Market Drivers – European Session 09-11-2021

The most prominent event during the European session was the jump of cryptocurrencies.

Bitcoin prices jumped over the past few hours, reaching a new historical high at $68.5 thousand, while it is now rising around 4%.

The market value of Bitcoin has jumped to levels of 1.3 trillion dollars, while it is now rising within a week in the range of 11%, and Bitcoin has risen in the range of 25% within thirty days and by 135% since the beginning of the year.

After rising above $66,000 today and reaching a market capitalization of more than $1.3 trillion, Bitcoin has surpassed the combined market capitalization of automaker Tesla and social media giant Facebook.

Federal Reserve Chairman, Jerome Powell, stated that the Fed is taking a broad look at the indicators that measure how close the US economy is to reach full employment. Today, Jerome Powell emphasized the importance of targeting marginalized workers.

Concerns about rising inflation and tighter monetary policy have become a major concern for market participants, the Federal Reserve said on Monday in its latest financial stability report, pushing aside coronavirus pandemic fears.

Nearly 70% of market participants surveyed by the Fed cited inflation and tighter Fed policy as their main concern over the next 12 to 18 months.

Data from Euro Oil Stock showed on Tuesday that European stocks of crude oil and derivatives fell about 8 percent on an annual basis in October, but were 1.3 percent higher than September levels.

Stocks reached 1.07 billion barrels in October, with all oil derivatives, except naphtha, rising on a monthly basis.

Crude consumption rates in refineries fell last month by 2.2 percent from September levels to 9.1 million barrels per day, but it was 9.6 percent higher than October 2020 levels.