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Oil up as IEA warns of ‘substantial’ gas-to-oil shift [Video]

Admin by Admin
August 12, 2022
in Forex/CFDs/Cryptos News
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(Ipek Ozkardeskaya – Swissquote Bank Ltd)

US equities could hardly consolidate gains they posted following the Wednesday’s softer-than-expected inflation data in the US, even as the producer price index printed the first monthly decline since April 2020.

The barrel of US crude rebounded to $94 as the International Energy Agency (IEA) warned that the biggest US oil companies’ combined deficit is almost back to the historical lows, and that the soaring gas prices boosted the use of oil-power generation, and that the ‘substantial’ gas-to-oil switching is, in return, set to boost crude consumption for the rest of the year, even as demand growth from other parts of the economy slows.

Oil stocks gained along with the rebound in crude prices. But technology stocks and cryptocurrencies remain on a positive path as well, for now. Apple hit $170 yesterday, as Amazon is preparing to test its 200-DMA to the upside.

Elsewhere, gold remains under pressure, while Bitcoin tests $25K resistance- Ethereum’s final test before the Merge update was succesful, hinting that major cryptocurrencies could extend gains during the weekend.

FOMO into cryptocurrencies is not coming back anytime soon

(Alexander Kuptsikevich – FxPro Financial Services Limited)

Market picture

Bitcoin rose close to $25K on Thursday but failed to hold on to those heights, pulling back precisely to $24K on Friday morning and losing 2.4% overnight. Ethereum continues to outperform the market, losing 0.2% to $1900. Other top altcoins are losing between 1.5% (XRP, Dogecoin) and 3% (Polkadot).

Total crypto market capitalisation, according to CoinMarketCap, fell 1.4% to $1.15 trillion overnight.

Bitcoin failed to accelerate its rise on Thursday, rewriting two-month highs but failing to hold on to them. This bullish indecision was probably linked to a similar pullback in US stock markets, where buyers are also very timid and unsure.

Investors and traders should prepare themselves that the market will stick to such a pattern in the coming months, and the recovery trend will bear little resemblance to the FOMO-filled rallies rattling the crypto market.

Instead, it will be a period of foundation work, during which the market, stripped of its easy money, will leave the most talented and passionate enthusiasts. They see cryptocurrencies as more than just easy money and hype.

News background

In this regard, many eyes are on Ethereum, where developers have announced the successful migration of the third and largest Goerli test network to the PoS algorithm. The next step will be the merger of the core network, scheduled for September.

The world’s largest investment firm, BlackRock, has launched its first bitcoin-based product targeting institutional clients. It sounds encouraging, but so far, it is difficult to isolate any net positive effect in quotes.

At the same time, regulatory pressure on the industry is intensifying. Coinbase has reported that the US Securities and Exchange Commission (SEC) sought through the courts’ information on listing the company’s crypto-assets and proprietary products.

The UN Conference on Trade and Development (UNCTAD) called on world governments to impose additional taxes on cryptocurrency transactions and restrict their advertising.

The CFTC and SEC have proposed requiring significant cryptocurrency hedge funds with more than $500 million in assets under management to report risks associated with digital assets.

Read EURUSD Forecast: Euro could extend correction if 1.0300 resistance holds

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Tags: crypto market capitalisationFOMO into cryptocurrenciesForex/CFDs/Cryptos Newsgold remains under pressureUN Conference on Trade and Development
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