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【Bitop Market Observation】U.S. market and cryptocurrency review

31/03/2023 01:50:26

U.S. stocks continued to rise on Thursday, breaking away from the bearish impact of Fed officials' hawkish remarks of favoring keeping raise rates, the Dow Jones industrial average closed up 0.43%, the S&P 500 closed up 0.57%, and the Nasdaq Composite closed up 0.73%, hitting another six-week high, most sectors were not in the red, the financial stocks declined solely, the White House called for further supervision and regulation on banking industry.

 

U.S. Labor Department data showed that jobless claims rose by 7,000 to 198,000 in the week ended March 25, higher than expectations, which is the first rise in three weeks, with a four-week moving average of 198,250, registering a two-month high.

 

Boston Fed President Susan Collins, Minneapolis Fed President Neel Kashkari and Richmond Fed President Thomas Barkin latest speeches restressed that the inflation remains too high, needs raise interest rates further.

 

U.S. benchmark 10-year Treasuries yield closed near flat, the 2-year Treasuries yield, which is more sensitive to interest rates change, edged up to 4.12%, rising for four consecutive days. The 10-year German Bund yield, which is the eurozone's benchmark, rose about 4 basis points to 2.37%, the 2-year German bund yield rose nearly 9 basis points to 2.72%, both hitting two-week highs. The dollar index closed down nearly 0.5%, approaching the 102.00 mark in the session, the euro rose more than 0.55% against the dollar, standing at the 1.09 mark, hitting a one-week high, Germany's consumer price index (CPI) rose 0.8% month-over-month, rose 7.4% year-over-year in March, the later was 1.3 percentage points lower than the previous month reading, but higher than market expectations.

 

WTI May crude closed sharply up 1.92% at $74.37 a barrel, Brent May crude closed up 1.26% at $79.27 a barrel, hitting another two-week high. COMEX April gold closed up 1.5%, approaching the $2,000/ounce mark, the highest close in 11 months.

 

Bitcoin price once soared, standing at $29,100 level, approaching the nine-month high of $29,380 set on Friday, but closed down more than 1%, once lost the $28,000 mark in the late session, the breakthrough failure once again indicates that the current top of the consolidation box is solid, at the same time, the support has also been tested several times, proving to be reliable, the opening of the daily Bollinger channel shows a sign of contraction, we believe that change trend needs the opening further be narrowed, meanwhile, there was also a "false breakout" in hourly chart, a small positive line with a long upper shadow appears on the 4-hour chart, then it continues to pullback.