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FAMEEX Daily Highlights | Britain Announces Plans for ‘Robust’ Crypto Rules

2023-02-02 14:17:45

Top Trending Crypto News Today

Pick n Pay - a Major Retailer Will Accept Bitcoin at 1,628 of its Outlets in South Africa
Following a three-month trial testing period at 39 locations, the South African grocery retailer Pick n Pay is extending its 
 coverage to all 1,628 stores nationwide.

Britain Announces Plans for ‘Robust’ Crypto Rules, Launches Consultation
The executive power in London has announced plans to regulate a wide range of crypto-related activities through new rules for the young industry that will be consistent with Britain’s regulations for the traditional financial sector. A public consultation on the proposals has been launched and will continue until the end of April. (

Daily Crypto Market Analysis - Growing and Forecast

Yesterday, 38.09M USDT longs and 62.67M USDT shorts were liquidated on the entire network. The net liquidation was 24.58M USDT shorts. Yesterday's total liquidation amount increased slightly, and the market activity saw a slight increment.

The Fear & Greed index rose slightly to 56, the market sentiment remained stable, and was no longer pessimistic.

Bitcoin Ahr999 has slightly increased to 0.60, and is now above the bottom line (0.45) and below the DCA line (1.2). The numbers reflect that the current short-term trend is no longer so weak, but the long-term trend is still a bear market.

In the last trading day, all three major US stock indexes rose. The DJI was the weakest, with a slight increase of 0.02%, the S&P 500 rose by 1.05%, while the Nasdaq was the strongest, with a surge of 2.00%. The two major cryptocurrencies also rose yesterday, with BTC and ETH rising by 3.64% and 5.63% respectively.

In terms of monthly performance, the S&P rose by 6.2%, the best January performance since 2019, while the Nasdaq surged by nearly 10.7%, the biggest monthly gain since July last year. The DJI rose more than 2.8%, marking the third monthly gain in four months.

In terms of data, the ADP Employment Report showed that private employment increased by 106,000 in January last year, far below market expectations. The US ISM Manufacturing PMI fell more than expected in January, dropping to 47.4 from 48.4, and the Manufacturing PMI was 46.9 in January. The JOLTS report showed that job openings increased from 10.44 million to 11.012 million in December, exceeding market expectations.

In terms of politics and economy, the 12 members of the Federal Open Market Committee (FOMC) unanimously agreed on Wednesday to raise the target range for the federal funds rate to 4.5%-4.75%, the highest since October 2007.

Federal Reserve Chairman Powell pointed out at the press conference after the meeting: "we can now say for the first time that the disinflationary process has started". At the same time, Powell pointed out that the Fed is discussing raising interest rates to a more restrictive level and then suspending interest rate hikes. If the economic situation is in line with expectations, it is not expected to cut interest rates in 2023.

Most of the mainstream cryptocurrencies rose yesterday, ranging from -0.23% to 11.16%, DOGE was down by -0.23% in contrast to yesterday's strength. AVAX was the strongest, up 11.16%. The two major cryptocurrencies were also on the rise, with BTC and ETH up 3.64% and 5.63% respectively.

Looking at BTC from the 4-hour candles, The price broke the previous high of 23961 and hit the 24,000 mark, and the long-side once again regained the dominance of the trend. Although the moving average has not yet returned to show a long position, the key support price of 22,500 has been stabilized, and the long-side has launched a counterattack.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FAMEEX's official view.

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