.