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ForexLive Asia FX news wrap: Bitcoin's wild weekend and Monday – ForexLive


Forex news for Asia trading
for Monday 11
January 2021

BTC/USD
has had some large price swings in late weekend/early Monday trade
and is on its lows for the session in Asia as I post, under
US$34,000. The weakness for bitcoin came in the wake of weekend moves
from BitStamp as
it started
halting XRP trading and deposits for US customers (order
placing and deposits having
already
being disabled, open orders being cancelled). This was early in the
weekend, later news saw Coinbase services down for a period of time).

If
you use BTC as a sentiment indicator it may well have served you well
for the day here, currencies and gold lost ground against the US
dollar, and
US equity index futures softened to open the week. On the news front
there are many potential catalysts:

  • The
    US military is opening domestic terrorist cases on 25 members
    involved
    in the assault on the Capitol last week
  • US
    House leader Pelosi has set in train steps for the second impeachment
    of Trump, which could be completed as soon as this week, although a
    conviction (if it comes) could take as long as mid-April
  • The
    US removed all its
    self-imposed restrictions
    on
    its relationship with Taiwan and the US Ambassador to the UN will
    meet with Taiwan’s President on Thursday – moves that will anger
    China
  • The
    US is also canvassing other options to respond to China in the wake
    of the arrests (50+) in Hong Kong last week

Rising US yields a usual suspect also. 

BTC/USD weekend gyrations & Asia Monday:

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