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Bitcoin Breaks $30K Amid Bullish Sentiment, Powell Testimony

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Bitcoin price crossed the 30K mark on Binance, with crypto traders showing increasing bullishness.

Experts forecast even higher BTC prices leading up to the upcoming halving event, which is a few months away. Institutional adoption, as evidenced by Blackrock, WisdomTree, and Invesco’s spot BTC ETF applications, is driving the asset’s price rally.

This surge in Bitcoin price marks the largest short squeeze in June, liquidating over $82.67 million in short positions.

With the break past $30,000, Bitcoin’s bullish trend reversal has been confirmed, after weeks of industry-wide price decline due to regulation.

Is Gold Headed for a Dip? Powell’s Comments Risk Move Lower

After weeks of sideways movement, the price action of XAU/USD is pointing towards a potential downward shift. With key support possibly breaking, investors need to keep a watchful eye for coming changes.

Recent hawkish remarks from the Federal Reserve Chair are adding to the vulnerability of gold. Powell’s testimony predicting a likely further rate increase and no pause in the hiking cycle places an added burden on XAU/USD.

Atlanta Fed President Raphael Bostic’s comments, while slightly dovish, may also contribute to a reduction in the yellow metal’s value.

Will it persist, or recover? Stay informed.

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Tech Stocks Take a Hit: What’s Behind the Recent Decline and What Could be Next?

After three days of declines, the tech-powered stock rally showed signs of slowing down. Futures on the Dow Jones, S&P 500, and Nasdaq 100 are all down as a result.

Several major averages slid over the past week, including the S&P 500 (down 1%) and the Nasdaq Composite (down 1.2%).

Wednesday was particularly rough, with the S&P 500 seeing its worst performance in June and the Nasdaq Composite also suffering its worst performance since June 7.

Federal Reserve Chair Jerome Powell’s recent announcement that there are likely more rate hikes to come only added to investors’ concerns.

If other central banks follow suit, it may be easier for the Fed to continue aggressive tightening.

Powell is set to deliver his Monetary Policy Report to the Senate Banking Committee on Thursday, where investors will be on the lookout for further comments on inflation and interest rates.

Also on Thursday, economists are expecting to see a total of 256,000 in weekly jobless claims data.

Meanwhile, Europe wakes up to a bearish market as early Thursday trade sees a sharp decline across all sectors. The Stoxx 600 index drops 1.27% at 8:38 a.m.

London time, with autos shedding 2.1% and banks following closely behind with a 2.6% fall. The CAC 40 in France and Germany’s DAX both hit 1.2% and 1.08% decline, respectively.

The U.K.’s FTSE 100 suffers a 1.2% slump ahead of a major monetary policy decision as markets speculate about a potential 50 basis point hike.

Tesla’s stock suffered its biggest decline in two months on Wednesday, dropping 5.5%, after a prominent Wall Street analyst advised investors to cash in some of their gains.

The analyst, Dan Levy from Barclays, argued that Tesla’s recent rally had ignored pressing concerns about the stock’s fundamentals.

Even though Tesla is currently trading at an astronomical P/E ratio of 80, Levy believed the stock’s surge was largely due to AI-based trading trends and excitement surrounding the company’s decision to allow other brands to use its Supercharger network.

The analyst made some convincing points that justify a more conservative approach to investing in Tesla, so it may be wise to heed his advice and take a step back.

Powell Testimony Key Takeaways

Federal Reserve Chair Jerome Powell testified before Congress on Wednesday, discussing the central bank’s plans to combat inflation and regulate the banking industry.

Powell reaffirmed the Fed’s commitment to battling inflation with potential rate hikes, but assured lawmakers that their policy moves would evolve as inflation approaches their target.

Despite fears of job loss, Powell also emphasized the strength of their labor market.

While Republicans expressed concerns about forthcoming banking regulation, Powell suggested that new regulations would mainly affect large banks and not smaller ones.

Overall, Powell’s testimony highlighted the Fed’s focus on maintaining economic stability.

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  • Zahari Rangelov

    Zahari Rangelov is an experienced professional Forex trader and trading mentor with knowledge in technical and fundamental analysis, medium-term trading strategies, risk management and diversification. He has been involved in the foreign exchange markets since 2005, when he opened his first live account in 2007. Currently, Zahari is the Head of Sales & Business Development at TraderFactor's London branch. He provides lectures during webinars and seminars for traders on topics such as; Psychology of market participants’ moods, Investments & speculation with different financial instruments and Automated Expert Advisors & signal providers. Zahari’s success lies in his application of research-backed techniques and practices that have helped him become a successful forex trader, a mentor to many traders, and a respected authority figure within the trading community.