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All quiet across the more traditional markets ,rates, FX and equities, however huge moves in Crypto and solid gains in metals again. Ethereum led the charge higher on a report that the likelihood of the SEC approving ETH ETF's improved by 50%. ETH rose 19% overnight, and BTC close to 8%. This is not a done deal so caution needed, and also recall the BTC ETF confirmation triggered a classic buy the rumour sell the fact move. Looking at the charts, suggest the next resistance from here is US$3,730. The previous high in ETH was US$4,093 in March this year. Not a whole lot on the calendar tonight with the main event being Canadian CPI.

After an extremely quiet couple of weeks in the FX markets things look set to hot up tonight with release of the American P.C.E. data. (Personal Consumption Expediture). We know this to be the Federal Reserve Bank's favoured measure of inflation, and with US interest rate policy having a huge influence across all asset classes, this data will attract extreme focus. The data is due out at 12.30am tonight and the YoY Core expected to print at 2.8% from 2.9%. Since the end of 2023 the market has been paring back the 150 basis points of cuts in 2024, to sit more in line with the FED forecast of 75bp, so it could well be that a softer print ( confirming a slow down/lower rates) would cause the most volatility. Either way, it should be a busy session tonight and the A$ is likely to move. Often a good strategy is to leave a buy or sell currency order with us at your preferred   level to take advantage of any irrational moves in the market. This is a free service that you can discuss with your EbonFX dealer. Well the big moves so far this year have come from the crypto side, with BTC up 47.1% this year. The main driver behind this has been the huge demand from the 11 newly formed U.S. listed ETFs. Another major factor in the direction of the crypto market is U.S. interest rates, and with the FED's dot plot indicating 3 cuts this year, we see investors more comfortable, increasing their risk appetite. To this point, U.S. PCE data tonight as we have just discussed could have a meaningful impact on the crypto market. Another factor driving the price of Bitcoin is the upcoming "4th halving" which is expected to occur around the 20th April. This a mechanism designed to gradually reduce the supply of the digital coin until it reaches Nakamoto's 21million target in 2140. Initially when a miner added a new block to the Blockchain, they were rewarded with 50 bitcoin. The first halving took this to 25 coins, the second to 12.5, the third to 6.25 and next month that will go down to 3.125, thus reducing the amount of coins available. So, this could well be another reason why we are seeing this aggressive rally and fueled by new ETF demand, sparking some good old fashioned FOMO. Last night we saw a range in BTC of US$56,724 to US$64,000. We then saw some heavy profit taking, which may have been triggered by the Coinbase "glitch", that knocked the coin down to US58,840 inside 45 minutes of trading. As we head into the early Asian session demand is picking up again and we currently sit around 62,500. These price moves are not for the feint hearted, and when the market is moving like this, the 2021 previous all time high of US$69,000 does not seem very far away. Good luck with the PCE tonight. Levels are there to be broken.

Ebonex extends its warmest wishes for a Happy Lunar New Year to all of our valued clients and cherished friends #ebonex #cny #cryptocurrency #cryptoexchange #otc

Wishing all the clients and friends of Ebonex a Happy Holiday Season! #ebonex #cryptocurrency #cryptoexchange