LTC Starts June Strong, Crypto Daily TV 2/6/2023

MakerDAO paves the way for additional U.S. treasury purchase

The community governing MakerDAO, the organization behind stablecoin DAI, has paved the way to purchase up to an additional $1.28 billion in U.S. government bonds via crypto asset manager BlockTower Capital.

Crypto data firm Nansen to lay Off 30% of staff

Blockchain analytics platform Nansen said it is laying off 30% of its workforce, citing broader difficulties in the crypto market. The firm had tried to expand into business areas that were not core to the company’s strategy, Nansen CEO Alex Svanevik said in a statement.

Litecoin starts June strong

Litecoin has begun the month with a rally. It is up 7.5% over the last 30 days, the third-best result among crypto assets over that period, topping both Bitcoin and Ethereum.

BTC/USD dove 1.0% in the last session.

The Bitcoin-Dollar pair plummeted 1.0% in the last session. The Stochastic-RSI is giving a negative signal. Support is at 26315.3333 and resistance is at 28307.3333.

The Stochastic-RSI is giving a negative signal.

ETH/USD made a minor downwards correction of 0.1%.

The Ethereum-Dollar pair saw a minor dip of 0.1% in the last session. The Stochastic indicator is giving a negative signal. Support is at 1823.0867 and resistance is at 1931.4667.

The Stochastic indicator is currently in the negative zone.

XRP/USD plummeted 1.4% in the last session.

The Ripple-Dollar pair plummeted 1.4% in the last session. The Williams indicator is giving a negative signal, going against our overall technical analysis. Support is at 0.4885 and resistance is at 0.5418.

The Williams indicator is currently in negative territory.

LTC/USD skyrocketed 4.8% in the last session.

The Litecoin-Dollar pair skyrocketed 4.8% in the last session. According to the Stochastic-RSI, we are in an overbought market. Support is at 85.8567 and resistance is at 94.9767.

The Stochastic-RSI is signalling an overbought market.

Daily Economic Calendar:

US Nonfarm Payrolls

The Nonfarm Payrolls presents the number of new jobs created during the previous month, excluding the agricultural sector. The US Nonfarm Payrolls will be released at 12:30 GMT, the US Average Hourly Earnings at 12:30 GMT, and the French Industrial Output at 06:45 GMT.

US Average Hourly Earnings

The Average Hourly Earnings are a significant indicator of labor cost inflation and of the tightness of labor markets.

FR Industrial Output

The Industrial Output shows the volume of production of industries, i.e., factories and manufacturing.

ES Unemployment Change

The Unemployment Change measures the absolute change in the number of unemployed people using seasonally adjusted data. A rise in this indicator has negative implications for consumer spending. Spain’s Unemployment Change will be released at 07:00 GMT, Japan’s CFTC JPY NC Net Positions at 20:30 GMT, and the UK’s CFTC GBP NC Net Positions at 20:30 GMT.

JP CFTC JPY NC Net Positions

The weekly Commitments of Traders (COT) report provides information on the size and the direction of the positions taken. The report focuses on speculative positions.

UK CFTC GBP NC Net Positions

The weekly Commitments of Traders (COT) report provides information on the size and the direction of the positions taken. The report focuses on speculative positions.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.