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Bitcoin made its strongest fall since the US election a few weeks ago after coming very close to reaching $100,000.
The cryptocurrency Bitcoin has made its biggest drop since the Republican victory in the US general election during the first week of this month, falling as low as $94k. Bitcoin has been in an amazing bull run, peaking a few days ago just shy of the major round number at $100,000. Trend traders will still be hanging on to their long positions, but if the price falls further towards $90k that will change. It may be that Bitcoin has peaked for some time just below $100,000.
President-Elect Trump has announced that he will move quickly to impose new 25% tariffs on all imports from Mexico and Canada, and he will add another 10% to tariffs on Chinese imports. This puts the USD/CAD and USD/MXN currency pairs in focus, with each currency having fallen by more than 1% against the greenback since Trump’s announcement. Day traders may find liquidity and volatility in these currency pairs today – the spread on USD/CAD will be considerably cheaper.
In the Forex market, the US Dollar has been the strongest major currency since the Tokyo open, while the Canadian Dollar has been the weakest. The greenback is in a long-term bullish trend although it again gave up most of its earlier gains. Renewed strength in the greenback might be best exploited by going short of EUR/USD, but this currency pair has rebounded since spiking down to a new 2-year low on Friday below $1.0350. However, this is in a long-term bearish trend.
Fed member Kashkari who is typically hawkish has stated that he believes a further rate cut at the Fed’s upcoming December meeting will be “reasonable”. The CME FedWatch tool currently shows a 56% chance of a 25% rate cut at this meeting.
There will be releases today of the minutes of the most recent Federal Reserve meeting, and US Consumer Confidence data.
More By This Author:Forex Today: Bitcoin Heading To $100,000 Weekly Forex Forecast – Sunday, Nov. 24BTC/USD Forex Signal: Approaching $100,000
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