After failing to push through support of $2,050 gold has retracted back towards its long term support of $1,934 finding confluence around the 50% Fibonacci retracement level and 21 week moving average. Currently gold is trading around $1,950. The news comes as US lawmakers approve an increase in the US debt ceiling which saw the Dow rally almost 3%.
Gold markets are showing resistance around $1,985 followed the previous weeks high of around $2,050, where if broken markets indicate gold should resume its bull run. On the other hand, if economic events lead gold to further decline markets can expect support at around $1,934. If gold breaks downside resistance at $1,934 market bias should remain bearish opening doors for a fall to the 1800’s swing level before resuming its journey towards $2,050.
Bitcoin tumbled to $25.4K at one point after the SEC sued crypto exchange giant Binance, residing at US$25,737 at the time of reporting. The world’s most dominant crypto asset reached a high of US$28,044 last Tuesday evening in Asia. However, the allegations against Binance rekindled fears about industry integrity and the intent of regulators to exert more control over exchanges.
Digital asset investment products saw outflows totalling US$39m in the week ending May 26, according to a report from European cryptocurrency investment firm CoinShares.
Ethereum followed a similar trajectory to Bitcoin over the last week but is currently at US$1,811, close to the same level as 7 days ago.
Lido’s stETH token has become the seventh largest token by market cap, right ahead of Cardano and just behind XRP. Lido dominates it by a long shot, controlling 28% of the market with $13.4 billion in total value locked, according to DeFi Llama data. And it’s a competitive market too; there are 60 staking protocols with over $1 million in TVL
NFT sales on Ethereum rose 22% in the past 24 hours to US$18.23 million. That rise was spearheaded by Bored Ape Yacht Club (BAYC) transactions, according to CryptoSlam. Meanwhile, NFT sales on Bitcoin fell 19% to US$3.5 million.
Hong Kong opens crypto trading to retail investors – Crypto trading opens 1 June for retail trading. This is a game-changer. There is a lot of discussion in Hong Kong as to whether this will start the next bull-run with a spill over effect to increased support from China. On May 23, China’s national broadcaster CCTV reported on Hong Kong’s recent crypto regulation drive. That unexpected move preceded the release of a Web 3.0 white paper by the municipal government of Beijing. The wide-reaching paper covers sectors including NFTs and the metaverse.
Binance is launching a new crypto exchange in Thailand. It has partnered with Gulf Innova to secure a digital asset license for the operation that’ll launch in Q4.
Gemini (the Winklevoss twins-owned crypto exchange) said its European HQ will be in Dublin – This continues the increased shift of US exchanges to open new offices (across markets outside of the US).
Tether stablecoin issuer taps Uruguay for Bitcoin mining using renewable energy – Tether, the issuer of the world’s most traded stablecoin, will invest in power generation and Bitcoin mining operations in Uruguay to tap the country’s renewable energy resources.
UAE and Hong Kong central banks to collaborate on crypto regulation – The two central banks are planning to form a joint working group to push forward developments in crypto regulation. According to a report by the HKMA released Tuesday, the working group will focus on strengthening bilateral ties in areas including financial infrastructure and market connectivity.
Bybit crypto exchange follows Binance in exiting Canada amid tightened rules – Bybit said that it will stop taking new deposits or adding new positions for existing users in Canada starting July 31, stating that users can withdraw or reduce their positions.
A proposed tax on electricity used by cryptocurrency miners in the U.S. has been scrapped in the deal to raise the country’s debt ceiling
Beijing releases Web3 white paper, highlights challenges in talent, rules – Beijing’s local government on Saturday released a white paper outlining plans and challenges for development of the city’s Web 3.0 industry, typically defined as the next evolution of the internet built around decentralized blockchain technologies, the metaverse, and non-fungible tokens (NFTs). Beijing joins other cities and regions in the country in announcing plans to build capabilities in Web3. The document says that as of April, at least 30 provincial and municipal governments across the country have rolled out guidelines or policies related to Web3 development.
Disclaimer:
BullionFX Ltd operates a digital currency exchange registered with multiple regulators. BullionFX only offers spot conversion between digital currencies including $GOLD and $BULL.
Digital asset prices are highly volatile; this communication does not constitute an offer or solicitation to buy or sell any products or securities. It is important to exercise caution and conduct your own research and due diligence when considering any investment or product decisions. Any decision to use or invest in these products should be made based on your own assessment of the risks, benefits, and legal requirements. Any APR shown is an estimate of rewards you will earn in cryptocurrency over the selected timeframe. It does not display the actual or predicted returns/yield in any fiat currency. Not financial advice.
This document and other written or oral statements made from time to time by representatives of our Company may contain “forward-looking statements”. When we use words like “expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we believe,” “could be” and other words of similar meaning, these are forward-looking statements. These statements are based on management’s expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed.
Any person who reads this document must undertake their own investigation to satisfy themselves that the information presented here is accurate and fits within their own risk profile. Neither the representatives nor the Company accepts any responsibility for any errors or omissions that may be contained in this document even though the Company and its representatives have tried to ensure the accuracy of all statements in this document.
All persons reading this document accept their own personal responsibility by undertaking their own investigation to satisfy themselves with the veracity of all information detailed in this document and anything that may have been said from time to time by any Company representative.
For further information about BullionFX licensing, please contact us: BullionFX@BullionFX.com.
