BDSwiss Awarded Fastest Growing Forex Broker at the FastBull 2024 Trading Influencers Awards · Singapore

Summary:

Congradulations on BDSwiss for winning Fastest Growing Forex Broker at the FastBull 2024 Trading Influencers Awards · Singapore.

BDSwiss Awarded Fastest Growing Forex Broker at the FastBull 2024 Trading Influencers Awards · Singapore_1

Industry-leading financial brokerage firm BDSwiss has soared in the financial markets with impressive growing speed and and remarkable momentum.

BDSwiss, with its exceptional team and visionary management, consistently demonstrates keen market insight and effective execution in the dynamic financial landscape. Their unwavering commitment to collaboration, proactively seizing market opportunities, and venturing into new areas has propelled them toward remarkable growth.

For its clients, it is a trusted and reliable financial services provider. Its strict regulatory authorization, unique trading conditions and professional support team have gained the favor of the majority of traders. Over the years, this broker has been going strong with the number of registered users and trading volume breaking new records.

BDSwiss is booming and thriving. The company is greatly encouraged by receiving the 'Fastest Growing Forex Broker' award at the FastBull 2024 Trading Influencers Awards Ceremony, which was held in Singapore on March 30, 2024. It has garnered significant acclaim from the industry for its remarkable performance and has been recognized by the market for its outstanding achievements. We look forward to witnessing BDSwiss's continued rapid progress and the unveiling of further milestones in the days to come!

About BDSwiss

Established in 2012, BDSwiss Group is a prominent financial brokerage firm, widely favored by investors. The company offers Forex and CFD investment services to more than one million clients worldwide.

As a multi-regulated forex broker, BDSwiss stands out as a trusted choice for traders worldwide. It boasts over 1.7 million registered users, a testament to its popularity and reliability. In the dynamic forex landscape, BDSwiss shines with an average trading volume of $98 billion per quarter and executes an impressive 11.3 million trades per year, reflecting the confidence traders place in the platform.

BDSwiss maintains a robust global network with over ten offices strategically positioned around the world and clients from 186 countries, catering to diverse markets.

BDSwiss provides award-winning conditions, world-leading platforms, competitive pricing, and optimal execution on 250+ Forex, shares, indices, commodities, and cryptocurrency. The daily market analysis and multi-language support also help customers make informed trading decisions with the help of the firm.

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You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

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Alex

Cryptocurrency

The supply shock of the Bitcoin halving won’t be as shocking to Bitcoin’s price as many investors anticipate, says a new research report from crypto analytics firm CryptoQuant.

“We argue that the effect of the halving has been diminishing, as the new issuance of Bitcoin gets smaller relative to the amount of Bitcoin selling from long-term holders,” CryptoQuant wrote in an April 9 research report — viewed by Cointelegraph.

Instead, the “key driver” affecting Bitcoin’s price following the halving this time around will be the increase in demand from investors with sizeable holdings of Bitcoin.

Demand from whales holding between 1,000 and 10,000 Bitcoin has grown to “around its highest ever,” seeing 11% growth month-on-month, wrote CryptoQuant. Bitcoin Halving Price Influence ‘Diminished,’ Demand Now Key Driver_1

Bitcoin Halving Price Influence ‘Diminished,’ Demand Now Key Driver_1

The total amount of wallet addresses holding 1K-10K Bitcoin is significantly increasing. Source: CryptoQuant

While the Bitcoin halving reduces supply — which typically puts upward pressure on Bitcoin’s price — there have been a few instances between 2021 and 2023 where the monthly demand from long-term holders has exceeded the supply within the same timeframe.

However, the current gap between them is much larger than it ever has been, suggesting that with an ongoing monthly supply deficit, the halving's effect on Bitcoin price action might not be as powerful as it has been in the past.

Long-term holders are now accumulating about seven times more Bitcoin per month than the new Bitcoin entering circulation.

“Permanent holders are adding as much as 200K Bitcoin per month to their balances, much more than the ~28K Bitcoin issuance. Bitcoin monthly issuance will decrease to ~14K after the halving,” it stated.

Furthermore, the total issuance of Bitcoin plummeted to only 4% of the total available supply, a significantly smaller proportion compared to before previous Bitcoin halvings.

“Issuance represented 69%, 27%, and 10% of total Bitcoin available supply previous to the 1st, 2nd, and 3rd halving,” CryptoQuant wrote. Bitcoin Halving Price Influence ‘Diminished,’ Demand Now Key Driver_2

Bitcoin Halving Price Influence ‘Diminished,’ Demand Now Key Driver_2

After the 2016 halving, the price of Bitcoin increased by about 4,200% to $19,800, and after the 2020 halving, the price of Bitcoin increased by almost 683% to $69,000.

The Bitcoin halving event is when Bitcoin miner’s rewards, along with its inflation rate, is cut in half. The upcoming halving will see the block rewards reduced from 6.25 Bitcoin to 3.125 Bitcoin.

At the time of publication, Bitcoin’s price is $68,764, representing a 7.12% increase over the past 5 days, as per CoinMarketCap data.

However, other indicators suggest that investors remain optimistic that the upcoming Bitcoin halving — currently slated for April 20 — will be a major catalyst for Bitcoin’s price to rise higher.

Open Interest (OI) in Bitcoin is currently at $78.36 billion, just 11 days away from the halving, as per CoinGlass data. This is roughly 30 times higher than the OI volume recorded 11 days before the previous halving in May 2020, which stood at $2.61 billion.

OI is a measure of the total value of all outstanding or unsettled Bitcoin futures contracts across exchanges, an uptick in value suggests heightened market activity and trader sentiment.

Pseudonymous Rekt Capital suggested to his 447,000 followers on X that any price dip in Bitcoin between now and the halving is likely to bounce back quickly.

“Do you realize whatever downside Bitcoin experiences before the halving, if any, will be the very last bargain-buying opportunity in the 2024 pre-halving period ever?” Rekt declared in an April 9 post on X.

Source：cointelegraph

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Thomas

Economic

Growing uncertainty about the outlook for the world’s second-biggest economy, amid Beijing’s drive to make growth less dependent on housing, is putting the country’s public finances under strain, Fitch said on Wednesday. “Fiscal policy is increasingly likely to play an important role in supporting growth in the coming years which could keep debt on a steady upward trend.”

China’s government rapidly pushed back, saying the rating company failed to reflect the role of fiscal policy in shoring up growth, which helps to stabilize debt burdens. Financial markets were unfazed, with China’s 10-year sovereign bond yield little changed at around 2.29%, and the yuan also steady. Fitch’s action matched a similar one by Moody’s Investors Service in December.

“I don’t think this will have much market impact,” said Michelle Lam, an economist at Societe Generale SA, who said the risk for investors from rising Chinese debt is that it will slow growth, not raise sovereign default risks. “China’s debt problem and property crisis are well known and understood by market participants.”

China’s public debt has risen rapidly over the past dozen years or so, as the government pumped funds into the economy in a bid to maintain the world-leading growth rates it posted over previous decades. With a real-estate slump now threatening to slow output, and worrying global investors, the government has outlined some new stimulus measures — like subsidies for households and businesses that want to upgrade appliances or machinery — and signaled that more may follow.

Public debt was close to 80% of gross domestic product as of the middle of last year, roughly double the level of the mid-2010s, according to the Bank for International Settlements. That’s well below many advanced economies like Japan and the US, though relatively high for an emerging market. Beijing’s own measure for government debt shows it at 56% of GDP at the end of 2023, up sharply since the pandemic.

Still, since China borrows in its own currency, it’s at no risk of the kind of debt crisis that’s hit other developing nations in the past, according to Andrew Freris, chief executive officer of Ecognosis Advisory Co.

“The only thing they need to be concerned about is their domestic situation,” he said. “That is much more easily doable because one-third of the banking system belongs to the government.”

While Fitch lowered its outlook, it maintained China’s long-term foreign-currency issuer default rating at A+. It said one key point to watch out for is “the degree to which fiscal support reignites underlying GDP growth.”

Responding to Fitch, China’s Ministry of Finance defended its fiscal policy as supportive for growth, arguing the government will be able to “control its debt ratios well and save policy room for dealing with potential risks and challenges in future.”

“We regret Fitch’s cut to China’s credit outlook,” the ministry said in a statement released minutes after the Fitch announcement. The company’s ratings methods “failed to reflect on the positive role” of China’s fiscal policy in stabilizing economic growth as well as the macro leverage ratio “in an effective and forward-looking way,” it said.

Source： Bloomberg

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Alex

Economic

Commodity

The global wheat market has been hit by Chinese buyers cancelling major shipments, seemingly in an attempt to secure better prices and bolster the country's food security.

Benchmark Chicago wheat futures are trading at about $5.50 per bushel, up slightly from a three-and-a-half-year low marked in mid-March but down about 10% from the beginning of the year.

The U.S. Department of Agriculture last month said 504,000 tonnes of wheat sales to China had been cancelled. The figure is equivalent to about half the total U.S. wheat shipments to China in 2022 and the largest cancellation on record going back to 1999.

About 1 million tonnes of Australian wheat exports to China have either been cancelled or postponed as well, Reuters reports.

China is the world's largest grain importer. Buyers there have yet to provide a reason for the cancellations.

Although China is facing an economic downturn, the price of food generally suffers less from economic fluctuations than the price of crude oil, copper and other industrial materials.

"Buyers likely are trying to avoid going through with expensive contracts signed in the past, and are repurchasing at lower prices," said Ruan Wei at Japan's Norinchukin Research Institute, echoing a common view among market watchers.

Demand for food-grade wheat imports grew in China after last summer's flooding in Henan affected harvest quality in the leading wheat-growing province. Chinese buyers appeared to have responded by securing large-scale contracts for high-quality wheat from Australia, Canada and the U.S.

But Russia, the world's largest exporter of wheat, later ramped up cheap shipments after its second straight bumper crop. Benchmark Chicago wheat prices are now about 30% below a July 2023 peak.

By the time deliveries from additional wheat contracts began reaching China, their prices appear to have been significantly above market rates, which in turn likely triggered the cancellations.

China has not increased imports of Russian wheat, which does not meet its requirements. It is instead buying more wheat from France and Kazakhstan.

Chinese buyers are known to be particularly sensitive to price shifts. In spring 2023, they abruptly cancelled 1.1 million tonnes in purchases of U.S. corn. They were later reported to have increased imports from Brazil instead, as a bumper stock there drove down prices.

"Chinese moves to curb grain imports are likely to persist over the medium- to long-term," said Li Xuelian, a senior analyst at Marubeni Research Institute

The Chinese government has focused more on food security since last year amid surging prices at home and tensions with the U.S. A food security law is set to take effect in June to help bolster domestic production of grains and diversify imports.

China aims to eventually be fully self-sufficient on wheat and rice in particular, resulting in greater pressure to curb imports of these grains compared with corn and other grains mainly used for animal feed.

Source：Reuters

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Alex

Stocks

Economic

Asian stocks traded cautiously ahead of key inflation data that will help shape the outlook for the Federal Reserve’s next steps.

Equity benchmarks in Hong Kong and Australia edged higher, while mainland Chinese shares were slightly down at the open. Japanese stocks nudged lower with trading in the region muted by holidays in countries including South Korea. Contracts for US equities were steady after the S&P 500 fell as much as 0.8% Tuesday before finishing 0.1% higher.

Treasuries were little changed in Asian trading after advancing Tuesday. Ten-year yields fell from their highest levels this year in a sign of short exposure being unwound before Wednesday’s US inflation reading. Markets have been tempering bets on Fed cuts as economic data remain strong, with officials pushing back against the need for easing.

“Traders are on edge for the US CPI for March,” Hebe Chen, a market analyst at IG Market Limited said. “It will bring a piece of heavy-weight evidence to either validate or disapprove of the Fed’s view that the hotter-than-anticipated readings in the previous two months were just a bump.” Stocks In Asia Cautious Ahead Of Key US Inflation_1

Stocks In Asia Cautious Ahead Of Key US Inflation_1

The movement in Japanese stocks came as investors assessed the risk of further interest-rate hikes this year in Japan. The central bank will likely consider raising its inflation forecast at a policy meeting later this month after surprisingly strong results from annual wage negotiations, according to people familiar with the matter.

“It’s all caution out there, really,” said Kyle Rodda, senior market analyst at Capital.com. “Japan is the epicentre as far as Asian markets are concerned because the yen got dangerously close to breaking 152 again yesterday, and some combination of a hot CPI print and even slightly hawkish Fed minutes may send it through that level.”

Separately, Governor Kazuo Ueda reiterated that Japan’s economy continues to recover moderately. This followed comments Tuesday that suggested he is keeping his options open for a further paring back of monetary easing.

Elsewhere in Asia, central banks in New Zealand and Thailand are expected to keep rates unchanged at meetings on Wednesday. The Reserve Bank of New Zealand may push back against investor bets that interest-rate cuts are coming, even though the economy has slumped into a double-dip recession, which may give a boost for the nation’s currency.

In commodities, oil held a two-day decline after an industry report pointed to a gain in US crude stockpiles, although simmering tensions in the Middle East are expected to cap losses. Meanwhile, gold extended its bull run to a fresh record.

Stocks Rebound

After struggling throughout most of the session, the S&P 500 rose back above the 5,200 mark, with Tesla Inc. leading gains in megacaps. Nvidia Corp. sank as Intel Corp. unveiled a new version of its artificial-intelligence chip.

US small-business optimism dropped to a more than 11-year low in March as sales expectations slumped and inflationary pressures remained a trouble spot, according to the National Federation of Independent Business. Stocks In Asia Cautious Ahead Of Key US Inflation_2

Stocks In Asia Cautious Ahead Of Key US Inflation_2

Economists are forecasting that US consumer prices rose 0.3% in March on a monthly basis, both overall and excluding food and energy costs. The swaps market is pricing in around 65 basis points of Fed rate cuts by the end of this year — which is less than what the central bank forecast last month.

“CPI is the critical number this week,” said Andrew Brenner at NatAlliance Securities. “The fear is that CPI has continued to be a thorn in the side of the Fed. But positioning is strongly bearish, and to quote some of the old traders we worked with in the past, ‘whatever hurts the most traders, when they are strongly positioned, is what happens’.”

Source：Bloomberg

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FastBull Featured

Remarks of Officials

Atlanta Fed President Raphael Bostic said on April 9 in an interview as follows.

One rate cut is expected this year, but as economic activity and inflation continue to develop, it's possible for two rate cuts or no cuts in the coming months. That depends on the development of the U.S. economy and inflation.

Risks are now balanced. Given that the U.S. economy has been so robust and so resilient, I can't take off the possibility that rate cuts may even have to move further out. If inflation begins to fall as it did in the second half of last year, or unexpected weakness is seen in the labor market, I'd be open to changing our policy stance and perhaps cutting rates sooner. That means there is still the possibility of several rate cuts this year.

Chicago Fed President Austan Goolsbee also delivered a speech a day before, the main points of which are as follows.

The current labor market is overheating according to some indicators, but in view of the serious labor shortage, the overheating will not be sustainable. The economy is gradually coming into a better balance. There are still some worrisome factors, however, such as rising consumer credit defaults.

Current interest rates are high relative to inflation. In this case, the Fed must consider how long it needs to maintain the current restrictive interest rates. If rates stay high for too long, the unemployment rate will begin to rise.

Both officials are concerned about potential unexpected weakness in the labor market. However, Goolsbee and Bostic have different views on the number of rate cuts. The former expects three rate cuts this year while the latter believes that only one cut is needed or even no rate cut this year.

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Kevin Du

Economic

But for one item in particular — houses — we’ve seen such sharp inflation over decades that it’s starting to change the landscape of American economic life. What happens in society, and in history, when costs for basic necessities, like shelter and food, shoot up in price?

Let’s start by going back four decades, to 1984. The movie “Ghostbusters” was a blockbuster that year. And the median price of a new home wasn’t so scary: $79,900 in the fourth quarter of 1984, according to data from the Department of Housing and Urban Development.

Since then, consumer prices overall have risen 203%, according to the Bureau of Labor Statistics information and analysis section. Meanwhile, the median price of a new home was $417,700 in the fourth quarter of 2023. That works out to an inflation rate of 423%.

“There’s no question that the cost of a house has gone up relative to cost of living overall,” said Christopher Mayer, co-director of the Paul Milstein Center for Real Estate at Columbia Business School. “More and more, a single-family home has become a luxury good, which has not been the case in the United States until now. It’s a trend that, if it continues, I think will change society substantially.”

Mayer conducted research in the 2010s finding that approximately 80% of people 65 and older owned their own homes, including a significant proportion who had neither a high school nor a college degree.

He said that for previous generations, working-class homeownership was plausible, even likely. “Homeownership was not just about people in the middle or the upper middle class, homeownership was something that people in the lower middle class could have.”

He’s seen this play out in his own family: “My in-laws lived in Redding, Pennsylvania; neither graduated from college. And yet, they were homeowners and owned multiple houses over their lives — having a part of the American dream. That would be very difficult for folks in the same circumstance, looking at the cost of homes today.”

This is not the first time America has dealt with rapid, destabilizing price increases, said Thomas Stapleford, an economic historian at the University of Notre Dame. “The big moments of price inflation are happening around wars — Civil War, World War I, World War II.”

In the early 1940s, as the U.S. prepared for war, factory towns sprang up across the country devoted to war production.

“So you have this big influx of workers coming into an area where there’s not adequate housing at the time, there’s not necessarily adequate services,” said Stapleford. “So food prices, shelter prices are going way up.”

The federal government took a number of actions in response, Stapleford said. It imposed price and wage controls, while the Bureau of Labor Statistics beefed up data gathering and analysis to better track inflation. Consumer product companies, meanwhile, got creative: “You have producers trying to navigate price controls and doing things like, ‘Well, maybe we’ll reduce the size of what’s going in a package, lower the quality of an item, use cheaper fabric.’ American housewives know that in fact prices are going up way more than the BLS index is showing.”

Under wartime rules, unions had to petition the government for pay increases, which they supported with a public relations campaign calling attention to rising prices. The government countered by trying to convince consumers inflation wasn’t all that bad.

“At one point in 1944, they actually produced a radio script called ‘Housewife versus Economist,’” Stapleford said. “It featured the acting director of the Bureau of Labor Statistics having a conversation with his wife. He talks about things like, ‘Well, you went and you purchased apples, and you saw the apples are so much more expensive than they were before. But maybe you didn’t notice how sugar prices are still the same.’”

The government was trying to calm American housewives, in part because of how badly they had reacted to soaring food prices in the World War I period, Stapleford explained. “It’s food that’s the dominant feature at that point. For a working-class family, food took up a huge part of the budget.”

Half or more of an urban working family’s monthly budget, in fact. In 1917, when food prices doubled, working-class women in New York rioted, just like they had more than a decade before in what came to be known as the 1902 kosher meat boycott.

This is a long tradition, going back to the 1500s, according to Robert DuPlessis, emeritus professor of economic history at Swarthmore College.

“In Europe in the 16th century, there was long-term inflation — partly due to population increase, part of it the influx of silver and gold from the New World,” DuPlessis explained. “Grain is the basic foodstuff. You can eat it as bread, you can eat it as gruel, but you also drink it in beverages, particularly beer. And if there’s a harvest failure, people feel it immediately.”

When grain harvests in Western Europe repeatedly failed, “you actually get religious and political rebellion as a result of a disastrous bout of inflation. Grain prices basically triple in a couple of months.” People stopped buying meat and new clothes, DuPlessis said, so they could try and buy enough bread to survive. “You also see that people riot.”

DuPlessis sees parallels today, as high home prices ripple through the late-pandemic economy. People have to rent rather than buy; they cut back on essentials to pay for housing; and they don’t buy as many of the consumer goods that go into houses, like furniture and appliances.

“The housing inflation of today is a little bit like the grain inflation of the 16th — actually, into the 18th century,” DuPlessis said. “Because remember, grain riots had a lot to do with the onset of the French Revolution.”

However, there are some reasons why riot and revolution may not be in the cards today. For one thing, food prices haven’t doubled or tripled in a matter of months. Instead, it’s taken four years since the pandemic hit for food prices to go up 25%, according to BLS data.

And while new home prices have more than quintupled, that’s happened over 40 years. Meanwhile, as much as mortgage rates have gone up lately, they were twice as high in 1984, peaking that year above 14%.

Still, Chris Mayer at Columbia Business School said home price inflation is fueling a lot of current discontent and disillusionment.

“You have people who are really discouraged about the potential of becoming a homeowner,” Mayer said. “Consumers are not happy about their housing situation, and they don’t have a lot of confidence that’s going to change.”

Mayer said that for the past century, homeownership has been a key stepping stone for building wealth and achieving the American dream. “Housing is aspirational: ‘When I make a lot of money, when I have kids, when I get married, when I get to the next stage of my life — am I going to be able to do something that’s a little bit better?’ And losing some of that future is discouraging.”

Mayer posed the rhetorical question: “Are you better off relative to previous times? Housing leads the list of things where the answer to that question today for many people is: ‘No, I’m not better off.’”