<ul><li style=““ class=“text-align-justify“><a target=“_blank“ href=“https://www.forexlive.com/centralbank/boe-raises-bank-rate-by-75-bps-to-300-as-expected-20221103/“ target=“_blank“ rel=“follow“>Prior</a> 3.00%</li><li style=““ class=“text-align-justify“>Bank rate vote 7-2 vs 9-0 expected (Tenreyro, Dhingra voted to keep rates unchanged at 3%, Mann voted to raise rates by 75 bps instead)</li><li style=““ class=“text-align-justify“>Further increases in bank rate may be required</li><li style=““ class=“text-align-justify“>Q4 GDP seen at -0.1% q/q (previously -0.3% in November)</li><li style=““ class=“text-align-justify“>Statement details to follow..</li></ul>

This article was written by Justin Low at www.forexlive.com.

<p>Market picture</p><p class=“MsoNormal“>Bitcoin
updated five-week highs above $18,300 on Wednesday but then fell along with
stock indices amid the Fed’s intention to raise rates higher and hold them
longer than markets had hoped.</p><p class=“MsoNormal“>The market
reaction to the Fed brought the price back to levels before the lift-off but
did not trigger a sustained decline yet. Bitcoin failed to close the day above
its 50-day moving average but continues to hover around that curve. A
consolidation above this line could spur additional demand.</p><p class=“MsoNormal“>The
cryptocurrency Fear and Greed Index was up 1 point to 31 by Thursday and
continues to be in a state of „fear“. Despite dropping 1.4%
overnight, the crypto market’s total capitalisation at 860bn has been near the
upper end of its trading range for more than a month.</p><p>News background</p><p class=“MsoNormal“>According to
CoinGesco, the number of cryptocurrencies in the BTC and Ethereum networks
reached historic highs following the collapse of FTX. The growth rate of large
asset holders has quadrupled compared to the annual average.</p><p class=“MsoNormal“>Goldman
Sachs said gold is a better asset diversifier than BTC as it is less volatile.</p><p class=“MsoNormal“>According to
Nansen, about $3 billion has been withdrawn from Binance in the last two days,
with user activity attributed to a „temporary suspension“ of
withdrawals in USDC.</p><p class=“MsoNormal“>In response
to the recent media attack, Tether, the issuer of USDT, said it would reduce
the collateralised credits in USDT reserves to zero over the next year.</p><p class=“MsoNormal“>There is no
consensus among US regulators on cryptocurrencies. The Commodity Futures
Trading Commission (CFTC) has called bitcoin, Ethereum and USDT commodities in
a lawsuit against FTX CEO Sam Bankman-Fried, who faces up to 115 years in
prison.</p><p class=“MsoNormal“>This article was written by <a target=“_blank“ href=“https://www.fxpro.com“ target=“_blank“ rel=“follow“>FxPro</a>’s Senior Market
Analyst Alex Kuptsikevich.</p>

This article was written by FxPro FXPro at www.forexlive.com.

<p style=““ class=“text-align-justify“>Roughly 16% of people said that they were worried or very worried about their food running out before having money to buy more, with the situation already being a reality for 6% of those surveyed. Just to provide some background, the ONS survey was conducted between 22 November and 4 December and had 2,524 respondents.</p><p style=““ class=“text-align-justify“>Adding to that, some 23% of people said that they were unable to keep comfortably warm in their own homes. I reckon that in itself is a bad look for the rest of the winter considering how October has already been hotter than expected in Europe.</p><p style=““ class=“text-align-justify“>In terms of public discontent, 74% of people said that Britain’s society is „not as it should be“.</p><p style=““ class=“text-align-justify“>All of this will just continue to mount further pressure on the government to try and sort things out as the cost-of-living crisis intensifies.</p>

This article was written by Justin Low at www.forexlive.com.