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Hey traders, Ezekiel here with your quick market update. Let’s take a look at what's moving the markets, why it’s important, and how you can stay ahead of the game:
- Today's market mayhem. S&P, EUR/USD, Bitcoin, and XAU/USD today
- Soybean imports buck the trend as China turns its back on US goods
- Bitcoin’s 20% rally sparks optimism as it decouples from US stocks
- The hidden red flag in the “W” pattern: why you need to be cautious
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WEEKLY MARKET MAYHEM
For this week's market mayhem, here’s what we got for you today:
🚨 China Slashes US Commodities Purchases as Trade Tensions Heat Up 🚨
China has been slashing its imports of US commodities, and we’re talking some big cuts here – in some cases, zero purchases. 📉 This is all happening amid growing trade tensions between the US and China, two of the world’s largest economies.
What’s getting hit the hardest?
- Liquefied natural gas (LNG) and wheat imports plummeted to nothing in March.
- Last year, the US supplied 17% of China’s wheat and 5% of its LNG. So, you can imagine how significant this is. 🌾⚡
So why this sudden shift? Well, China slapped retaliatory duties of 10-15% on US energy products in February, and it didn’t stop there. By March, similar duties hit agricultural goods too. And now, with both sides launching 100%+ tariffs on each other’s goods, China’s purchases are likely to drop even more. 🚫
📊 The Full Breakdown
- American cotton imports? Down a staggering 90% year-over-year.
- Corn imports? Just a tiny 800 tons – the lowest since February 2020. 🌽
Soybeans did manage to buck the trend, rising by 12% to 2.44 million tons, as China continues to rely heavily on US supplies until South American harvests hit the market. 🌱
💡 But Not All Bad News for the US
- Crude oil imports went up by 25%, hitting 542,000 tons. However, the US still doesn’t even crack the top 10 in terms of China's biggest suppliers.
- US copper imports? They’re slipping too, with copper scrap down by 50% and concentrate falling by 38%.
🤔 Asia Forex Mentor Insights
This could mean more volatility ahead, especially in commodities. Keep an eye on how these shifts affect the global supply chain, and stay tuned for the next big trade move between these two economic giants. 🌍💥
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🚀 Bitcoin Surges 20%, Breaking Free from Tech Stocks and Gaining Momentum 🚀
Bitcoin (BTC) is making waves, surging nearly 20% from its April 7 low, hitting its highest level since March and sparking optimism that it might finally be breaking free from its usual correlation with US tech stocks. 📈
What happened? Well, after a brief dip caused by the US tariff storm (thanks to President Trump’s sweeping trade moves), Bitcoin bounced back, showing a more gold-like behavior. Yep, it’s acting like a safe-haven asset in the midst of global market uncertainty. 🛡️
Here’s the kicker: Bitcoin isn’t just following the tech stock movement anymore. It’s starting to trade independently of them, which is a big deal for crypto fans who’ve been waiting for this decoupling to happen. If this trend holds, Bitcoin could be positioning itself as a store of value, much like gold.
💥 The Decoupling Explained
The market’s recent turbulence, especially the dollar’s decline, has given crypto bulls some relief. It’s been a rough few months, with many waiting for the rally that Trump’s first months in office didn’t spark. But now, Bitcoin is rising on its own terms, and this is what many were hoping for. 🏦
Augustine Fan, partner at SignalPlus, points out that after a year of Bitcoin being a tech stock proxy, the crypto is finally showing signs of decoupling. Bitcoin could be returning to its roots as a digital gold.
📊 Bitcoin Price Update
As of Tuesday morning, Bitcoin was hovering around $90,000—a nice bump from its previous lows. Meanwhile, the dollar bounced back slightly after hitting its lowest level since late 2023, and gold surged past $3,500 an ounce before cooling down a bit. 🏅
The Nasdaq 100, which took a hit recently, is showing signs of recovery too, but Bitcoin is still going strong. 📉💪
BTC/USD Daily Chart as of April 22nd, 2025 (Source: TradingView)
🔮 What’s Next for Bitcoin?
If Bitcoin continues to behave more like gold than a tech stock, this decoupling narrative could gain serious momentum. Richard Galvin, co-founder of DACM, a crypto hedge fund, believes the shift is real.
Also, there’s something else fueling the optimism: US-listed Bitcoin ETFs saw an influx of $381 million on Monday—the largest since January. With Bitcoin breaking past $88,800, we could see it pushing to the $92,000–$94,000 range soon. 🔥
🤔 Asia Forex Mentor Insights
This move could signal a bigger shift for Bitcoin. As it diverges from traditional tech stocks, it might just be gearing up for the next big run. Stay tuned and keep an eye on the charts, Bitcoin might be playing a whole new game! 🌍💥
MEMES OF THE DAY
Some people think about the weekend… I think about charts and trade setups 😎
Trading without a plan? That’s pure panic mode 📈✌️
