2.02 - End of the week looking bad for Bitcoin, WTI gets more weight and Brexit has a new scandal on the way.
At the end of the working week, Bitcoin jas lost around 60% of its peaking value, but those, who watch for WTI are seeing good results; Asia is influemcing yields for a selloff.
Americans are very determined at starting to put up more oil barrels per day than any other country in the world. For now, USA are approaching all-time American record of outputting 10.04 million barrels per day.
With this volume that is now being produced by Americans WTI is now exceeding Brent crude in amount of sold barrels per day. These numbers bring hope to the American oil market at just a decade ago USA were isolated from the world of oil trading. WTI was only a domestic product and today it is already practically dominating world oil market.
There were two factors which helped WTI go global – first, 2016 end of the ban for oil export, which allowed USA selling their product, second the boom in demand for oil became the reason for the growth of small companies that now help the industry thrive.
For comparison – in 2016 average export was 590.000 barrel per day. Today, it adds up to 1.1 million barrels per day.
10-year US yield fall has provoked a selloff as it’s fallen to the point of 2.8 percent. This is a new level for the yield since 2014.
30-year yield flew through 3 percent barrier which is the highest point for the asset in the last 8 months.
Asian buyers are not demonstrating proper interest rate for the treasuries and this resulted in lack of support.
UK Prime Minister Theresa May has commented on the situation with Brexit minister.
Not so long ago a Brexit Minister Steve Baker of the United Kingdom has made a statement saying that he has information about independent officials plotting to convince May to leave the UK in the EU.
This information was later confirmed by May, but the Prime Minister is saying that Baker will not be fired by her. It appears, that he must simply apologize in front of the Parliament for the made statement and that will be the end of the scandal.
Earlier, Steve Baker told the press that he was told by the Treasury official of his plans to blow up Brexit plans to keep Britain from making a mistake of leaving European Union.
Current crypto selloff is very bad all around the world, but it seems to be even worse on of the biggest crypto countries in the world – South Korea.
This Asian country has caused Bitcoin a lot of trouble. The regulatory actions have caused this crypto’s crushing all around the world and especially in the country. There digital gold has lost up to 60% of its value.
Officials in Korea even went as far as stating that the crypto bubble has burst.
- by Mark Densel