The majority of Asian stocks climbed on Tuesday, and the yuan rose in the wake of the results of the first virtual face-to-face meeting of U.S. Treasury yields declined.
MSCI Inc.’s Asia-Pacific share gauge advanced for the fourth time in a row, and U.S. and European equity futures fluctuated following the fact that both the S&P 500 as well as Nasdaq 100 finished with a flat closing. This week’s Asian growth in equity was fueled by Hong Kong, which was supported by a rise in Macau casinos as well as Japanese shares climbed.
Biden and Xi both spoke about the need to cooperate in order to improve U.S.-China relations, while delaying expectations of big breakthroughs. The yuan was at its highest levels since the end of 2018 in anticipation of lessening tensions.
The dollar weakened and 10 year U.S. Treasury yield was approximately 1.60 percent. The yield on bonds fell across the U.S. on speculation the Federal Reserve may have to accelerate policy tightening in order to combat price pressures.
Markets continue to analyze the likelihood that policymakers have made a mistake when they treat rising prices as a temporary phenomenon. Former New York Fed chairman William Dudley and former Richmond President Jeffrey Lacker suggested that the Fed should speed up its tapering process. Bank of England Governor Andrew Bailey stated that Bailey is “very uneasy about the inflation situation.”
“We do still see quite an accommodative fiscal and monetary policy continuing throughout 2022,” Sarah Shaw, chief investment officer of boutique investment firm 4D Infrastructure, said in an update. “Of course, should inflation prove to be more permanent or higher than expected, then central bank action is inevitable.”
This week’s focus is the strength of the American consumer and the U.S. retail sales data is expected to show an increase and major industry players like Walmart Inc. and Home Depot Inc. are expected to announce their results for the quarter.
There are also indications that an announcement on Biden’s selection to lead the Federal Reserve is due soon. Both the current Chairman Jerome Powell and Fed Governor Lael Brainard have been questioned for the top position.
Additionally, Elon Musk exercised options and also sold additional Tesla Inc. shares, continuing his run of selling that sank the stock.
Oil climbed as investors wait to find out what happens if Biden’s administration will tap crude reserves. Biden administration will be able to tap the reserves of crude. Gold was up, and Bitcoin dropped to about $61,000.
![Bitcoin was essentially flat in the past 24 hours which suggests that the enthusiasm of investors for this upgrade to the Bitcoin Blockchain's Taproot upgrade is beginning to slow down. In October, analysts had suggested that the upgrade could have already been priced into, given the BTC's nearly 40 percent rise over the past couple of months. It is yet to be determined if buyers will keep trying to build up BTC hoping for the long-term benefits. GlobalBlock wrote in the email that he sent CoinDesk. In the near term the technical indicators indicate a slowing of the upward momentum of BTC. This suggests that the current downtrend could last to Asian market hours but only to the $57,000-$60,000 resistance zone. The most recent prices Bitcoin (BTC): 63,867.78, -0.55% Ether (ETH): 4,574.09, +0.33% S&P 500: 4,682.80, -0% Gold: 1,863.06, -0.12% 10-year Treasury yield was at 1.623 percent Bitcoin remains in a strong uptrend There are signs that bitcoin's price may continue to rise like the fourth-quarter bull run that began in 2020. The chart below illustrates an example of the Mayer Multiple, a simple oscillator that gauges the difference between the price of BTC as well as its moving average of 200 days. The oscillator remains far from the extreme levels we saw earlier in the year, suggesting the possibility of BTC to move higher. Many analysts mention the increased transactions made by Bitcoin whales (large holders) as an indication of increasing investor demand. "It's the largest [movement] I've ever seen since 2017 excluding outliers," Ki Young Ju the CEO of CryptoQuant published in an article on his blog. The amount of transactions made by big holders is still high over the last couple of months, according to Blockchain data collected by CryptoQuant. Crypto funds see fewer inflows The amount of cryptocurrency inflows into funds slowed down from the fourth consecutive week, dropping to $174 million the week before according to a report by CoinShares. This is far from the $1.5 billion of flows that occurred in the last few weeks when the first exchange-traded funds that were that were backed with bitcoin-related futures contracts were launched on the U.S. The funds focusing on bitcoin which is the most popular cryptocurrency in terms of market capitalization, increased by $98 million which is which is up from $95 million in the previous week and increasing the assets under management (AUM) to record $56 billion. bitcoin's dominance over other currency (altcoins) has diminished in the last week. While alternative digital assets seemed to show declining the interest of investors. Altcoin roundup DEX aggregator ParaSwap announces the launch of its PSP token A decentralized exchange, provider ParaSwap is announcing the introduction of their PSP governance token as CoinDesk's Andrew Thurman reported. The token is now available to a small number of eligible Ethereum addresses. It allows users to participate in liquidity pools for rewards from the platform. It also permits the participation of ParaSwap's newly created governance system that is decentralized and autonomous. The DEX aggregater has been known to be averse to tokenizing for a long time, stating this month, that they were "not planning" an airdrop. Solana launches Bloomberg Terminal with Galaxy-backed index: Bloomberg LP and Galaxy Digital have launched the Solana index, which makes SOL the third cryptocurrency index that has a separate price tracker built by the duo following BTC and ETH as the CoinDesk's Danny Nelson reported. The launch has led to increased the demand for SOL that has increased more than 11,700% over the past year as per Messari. Bloomberg as well as Galaxy have issued five crypto indexes in the first year of their partnership. The introduction of The Filecoin Virtual Machine Storage of data marketplace, protocol , and cryptocurrency Filecoin has launched it's Filecoin Virtual Machine which it revealed in the blog post of this week. The machine, capable of working to Ethereum, "aims to be a polyglot VM, drawing inspiration from the concept of Hypervisors to establish a multi-VM design," the blog post stated. With the release of the machine Filecoin hopes to transform the decentralized storage system.](https://mediaflayer.com/wp-content/uploads/2021/11/Analysts-See-Bitcoin-as-Still-in-‘Bullish-Phase-Despite-Pullbacks-150x150.jpg)