Ethereum Slips during early trades in Asia
01/07/2019

At 00:30 GMT during early morning trades on Monday, Ethereum went down by 10.11% to $293.14; the biggest one-day percentage loss since June 27.

When Ethereum was trading higher, its market cap was around $135.58B. The recent drop made Ethereum’s market cap reach around $31.18B.

The value of Ethereum has dropped around 5.21% in trading volume over the last seven days. The current price of Ethereum is still down by 79.40% from the record high of $1,423.20 reached on January 2018.

Likewise, Bitcoin also saw a major drop of 10.47% to reach $10,982.3 and XRP loss by 6.46% to $0.40069.

Oil prices gain over 2%

During early morning trades, oil prices were up by more than $1 per barrel after Russian, Iraq and Saudi Arabia announced that they will continue to cut supply for another nine months.

At 04:36 GMT, Brent crude futures for September rose by 2.4% to $66.44 a barrel while U.S. crude futures for August gained another 2.3% to $59.83 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies; also known as “OPEC+” might extend oil supply cuts until the end of 2019 in order to keep the prices stable.

The oil cartel will meet on Monday and Tuesday to discuss further the supply cuts.

Dollar and US Stock futures rise after the US and China agreed to resume talks

After the US and China agreed to resume trade talks when they met on Saturday, markets conditions became slightly relaxed. As a result, the US dollar rose by 0.5% against the yen during early trades on Monday.

Moreover, Donald Trump made few compromises in regards to the new tariffs and ban on tech company Huawei in view to improve the trade relationship between the US and China along with the world economy as a whole.

The dollar jumped to 108.48 yen after the recent low of 106.78 was set last Tuesday.

Similarly, the dollar gained by 0.3% against the Swiss franc to 0.97935 francs.

Just like in the currency market, US stock futures also rose by 1% after the recent talks between US President Donald Trump and his Chinese counterpart, Xi Jinping.

Consequently, the S&P 500 futures rose by 1.04% in terms of trading volume.

Financial Events to watch for today

  • 07:00 GMT – People’s Bank of China’s Governor Yi Gang Speech [CHN]
  • 07:55 GMT – German Manufacturing PMI (Jun) [GER]
  • 07:55 GMT – German Unemployment Change (Jun) [GER]
  • 08:30 GMT – Manufacturing PMI (Jun) [UK]
  • 14:00 GMT – ISM Manufacturing PMI (Jun) [USA]