Cryptocurrency News



The past week has been relatively quiet. The market movers were not so interesting, but nevertheless the market was lively. Proof of this is the fact that Bitcoin broke through the $15.000 mark.

Everything started on Wednesday, December 6th, when the price of Bitcoin arrived at $12.000 and a few hours later reached $13.000. The next morning, on Thursday, December 7th, it came to $14.000 and then reached $15.000 on the same day.

The gain in terms of percentage points was 50 while the market capitalization exceeded 250 billion dollars (levels barely reached by a colossus like Coca Cola).

Another important market mover of the week from the 4th to the 10th December was the Eurozone GDP.

Eurozone growth in the third quarter of 2017 exceeded expectations. In the last three months of the year, the Gross Domestic Product (GDP) of the euro area showed an annualized growth of 2,6%, against + 2,5% of the consensus, which confirmed the previous figure. On a quarterly basis, Eurozone GDP growth is 0,6%, as expected by the market, which confirmed the previous figure.

Also the data on services and composite SMEs confirmed the market expectations in November attending to 56,2. The same goes for the composite SMEs, which recorded 57,5, confirming both market expectations and the previous figure.

This week the euro did not have to deal with the dollar but rather with the pound because EUR/GBP was stalled just above 0,88 due to the new deadlock on the Brexit negotiations.

The euro-pound exchange rate had suffered a big decline after the positive rumors on the overcoming impasse concerning the border between the Republic of Ireland and Northern Ireland.

The minds have faded because of the veto of the Northern Ireland Unionist, party whose support is indispensable for the parliamentary majority in London. EUR/GBP therefore returned to above 0,88, giving no sign of other descents.

The week from December the 11th to the 15th will be very important for traders as there will be plenty of market movers to monitor.

Investors’ eyes will be focused on the monetary policy meetings of the world’s major central banks.

Opening the dances on the Economic Calendar will be the Federal Reserve of Powell, which in addition to the decision on interest rates, will also publish the new forecasts for economic growth. Regarding the forecasts of the analysts on interest rates, almost everyone gives an increase from 1,25% to 1,50%.

Then it will be the turn of the European Central Bank. Analysts do not expect a change and interest rates should remain at 0,25%. The biggest wait is certainly for Mario Draghi’s press conference.

The Bank of England will also have to decide, but the forecasts are the same for those of the ECB, ie unchanged rates. Attention to what the individual members will vote in the Committee chaired by Mark Carney.

Speaking of other market movers, the focus will go to the inflation data of the Eurozone and other countries of the block.

All these events will not fail to move the euro-dollar currency pair that will fully reflect all the decisions and statements of the week.

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