The first quarter of the year passed with the interest rate hikes of the central banks (Fed, ECB, BoE etc.) within the scope of the fight against inflation, banking crises and recession concerns.
PCE data, which came in lower than expected last week, pointed to a cooling in inflation and US stock markets gained more than 3.0%.
Manufacturing PMI data will come from many countries this week, and also US non-farm payrolls data and unemployment rate will be among the developments we will follow on Friday.
In cryptocurrencies, we encountered the harsh attitudes of the USA last week. Senator Elizabeth Warren has stated that she will form an anti-crypto army. He sued the CFTC’s Binance exchange for fraud and also filed a $1 billion compensation lawsuit against Binance CEO Changpeng Zhao (CZ) and 3 crypto influencers. Despite all these developments, there were no major decreases in cryptocurrencies.
Cryptocurrency markets may be stagnant as China is on holiday for the first 3 days of the week, but there may be accelerations in the other half of the week.
Economic Calendar of the Week
Monday, April 03, 2023
- China – Stock Exchanges Closed Due to Ching Ming Festival
- Turkey – Consumer Price Index (CPI) (Annual) Expectation: 51.33% Previous: 55.18% – 10.00
Tuesday, April 04, 2023
- China – Stock Exchanges Closed Due to Ching Ming Festival
- USA – Job Opportunities and Staff Change Rate (JOLTS) Expectation: 10,400M Previous: 10,824- 17.00
Wednesday, April 05, 2023
- China – Stock Exchanges Closed Due to Ching Ming Festival
Friday, April 07, 2023
- USA – Non-Farm Employment Expected: 238k Previous: 311k – 15.30
- USA – Unemployment Rate (Mar) Expected: 3.6% Previous: 3.6%
- UK, Italy, France, Germany, Switzerland, Spain, Australia, Singapore, Hong Kong, Stock Exchanges Closed Due to Good Friday
Bitcoin Technical Analysis
On the daily chart, Bitcoin continues to consolidate at $28,000. With the daily candle closings on the wicks, Bitcoin will start its journey to the level of $ 32,000, and under the key-zone area, which is the level of $ 26,400, our direction is bullish unless there is a candle close. In terms of the price retracement point, we will follow the next swing zone, $24,300 – $25,300.
MVRV Z-score
The MVRV Z-Score is used to assess whether BTC is over or undervalued relative to its “fair value”.
When the market value is significantly higher than the realized value, it is indicated by the “red zone”, while the opposite market bottoms can be detected by the “green zone”.
The MVRV Z-score has historically been very influential in identifying periods when market value has been unusually high above realized value. These periods are highlighted by the z-score (red line) entering the red zone and indicate the apex of market cycles.
It also indicates that the market value is well below the realized value, with the z-score entering the green box.
Top Rising Cryptocurrencies of the Week
- SXP (SXP) 189.9%
- Kaspa (KAS) 114.7%
- Stellar (XLM) 18.7%
- Hedera (HBAR) 16.3%
- Frax Share (FXS) 16.1%
Last Week’s Featured Crypto News
Chinese State Banks Support Crypto Companies: ChineseDespite the crypto ban that has been in place for more than a year in , the country’s government is helping Hong Kong become a major crypto hub.
According to Bloomberg news, large Chinese banks have started to provide services to crypto companies and conduct research on this subject. It is stated that these banks include Bank of Communications (BOCOM), Shanghai Pudong Development Bank and Bank of China.
MicroStrategy Bought 6455 Bitcoin (BTC): As of March 27, MicroStrategy reported to the SEC. 6455 BTC in totalHe said he got it.
MicroStrategy also shared information about their new BTC purchase. It was reported that 6,455 BTC worth 150 million were purchased, with an average cost of $23,238.
Escapes from the Metaverse Universe Continues: Disney: Disney, which decided to close the Metaverse unit, deeply affected the Metaverse issue and had a great impact in the industry. The company announced it was “leaving the metaverse” for a plan to cut operating expenses by $5.5 billion and lay off 7,000 employees within two months.
SBF Bribes Chinese Officials $40 Million: Former CEO of FTX, Sam Bankman Fried (SBF), is struggling with various legal processes after FTX’s bankruptcy. Charged with fraud and illegal acts, SBF has been informed by the US Department of Justice ( DoJ) a new accusation has arrived.
The DoJ alleges that the SBF paid a $40 million bribe to Chinese government officials. In the indictment, of SBFIt was stated that he acted with the aim of influencing Chinese government officials.
According to the indictment by the DoJ, SBF and its partners chose to bribe to settle crypto accounts worth nearly $1 billion.
CFTC Chairman: This is Fraud: Rostin Behnam, Chairman of the Commodity Futures Trading Commission (CFTC), said in an interview with CNBC that this is a fairly clear case of fraud, that US authorities need to step in aggressively and as quickly as possible.
The War Against Artificial Intelligence Has Begun: Technology leaders, including important names such as Elon Musk and Steve Wozniak, called for artificial intelligence not to be developed further.
Artificial intelligence has begun to take humans to a new dimension. Especially ChatGPT has become the most popular application of the last period. In the face of this development, thousands of people have emerged who think that artificial intelligence carries deep risks for society and humanity. More than 2,600 tech leaders and researchers signed an open letter urging no further development of artificial intelligence.
