Analysis

The AUD/USD pair softens around 0.6720 during the early Asian session on Thursday.

After briefly trading above $59,000 in the early hours of Tuesday, Bitcoin price has now seen a significant retracement, dropping below the $58,000 price mark once again.

Investing.com -- China's economic growth is unlikely to show any sign of revival anytime soon, BofA suggests as it downgraded its growth outlook on the world's second-largest economy, on worries Beijing isn't willing to step up monetary policy easing. 

European Central Bank policymaker Joachim Nagel said on Tuesday that "the great wave of inflation is over", adding he will not decide whether to vote to cut rates in September until next week, per Reuters.

Citi economists weighed in on the possible actions of the Reserve Bank of Australia (RBA) in response to a hypothetical large rate cut by the U.S. Federal Reserve.

Threshold, a protocol offering a decentralized version of wrapped bitcoin through its tBTC token, has proposed a merger with BitGo’s WBTC token in an effort to “save” the biggest wrapped bitcoin token by market cap.

The Japanese Yen (JPY) continues to strengthen against the US Dollar (USD) following the release of the Jibun Bank Services PMI data on Wednesday.

Citi's commodity strategists highlighted the significant role of Iron ore fines 62% Fe CFR Futures in the Australian economy, emphasizing its contribution to profits and government revenues.

XRP price extended losses like Bitcoin and Ethereum. The price even dived below the $0.5440 support level. It tested the $0.5330 zone. A low was formed at $0.5333 and the price is now attempting a fresh recovery wave.

The meme coin market is undergoing a dramatic downturn, with prominent cryptocurrencies like Dogecoin (DOGE), and Shiba Inu (SHIB) facing substantial decline.

The U.S. dollar reached a two-week peak compared to the euro, with investors preparing for a week filled with crucial data, including the U.S. payrolls report due on Friday.

West Texas Intermediate (WTI) Oil price extends its losses for the second successive day, trading around $69.40 per barrel during the Asian session on Wednesday.

U.S. equity futures indicated a lower opening after the S&P 500 lost more than 2.1% on Tuesday with the Information Technology and Energy sectors leading the downturn. 

The AUD/USD pair gains traction near 0.6715 during the early Asian session on Wednesday.

The Cardano blockchain has taken an immense step toward decentralized governance with the release of the Chang hard fork. At 10:44 p.m.

Avalanche (AVAX) is currently trading at a crucial level after a 24% retrace that began last week.

U.S. oil futures opened modestly higher with the Crude Oil WTI Futures crude oil futures trading about 0.3% higher at $70.32.

EUR/USD tilted further into the low side on Tuesday, with intraday bottom bids testing into two-week lows before settling the day near 1.1050 once again.

GBP/JPY breaks its three-day winning streak, trading around 191.80 during the European hours on Tuesday.

Despite this decline, which some might view as a potential buying opportunity, recent data suggests that investors are cautiously approaching the market.