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ECB President Lagarde Warns of ‘Major Disaster’ If US Defaults on Debt Obligations

ECB President Lagarde Warns of ‘Major Disaster’ If US Defaults on Debt ObligationsThere is a lot of discussion lately about the U.S. government’s debt ceiling and whether Congress will act before defaulting. In a recent interview, Christine Lagarde, the president of the European Central Bank (ECB), said she is confident the U.S. can maintain its debt obligations. However, she warned that if the U.S. were to default […]

Altcoin That’s Exploded Over 700% in Six Months Gearing Up for the Next Leg Higher, Says Top Crypto Analyst

Casting Stones From a Glass House: Yellen’s Comments on Zambia’s Debt Restructuring Draw Criticism From Chinese Embassy

Casting Stones From a Glass House: Yellen’s Comments on Zambia’s Debt Restructuring Draw Criticism From Chinese EmbassyThe Chinese embassy in Zambia denounced the United States over its debt limit and the “extraordinary measures” Treasury secretary Janet Yellen has implemented to stave off a U.S. debt default. Yellen said on Monday that it was very important that Zambia restructure its debt, but Zambia sees it differently. The embassy castigated Yellen’s comments in […]

Altcoin That’s Exploded Over 700% in Six Months Gearing Up for the Next Leg Higher, Says Top Crypto Analyst

257 Economists Say Global Recession Is Near, US Trade Restrictions Against China Could Stir Taiwan Invasion

257 Economists Say Global Recession Is Near, US Trade Restrictions Against China Could Stir Taiwan InvasionAccording to 257 economists polled by Reuters, the global economy is approaching a recession, but 70% of the survey’s participants believe the chances of a sharp rise in unemployment levels will be low. The poll follows the Biden administration and the U.S. Commerce Department issuing a package of trade restrictions against China’s relationship with the […]

Altcoin That’s Exploded Over 700% in Six Months Gearing Up for the Next Leg Higher, Says Top Crypto Analyst

Russia’s GDP Decline Less Severe Than Expected, Wall Street Returns to Russian Bonds, Putin Criticizes US ‘Hegemony’

Russia’s GDP Decline Less Severe Than Expected, Wall Street Returns to Russian Bonds, Putin Criticizes US ‘Hegemony’While the ongoing war in Ukraine continues, the Ministry of Economic Development of the Russian Federation detailed this week that Russia’s economic hardships are less severe than expected. Russia’s economic ministry says that the economy’s gross domestic product (GDP) is estimated to drop by 4.2% this year and Russia’s inflation won’t be as elevated as […]

Altcoin That’s Exploded Over 700% in Six Months Gearing Up for the Next Leg Higher, Says Top Crypto Analyst

Ron Paul Insists US Economy’s ‘Collapse Will Come,’ Former Congressman Says Liquidation Is ‘Absolutely Necessary’

Ron Paul Insists US Economy’s ‘Collapse Will Come,’ Former Congressman Says Liquidation Is ‘Absolutely Necessary’Just recently the American author, economist, and retired politician Ron Paul discussed the rising tensions between China and Taiwan during an interview and he talked about the U.S. economy as well. Paul insists that the U.S. economy’s “collapse will come,” and he further stressed that “debt has to be liquidated.” ‘End the Fed’ Evangelist Ron […]

Altcoin That’s Exploded Over 700% in Six Months Gearing Up for the Next Leg Higher, Says Top Crypto Analyst

230 Economists Warn the US Government’s Proposed Inflation Reduction Act Will Fuel Inflation

230 Economists Warn the US Government’s Proposed Inflation Reduction Act Will Fuel InflationLast week, Democrats unveiled climate and health care legislation called the “Inflation Reduction Act,” and there’s a lot of debate over the name of the proposed public policy measures. After the legislation was revealed, 230 economists sent a letter to the country’s House and Senate leaders warning that the proposed policies will actually fuel inflation. […]

Altcoin That’s Exploded Over 700% in Six Months Gearing Up for the Next Leg Higher, Says Top Crypto Analyst

Bitcoin price battles $23.5K resistance amid relief over Pelosi Taiwan trip

A lack of immediate retaliation from China emboldens U.S. stocks as new research concludes that the market is becoming increasingly "risk-on."

Bitcoin (BTC) rose to daily resistance at the Aug. 3 Wall Street open as United States equities gained on relief over Taiwan.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Stocks gain as US dollar coils

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to the area just below $23,500, which had figured as resistance since the start of the month.

The pair had previously held the same zone as support, and was now deciding on whether a new resistance/ support flip was on the cards.

For popular trader Crypto Tony, $23,500 was thus the price to watch to long BTC.

To the downside, fellow trader Pentoshi highlighted the area between $21,800 and $22,000 as the "line in the sand" for BTC.

Stocks performed well on the day, meanwhile, with the S&P 500 and Nasdaq Composite Index gaining 1.2% and 2%, respectively, after the open. News that U.S. house speaker Nancy Pelosi had begun a visit to Taiwan without repercussions from China buoyed the mood.

The U.S. dollar index (DXY), after solid gains of its own at the start of the week, consolidated after facing resistance at 106.8 on hourly timeframes. The intra-day lows matched with highs from May, analysis noted, with the potential for new two-decade highs still in play in what would represent friction for crypto and risk assets.

"As the dollar starts to show potential signs of strength (and yields begin to rip higher), will stocks continue to remain resilient? Price action throughout 2022 tells us 'no,'" market analyst Caleb Franzen warned.

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

ARK taps "emerging risk-on environment"

In a summary of the status quo in Bitcoin and Ether (ETH), meanwhile, investment firm ARK Invest painted a mixed picture of where the market could go in 2022.

Related: ARK Invest 'neutral to positive' on Bitcoin price as analysts await capitulation

In the latest edition of its research series, "The Bitcoin Monthly," ARK analysts including CEO, Cathie Wood and others said that "all eyes" were now on macro triggers.

"Given the positive correlation between bitcoin and US equities since COVID, the US being the leading price mover of bitcoin suggests an emerging risk-on market environment," they wrote.

The United States, ARK added, had likely represented the majority of buy interest in Bitcoin during July's recovery.

Going forward, however, the odds of an extended rebound were uncertain. Describing its stance as "neutral," ARK delivered a potential "unlikely" bearish target of just under $14,000.

"Comparable to the selloff at the peak of the COVID crisis, bitcoin’s price did not reach its delta cost basis, a price adjusted cost basis that subtracts the life-to date moving average of market price from its market cost basis and serves as bitcoin’s strongest support level," the report stated.

"While the likelihood of touching its delta cost basis has diminished, bitcoin’s downside risk in a bear market technically stands at its delta cost basis, currently $13,890."
Bitcoin cost basis chart (screenshot). Source: ARK Invest

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Altcoin That’s Exploded Over 700% in Six Months Gearing Up for the Next Leg Higher, Says Top Crypto Analyst

Reports Say Beijing Attacking Taiwan Could Lead to ‘Far-Reaching Economic Consequences’

Reports Say Beijing Attacking Taiwan Could Lead to ‘Far-Reaching Economic Consequences’While the global economy remains gloomy and the war in Ukraine continues, there’s been significant tension between China and Taiwan. The American representative from California, Nancy Pelosi, plans to visit Taiwan this week and White House officials say China is preparing to carry out “military provocations.” Moreover, during the last few weeks, reports note that […]

Altcoin That’s Exploded Over 700% in Six Months Gearing Up for the Next Leg Higher, Says Top Crypto Analyst

Bitcoin price clips $23K on Pelosi Taiwan visit as trading range persists

The status quo sees a challenge from U.S.-China tensions as key levels remain in play for bulls.

Bitcoin (BTC) saw volatility after the Aug. 2 Wall Street open amid ongoing market reactions to tensions between the United States and China.

BTC price U-turns as Pelosi lands in Taipei

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking above $23,000 on the day as news came in that Nancy Pelosi, speaker of the U.S. House of Representatives, had landed in Taipei, Taiwan after warnings of retaliation from Beijing.

The visit, which had raised concerns of a major incident occurring, appeared to go without a hitch — something an analyst at major banking giant JPMorgan had previously said would spark a market rally.

Both the S&P 500 and Nasdaq Composite Index were slightly higher at the time of writing, reversing initial losses. Previously, Asian markets had fared worse on the uncertainty, with both the Shanghai Composite Index and Hong Kong's Hang Seng losing around 2.3% on the day.

As traders eyed an end to the recent few days' calm on BTC, it remained to be seen whether important trendlines nearby would continue to hold after seeing retests overnight.

"The next few weeks / months in the Cryptocurrecny space are going to be volatile due to macro events playing a bigger part than ever," popular trader Crypto Tony forecast.

Crypto Tony added that he would add to his allocation should BTC/USD quit the range between $22,000 and $24,000 for lower levels.

That range was shared by fellow trader Credible Crypto, who nonetheless acknowledged the potential for a trip to $25,000 as well.

In a potential headwind for Bitcoin and risk assets, the U.S. dollar index (DXY) capitalized on daily strength as events unfolded to aim for the 106 mark once more.

The Bloomberg dollar index likewise saw gains as Pelosi became the first U.S. speaker to visit Taiwan in 25 years.

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

Fib levels cap gains and losses for Bitcoin in Q3

Discussing the broader picture, meanwhile, trading firm QCP Capital confirmed that it did not expect Bitcoin to retest the 2022 lows of $17,600.

Related: Best monthly gains since October 2021 — 5 things to know in Bitcoin this week

"We expect BTC price to drift higher from here for most of Q3, with upside rallies capped, but also dips on choppy price action," analysts wrote in its market summary released Aug. 1.

Beyond that timeframe, however, QCP did not rule out a move to "break the lows" to officially end the current bear market. In "extreme" circumstances, it said, this could involve prices as low as $10,000.

An interim pivot point, it added, could be a Fibonacci retracement level at $28,700.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Altcoin That’s Exploded Over 700% in Six Months Gearing Up for the Next Leg Higher, Says Top Crypto Analyst

10 Congress Members Ask Nancy Pelosi to Help Revise Crypto Provision in Infrastructure Law

10 Congress Members Ask Nancy Pelosi to Help Revise Crypto Provision in Infrastructure LawTen members of the U.S. House of Representatives have called on House Speaker Nancy Pelosi to address the problem with the crypto provision in the infrastructure law. They explained that the current definition of a broker in the law “would increase uncertainty in the cryptocurrency industry, pick winners and losers … all while eroding our […]

Altcoin That’s Exploded Over 700% in Six Months Gearing Up for the Next Leg Higher, Says Top Crypto Analyst