Author: Steven Sahiounie

In the world of cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) have experienced a relatively calm period, with both digital assets seeing a modest 0.5% movement in recent trading sessions. With such stable price action, market participants may be wondering if a breakout is just around the corner for these leading cryptocurrencies. In this analysis, we’ll explore the factors that could contribute to potential price breakouts for both Bitcoin and Ethereum, as well as the key levels traders should keep an eye on. BTC Network Achieves 75% Progress Towards Upcoming Block Reward Halving The Bitcoin network recently reached the 75% milestone towards its next block…

Payment systems in Ukraine have recently been subject to constant disruptions that are taking their toll on inner-banking transactions and client withdrawals and payments. Ukraine’s largest bank, PrivatBank, is experiencing massive transaction failures, as clients report on Saturday that they are unable to withdraw cash or pay by card. The technical issue is speculated to be rooted in the disruption of Ukrainian payment systems as clients of different banks reported similar transaction failures, according to Kyiv News. PrivatBank spokesperson says that the bank is working on resolving the issue which has disrupted payments all over Ukraine. Suspilne, a Ukrainian broadcaster revealed that…

Indian Commerce and Industry Ministry figure show that Iran’s exports to India increased by 90.89% year-on-year in 2023 while India’s exports to Iran fall by 34.31%. Iran’s exports to India register a 90.89% year-on-year increase in 2023 while India’s exports to Iran fell by 34.31%, the latest figures released by the Indian Ministry of Commerce and Industry show. Overall trade between the countries dropped by 6.13% after the trade balance between the two countries totaled $412 million in the first two months of 2022. Iranian exports to India have gradually increased from 2021, $409 million to $653 million in 2022,…

Despite a year’s worth of interest rate increases, inflation rose again in March, according to economic data released Friday that the Federal Reserve watches closely. The personal consumption expenditures price index excluding food and energy increased 0.3% for the month, in line with the Dow Jones estimate. On an annual basis, so-called core PCE increased 4.6%, slightly higher than the expectation for 4.5% and down 0.1 percentage point from February. Including the volatile food and energy components, headline PCE also rose just 0.1% for the month, equating to a 4.2% annual increase, down sharply from 5.1% in February. That measure…

As luxury stocks make waves overseas, State Street Global Advisors believes investors should consider European ETFs if they want to capture the gains from their outperformance. Matt Bartolini, the firm’s head of SPDR Americas research, finds three reasons why the backdrop is becoming particularly attractive. First and second on his list: valuations and earnings upgrades. “That’s completely different than what we saw for U.S. firms,” he told CNBC’s Bob Pisani on “ETF Edge” this week. His remarks come as LVMH became the first European company to surpass $500 billion in market value earlier this week. Bartolini lists price momentum as a third driver of the investor shift. His SPDR…

U.S. regulators have asked banks for their best and final takeover offers for First Republic by Sunday afternoon, in a move that authorities hope will calm markets and cap a period of uncertainty for regional lenders. JPMorgan Chase and PNC are likely bidders for the ailing lender, which would be seized in receivership and immediately sold to the winning bank, according to people with knowledge of the situation. The Wall Street Journal reported those banks’ interest late Friday. Other companies are likely to step up. Bank of America is among several other institutions that are weighing a bid for First Republic, CNBC has learned according to other…

First Republic Bank is still an independent bank. The question Saturday was how much longer that will continue to be true. Shares of First Republic (FRC) plunged from $122.50 on March 1 to around $3 a share as of Friday on expectations that the Federal Deposit Insurance Corporation, the independent government agency that insures deposits for bank customers, would step in by end of day and take control of the San Francisco-based bank, its deposits and assets. The FDIC had already done so with two other similar sized banks just last month — Silicon Valley Bank and Signature Bank — when runs on those banks by…

Mohamed Maait, the Egyptian Minister of Finance, held a bilateral meeting with his Qatari counterpart, Ali bin Ahmed Al-Kuwari, on the sidelines of their participation in the joint annual meetings of Arab financial institutions, in Morocco. The Egyptian minister said, “We are keen to enhance financial, tax and customs cooperation with the Qatari side, in a way that contributes to creating a more stimulating environment for trade, production and export between the two countries.” He pointed out, “We are proceeding with structural reforms to empower the local and foreign private sector, and give it a greater opportunity to play its…

The US dollar has too much power as a reserve currency and the world desperately needs an alternative, billionaire investor and CEO of Kotak Mahindra Bank, Uday Kotak, said on Friday. Speaking at the Economic Times Awards for Corporate Excellence 2023, the banker described the dollar as “the biggest financial terrorist in the world.” As most global assets are held in dollars in so-called nostro accounts with US banks, they are entirely dependent on decisions made by American bankers and authorities, he explained. “Somebody in the US can say: You cannot withdraw [this money] from tomorrow morning – and you are…

India has become the bloc’s top fuel supplier by re-exporting Russian supplies, according to the outlet The EU is still powering its economy with Russian oil despite sanctions, Bloomberg reported this week. Member states are now said to be buying the sanctioned fuel through India. In December, the EU, G7, and allied countries imposed an embargo and a $60-per-barrel price cap on Russian crude and later introduced similar restrictions for exports of petroleum products. But India has not joined the ban and instead has ramped up purchases of Russian oil that Moscow has been offering at discounts. In 2022-2023, Indian…