Daily Market Report
Focus of the day:
The SEC continues its crusade against the crypto community.
Yesterday, the SEC filed a lawsuit against the American crypto exchange Coinbase, accusing it of violating federal securities law. According to the commission, Coinbase operated as an unregistered broker, exchange, and clearing agency, i.e., performed three functions shared in traditional markets. The stock (COIN) lost 21%. Today, $2.2 billion in assets of BinanceUS clients fell at risk because the SEC has filed a lawsuit requesting to freeze the crypto exchange’s assets of the US division. Despite the solid rebound of the cryptocurrency market yesterday, today, it is again showing weakness.
Latest Update News:
- The desire of the US Treasury to restore its balance sheet by $1 trillion after overcoming the debt ceiling will put significant pressure on the banking system.
- China’s exports contracted 7.5% in May, much more than the expected 0.4% contraction. HK50 loses 0.5% after the announcement.
- The augmented reality helmet presented by Apple has become the object of ridicule on the Internet. The stock is already down 3.4% after the presentation.
- Alphabet, Amazon, Apple, Meta, Microsoft, Netflix, Tesla and Nvidia now account for 30% of the S&P 500’s market capitalization, up from 22% at the beginning of the year.
POUND STERLING
GBP/USD bounced off the cross point of the ascending trendline and the 23.6 Fibonacci level. Until the price breaks below this support trendline, the primary targets are 1.2449, 1.2490, and 1.2535.
However, as soon as the pair declines below the trendline, the major target would be 1.2310.
GOLD
XAU/USD has formed clear support and resistance blocks traders can use to trade. Currently, the price is bouncing off the support block. Thus, buy trades are preferred.
If XAUUSD rises above 1984, it will move to 2000. Conversely, if the price drops below 1954, it will move to 1937.
CRYPTOCURRENCY
BTC/USD is trading right under the descending resistance trendline. It is the key moment for the price, as the breakout above this line will open the way to 30,500.
However, if sellers defend this line, another decline to 24,800 is highly possible.