China cuts, US banks dive and BTC at important crossroads [Video]
|China exceeded the growth expectations, but the People’s Bank of China (PBoC) cut the policy rate to reverse the slowing growth. That was certainly good news for the doves, as the Federal Reserve (Fed) expectations get increasingly more dovish to the four-decade high inflation in the US.
In fact, inflation went to high that even the banks see it reversing the positive impacts on earnings and profits.
Sentiment is mixed this Monday, the US dollar index rebounds from its 100-dma, pulling the EURUSD and GBPUSD lower.
Dogecoin rallied 20% after payments in Doge went live on Tesla’s website on Friday, but the upside remained short-lived.
Bitcoin traders are confused: in one hand the death cross formation calls for deeper downside, but on the other hand, holding support at $40K could give the coin a boost to reverse the actual selloff.
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