The cryptocurrency market and specifically Bitcoin would experience a new boost in the month of August, according to JPMorgan analysts.

Currently, the main cryptocurrency on the market is facing bearish pressure that has prolonged a reduction in its value. But, this could change in August, allowing a recovery to get closer to $60,000.

This positive analysis was presented by Nikolaos Panigirtzoglou who, together with his team of researchers, highlighted that “net flows for Bitcoin could be reduced in the coming weeks, which would cause a significant amount of BTC to leave exchanges and go into private wallets, thus relieving sales pressure.”

Just to his team, the specialist highlighted that “the reduction in the estimated net flow is largely due to the decrease in Bitcoin reserves on exchanges during the last month.”

The downward pressure facing the cryptocurrency is driven by Bitcoin liquidations by creditors of the Gemini exchange, the Mt. Gox compensation process, in addition to “the continued sales made by the German government through major exchanges, this to “dispose of funds obtained after a large-scale seizure.”

M.Pino

Source: diariobitcoin

(Reference image source: Unsplash+, in collaboration with Getty Images)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada JPMorgan predicts a boost in the value of Bitcoin in August apareció primero en Bitfinance.

The US economy generated 187,000 new non-agricultural jobs during the month of August, a figure higher than the 157,000 new jobs created in July, although the unemployment rate rose three tenths, up to 3.8 %, according to published data. this Friday by the Department of Labor.

Thus, the US labor market continues to show signs of strength and has created jobs for 32 consecutive months, especially in the health, leisure and hotel, social assistance and construction sectors. Although the data for August is below the average of 271,000 jobs for the last 12 months, this represents a revitalization of hiring.

Especially when the Labor Department has reported that it has revised downward the data for the previous two months, lowering June by 80,000 jobs, from 185,000 to 105,000, and July by 30,000, from 187,000 to 157,000. With these revisions, 110,000 jobs disappeared compared to what was previously reported.

In the case of the unemployment rate, the data stood at 3.8 % in August, compared to 3.5 % the previous month. Thus, the unemployment rate in the United States has fluctuated between 3.4 % and 3.8 % so far in 2023.

The number of unemployed reached 6,355 million in the eighth month of the year, compared to 5,841 million in July, including 1,296 million long-term unemployed (those without work for 27 weeks or more), which represented 20.4 % of the total number of unemployed

On its side, the number of people employed part-time for economic reasons increased by 221,000, up to 4.221 million in August. Likewise, the labor force participation rate stood at 62.8%, two tenths more.

Source: dpa

(Reference image source: Marten Bjork, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada US jobs increased by 3.8 % in August apareció primero en Bitfinance.

China’s manufacturing activity contracted again during the month of August, as reflected by the PMI manufacturing index, which stood at 49.7 points from 49.3 the previous month, thus accumulating five consecutive months below the stability threshold of 50 points, according to data published this Friday by the National Statistics Office (ONE).

Despite a new contraction in activity in August, trends point to a slight improvement in the sector, underpinned by the recovery observed in the production sub-index, which was 51.9%, with an increase of 1.7 percentage points compared to the previous month, which indicates that the expansion of manufacturing production has increased.

Likewise, the data for new orders has also improved in August, with a reading of 50.2%, compared to 49.5% in July, suggesting an improvement in demand, while the employment sub-index was 48%, a slight decrease of 0.1 percentage points from the previous month, indicating that the employment boom in manufacturing companies is basically stable.

As for the non-manufacturing sector, the PMI for August has reduced its expansion to 51 points from 51.5 in July, its worst reading since December 2022.

In this sense, the data for new orders was 47.5%, compared to 48.1% the previous month, which indicates that the demand in the non-manufacturing market has decreased.

By sectors, construction new orders moderated their decline to 48.5% from 46.3% the previous month, while the services industry new orders PMI was 47.4%, a decrease of 1 percentage point compared to July.

Source: dpa

(Reference image source: Extend, dpa)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Chinese factory activity falls for the fifth consecutive month apareció primero en Bitfinance.

The Organization of Petroleum Exporting Countries has indicated that during the month of August Venezuela experienced a 14 % increase in production, reaching 94,000 bpd.

According to the OPEC report, with the figures for Venezuela, in August the average production was 723,000 barrels per day, compared to the drop experienced in July, when 629,000 barrels per day were reached.

The Caribbean country’s crude output has been experiencing ups and downs since the beginning of 2022. It is still far from the goal that Nicolás Maduro had set, of reaching 2 million bpd by the end of this year and 3 million for which comes.

The Venezuelan oil industry was for years one of the strongest in the market. However, during the last decades it has been marked by a lack of investment, management errors, cases of corruption and more recently by the sanctions imposed by the United States.

M.Pino

Click the link to subscribe for free to our news and media group on Telegram: https://t.me/G_ELSUMARIO_News

Source: swissinfo

La entrada OPEC: Venezuela’s oil production rose 94,000 barrels in August apareció primero en Bitfinance.

The year-on-year inflation rate in the euro zone stood at 9.1% in August, compared to the 8.9% registered in July, which represents the highest increase in prices in the euro region in the entire historical series and more than four times the price stability target of 2% of the European Central Bank (ECB), whose Governing Council will meet again next week.

According to preliminary data published by Eurostat, the rise in prices in the euro zone intensified in August, despite the fact that the year-on-year rise in energy prices slowed to 38.3% from 39.6% in July, while the increase in the price of fresh food was 10.9%, when in July it had been 11.1%.

However, services became more expensive by 3.8% year-on-year in August, one tenth more than the previous month, while the prices of non-energy industrial goods rose by 5%, compared to 4.5% in the previous month.

Excluding the impact of energy from the calculation, the year-on-year inflation rate in the euro zone stood at 5.8% in August, compared to 5.4% in the previous month, while also excluding the effect of prices of fresh food, alcohol and tobacco, the core inflation rate has climbed to a record 4.3%, three tenths more than in July.

In the month of August, nine of the nineteen eurozone countries recorded double-digit inflation rates, with the highest price increases in Estonia (25.2%), Lithuania (21.1%) and Latvia (20. 8%), while the least intense increases were observed in France (6.5%), Malta (7.1%) and Finland (7.6%).

Click the link to subscribe for free to our news and media group on Telegram: https://t.me/G_ELSUMARIO_News

Source: dpa

La entrada Inflation in the Eurozone stood at 9.1% apareció primero en Bitfinance.