Bitcoin Falls Below $57,000 Amid Harris-Trump Debate Impact: The price of Bitcoin declined as traders were influenced by the U.S. presidential debate
between Democratic candidate Kamala Harris and Republican candidate Donald Trump, who supports the cryptocurrency sector.
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Energy Aspects
Energy Aspects: China Moves to Boost Oil Reserves as Prices Drop
According to Energy Aspects, amid the current drop in crude oil prices,
refineries in China are likely to find favorable conditions to
purchase a combined 16 million barrels per month to refill the country’s strategic oil reserves.
A memo sent to clients by the consulting firm last Friday mentioned recent meetings held with major Chinese energy companies.
The company did not specify when the purchases to boost reserves would begin.
These quantities will account for approximately 5% of China’s monthly imports.
China keeps the size of its oil and fuel reserves shrouded in mystery
as Beijing rarely releases public data on the topic. However, it often takes advantage of lower prices to refill its reserves.
The responsibility for replenishing the strategic reserves usually falls on state-owned oil companies,
and purchases aimed at refilling the reserves can overlap with those for refinery needs.
Bitcoin Price Falls Below $57,000 Affected by Harris and Trump Debate
Bitcoin’s price declined after traders were influenced by the U.S. presidential debate
between Democratic candidate Kamala Harris and Republican candidate Donald Trump, who supports the cryptocurrency sector.
The largest digital asset fell as much as 2.6% before recovering some losses,
trading at $56,490 as of 7:40 a.m. London time on Wednesday. U.S. stock futures
and the U.S. dollar index declined in other markets, while Treasury bonds remained stable.
Goldman Sachs Expects Limited Impact on the Dollar After Rate Cut
An analyst from Goldman Sachs said that the downside risks facing the U.S. dollar
The anticipated rate cuts by the Federal Reserve will have a limited impact
because other central banks are also planning to ease their monetary policies.
In practice, rate-cutting cycles often coincide with a rise in the dollar,
according to currency analyst Isabella Rosenberg in a note to clients.
Rosenberg based her analysis on rate cuts since 1995 and the coordination of policies among developed nations.
She stated: “If most central banks ease monetary policy together,
we can expect that this will limit the impact of U.S. rate cuts on the dollar.”
She added: “While the market expects a faster-easing policy by the Fed,
we still believe that other central banks will ease
their policies more significantly if the Fed provides the space to do so.”
Bitcoin Falls Below $57,000 Amid Harris-Trump Debate Impact