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Forex Today: Bitcoin Hits New High Thanks to Fake SEC Report

Forex Today: Bitcoin Hits New High Thanks to Fake SEC Report

The price of Bitcoin rose sharply to a new 20-month high following false reports that the SEC had cleared the first Bitcoin ETF.

➡️ A fake news report that the SEC had authorized the sale of a Bitcoin ETF retail drove the cryptocurrency up to its highest price since March 2022. When the report turned out to be false, Bitcoin gave up some of its gains, but is still looking bullish overall in terms of price action. The SEC is expected to approve the ETF today, which will be of great interest to retail trend traders.

➡️ The past day saw strong progress on the part of some stock markets, in particular  the NASDAQ 100 index which made a strong gain, followed during the Asian session by the Japanese Nikkei 225 index  which again reached its highest price in 34 years for the second day in a row. This could be a key signal of the resumption of the dominant long-term trend, which is bullish in many stock markets, especially in the United States.

➡️ In the Forex market, the Australian dollar has been the strongest major currency since Tokyo opened today. The Japanese yen was the weakest. The US dollar is showing some strength ahead of the release of key US inflation data tomorrow, which is expected to show a slight increase to an annualized rate of 3.2%. There remains a valid long-term bullish trend in the  EUR/USD currency pair .

➡️ Crude oil is rising on the back of new Houthi military activities directed against Israel and shipments in the Red Sea, as well as on the decrease in US inventories.

➡️ Australian CPI (inflation) data released a few hours ago showed that annualized inflation fell to 4.3%, lower than expected of 4.4%. The Australian dollar remained broadly unchanged following the news.

➡️ The governor of the Bank of England will testify before the British parliament today.

 

Credit by DailyForex.com

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