Bitcoin reaches new highs, the US Congress surprises, and China has decided to increase its national debt by $137 billion. Let’s summarize the week:
💎 Cryptocurrencies
1️⃣ BTC grew by 14% over the week, reaching a new high for this year and breaking through important resistance at $32k. This was done using yet another manipulation with ETFs, which was discussed in detail in the video.
Taking into account the reasons for the growth of the last two weeks, the market has entered a stage when either the manipulation will continue, or the time will come to shave longs 🧐
2️⃣ Changpeng Zhao’s fortune decreased by 82% based on the revision of Binance’s valuation, which was affected by the fall of the crypto market and regulatory claims against the exchange.
Zhao will somehow survive with the remaining couple of billion dollars, and at the same time he will have an incentive to organize a new large-scale pump 😎
3️⃣ The US Congress called for checking Binance and Tether for terrorist financing.
Either Congress wants to fire Gensler or close Binance. You don’t even know if it’s good that their conversations don’t get to the point or not 😇
🪙 Finance
1️⃣ China will increase its national debt by $137 billion to stimulate the economy, and Mr. Xi even personally visited the local Central Bank to show his control over the situation.
In fact, this amount will not even come close to solving all the problems in the Chinese economy, but it will definitely last for some time 🙄
2️⃣ The US Congress has finally elected a new Speaker of the House of Representatives, Mike Johnson. Now the chance of passing the budget by November 17 has increased to 80%.
True, Mike Johnson is part of the wing of radical Trump supporters, and now it will be extremely difficult for Biden and the Democrats to get as much money as they planned 🗽
3️⃣ Google shares fell by 9% after an unsuccessful quarterly report, while the report itself was good, but forecasts for the next quarter disappointed investors.
Apple's report is next week and there may be surprises there too 🍏
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