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

Author: Eamonn Sheridan | Category: News

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:

Forex news for Asia tradingfor Monday 11January 2021

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