forexStock pare losses, bitcoin breakout

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Stock pare losses, bitcoin breakout

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US stocks clawed back losses as investors prepared for a massive economic downfall for  now that the Western nations are intensifying sanctions. Wall Street finished in the red as 's financial meltdown led to some contagion worries and as surging commodity prices will continue to fuel inflationary pressures that will lead to growth concerns later this year.  It is nearly impossible to be aggressively bullish given the geopolitical uncertainties and continued upward pressures with inflation.

All eyes remain on the war in e and every move  makes.  The n Central Bank (CBR) decided that the Moscow stock exchange would not resume stock trading tomorrow. Intensifying sanctions will likely be debilitating for 's economy and banning transactions with the n central bank, foreign ministry and sovereign wealth fund is just the start of the West's hardline.

FX

is trying to prevent the rouble from another plunge.  The rouble plunged when trading started this week as the latest round of sanctions were much more hard-hitting than the first ones.  It is hard to get out of a rouble position after President Putin's ban on n residents from transferring FX abroad and the US banning transactions with the n central bank. The rouble will remain a rollercoaster ride, but the risks are elevated that 's currency could see further pain if FX markets want to be against the n central bank.

Even the Swiss have abandoned their traditional neutral stance and will abide by the n sanctions. Crude prices are consolidating just below the USD 100 level, but once we are beyond the OPEC+ meeting and have a better handle of Iran nuclear deal talks, bullish momentum should return.

Cryptos rally on SWIFT sanctions

Western allies are delivering harsher sanctions and restrictions on n banks and that is bolstering the argument for blockchain products that will compete with the SWIFT network. Bitcoin and all the top altcoins are rallying today as investors realize the likelihood of massive investments into DeFi following the latest round of n sanctions.

The White House and Treasury are also looking to make it harder for ns to use crypto to get their money out of .  The fact is that some ns have already done that and now they will be stuck hodling until sanctions are removed, because they don’t want to risk getting caught and losing their entire crypto investment.

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