PDAXScope: BTC 'Groundhog Day', PEPE Leads Meme Rally

(March 11) Check out other fresh news in the crypto world in today’s issue of the PDAXScope. 📰

Crypto News:

'Groundhog Day' in Crypto as Bitcoin Again Plunges Following New Record

In the morning hours of U.S. trading, bitcoin took out the Tuesday record of about $69,200 and rose to $70,136, CoinDesk Bitcoin Index (XBX) data shows. But within seconds, selling took hold and less than one hour later, the price had tumbled about 5% to as low as $66,500. Nearly 1,000 BTC of sell orders on Binance and OKX, worth some $70 million, posed an insurmountable resistance for further gains once bitcoin topped $70,000, quickly pushing the price lower.

PEPE Leads Meme Coin Rally as Ether Nears $4K

Pepecoin (PEPE), shiba inu (SHIB) and dogecoin (DOGE) jumped as much as 26% in the past 24 hours as ether (ETH) inched towards $4,000, a level it previously saw in December 2021. PEPE jumped 26% on renewed optimism, while DOGE and SHIB reversed Thursday’s losses to rise 10%. Bullish demand for ether started to increase in mid-January amid expectations that it would be the next major token after bitcoin (BTC) to get a spot exchange-traded fund (ETF) in the U.S.

Global News:

Bank of Japan leaning toward exiting negative rates in March

A growing number of Bank of Japan policymakers are warming to the idea of ending negative interest rates this month on expectations of hefty pay hikes in this year's annual wage negotiations. Upon ending negative rates, the central bank is also likely to overhaul its massive stimulus programme that consists of a bond yield control and purchases of riskier assets. Many BOJ policymakers are closely watching the outcome of big firms' annual wage negotiations with unions on March 13, and the first survey results to be released by labour umbrella Rengo on March 15, to determine how soon to phase out their massive stimulus.

China's consumer prices swing up on seasonal Lunar New Year gains

China's consumer prices rose for the first time in six months due to spending linked to the Lunar New Year, offering some reprieve for the world's second-biggest economy grappling with weak consumer sentiment, while factory-gate prices fell again. The consumer price index (CPI) climbed 0.7% year-on-year in February, data from the National Bureau of Statistics (NBS) showed on Saturday, beating the 0.3% gain forecast by economists in a Reuters poll. The year-on-year growth in consumer prices was also the highest in 11 months, buoyed by gains in some key foodstuffs such as pork and fresh vegetables, as well as travel amid a seasonal rush around Lunar New Year in February, according to the NBS data.

Local News:

US commerce chief leads 22-firm mission to PH

Representatives from 22 American companies have expressed keen interest in starting new investments in the Philippines, Trade Secretary Alfredo Pascual said on Friday, previewing possible prospects from a United States trade mission that will arrive next week. Pascual said US Secretary of Commerce Gina Raimondo will be leading the business delegation. The embassy said the trade mission aims to reaffirm the strong commitment of the United States to deepen trade and investment ties with the Philippines, as well as to reinforce the Philippines as a key hub for regional supply chains and high-quality investment in support of Washington’s Indo-Pacific strategy.

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