Bitcoin finally turning bullish?
Bitcoin and most of the biggest altcoins have been steadily rising since the end of last week. With Bitcoin now closing on 43 500 dollars level, the sentiment around the biggest cryptocurrency has been slowly turning bullish again. Many analysts have slowly been calling the bottom and aiming for slow and steady grow to the new ATH.
More market movers from category
More market movers
Russia took the first step toward legalizing crypto, and it benefits everyone. Kommersant reported that the country’s Deputy Finance Minister Alexei Moiseev and the Bank of Russia have settled on using cryptocurrency for cross-border payments. Locals are permitted to process international payments using crypto.
Rate hikes from all central banks worldwide are pushing markets lower. In the last week, DAX 40 fell by 4%, S&P 500 by 6%, and Dow Jones by 5%. Commodities followed, with WTI Crude Oil down 8% and natural gas down 11% for the week.
All blockchains, including Dogecoin and Zcash, according to Ethereum co-founder Vitalik Buterin, should switch to proof of stake. Vitalik believes that now that the Ethereum merge is complete, other blockchains should follow. “As proof of stake matures, I expect it to just increase in legitimacy more and more over time,” said Vitalik.
The sell-off on major European markets continues on Friday as investors fear the tightening wave of monetary policy would harm global growth. After dropping below 400 points on Thursday for the first time since January 2021, the STOXX 600 is down approximately 0.7%. DAX 40 is down 0.8%, setting a new two-month low.
Eurozone Purchasing Managers’ Index (PMI) fell to 48.9 in September of 2022 from 49.8 in August, and Germany Services PMI also dropped to 45.4 from 47.7. UK Services PMI also falls from 50.9 to 49.2, but France surprises with a rebound from 51.2 to 53.
The housing sector is witnessing a dramatic slowdown and rising rates. As a result, lumber futures fell by 7% to $450, a level last seen in September 2021 and down nearly 70% from their March peak. In addition, August saw the seventh straight month of existing house sales declines, reaching their lowest level since May 2020.