Around 11pm on Sunday (13th), Bitcoin experienced a significant decline after three consecutive days of growth, with the lowest price falling to $62,050. However, it soon reversed and pulled back above $63,000, which can be described as a double kill for both long and short positions.
At the time of writing, it is down slightly and is currently trading at $62,695, down 0.72% in the past 24 hours.
In the past 24 hours, the entire network has liquidated $100 million
Amid the volatile market of Bitcoin, according to Coinglass data, in the past 24 hours, the total amount of cryptocurrency liquidations exceeded US$100 million (long positions accounted for US$63.63 million), and nearly 43,000 people were liquidated.
However, overall the liquidation data is not too large, so there may be greater fluctuations soon. Investors are advised to be cautious.
What are the major economic events in the world this week?
ECB may cut interest rates for third time this year
The European Central Bank will announce its latest interest rate decision, which has attracted great attention from the global financial market. It is expected to initiate the third interest rate cut this year. The inflation rate of the euro zone in September was 1.8%, the lowest point in 3 and a half years. It is not only lower than the target of 2% set by the European Central Bank, but also fueled the market's expectation of interest rate cuts. Economists generally believe that the European Central Bank (ECB) will cut interest rates by 1 basis point at the interest rate decision meeting on the 17th, and cut interest rates again in December.
Of the 75 economists surveyed, 70 predicted that the ECB will cut interest rates by 1 basis point for the second time in a row at this week's meeting, lowering the deposit rate to 3.25%, while 68 of the 75 economists believed that the ECB will continue to lower the deposit rate to 3.00% in December. Previously, the ECB had cut interest rates in June and September.
U.S. data relatively quiet
The following data will be released on 10/17
US: September core retail sales (compared to the previous period), previous value 0.1%
United States: Initial jobless claims
US: Philadelphia Fed Manufacturing Index in October, previous value 1.7
US: September retail sales (compared to the previous period), previous value 0.1%
But for Wall Street, corporate earnings this week may be the bigger focus, as the third-quarter reporting season kicks off with earnings from American Express, Netflix, Procter & Gamble and several major banks providing more details on consumer spending.
China's GDP in the third quarter will be
In addition, the market is also paying attention to China's latest economic data. After China released the September CPI and PPI data on Sunday, it will release the September trade data today (14). As global manufacturing activity declines, China's export growth has recently shown a downward trend. On Friday, China will release a series of key macroeconomic data, including third-quarter GDP, retail sales, and industrial added value.
As the market's recent focus is on the economic stimulus policy just launched by the Chinese government, the market may not attach too much importance to the September data. If the GDP data is disappointing, the market may not panic too much. As there may still be further policy announcements next week, the data may be ignored by the market unless the economic slowdown in the third quarter is far beyond expectations.
Bome finally showed some strength and directly made it to the list of rising stocks
The 0.0085u position of BOME is a very critical technical point.
If BOME can successfully break through and stabilize above this point, it will most likely usher in a strong upward trend and start a new upward trend.
However, if it fails to effectively break through 0.0085u, BOME may continue to oscillate and adjust within the bottom range and enter a consolidation period.
Investors need to pay close attention to the trend of this key point and make reasonable
