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Sei price remains under pressure in the past few months and is hovering near its lowest point since November 2023 even as its ecosystem continue doing well. The token was trading at $0.1750, down by over 75% from its highest level in December last year.

Sei ecosystem is doing well

The Sei token has plunged even as its network continued growing. DeFi Llama shows that the total value locked (TVL) has jumped to $393 million, up by 25% in the last 30 days. This growth makes it the 18th biggest player in the industry.

Sei has also become a bigger chain than other popular players in the crypto industry than Cardano, EOS, Mantle,TON, and Near Protocol.

The total amount of stablecoins in the network has also done well, reaching $191 million. In contrast, the figure is higher than Cardano’s $31 million, Cronos $140 million, and Kava’s $120 million.

The biggest dApps in the Sei network are Yei Finance, Sailor,Stargate, SiloStake, and Takara Lend.

More data shows that volume in Sei’s decentralized exchange network has grown. The volume handled in the network jumped by 19% in the last seven days to $133 million, bringing the total volume to $4.5 billion. The biggest DEX networks in the chain are Sailor, Dragon Swap, Uniswap, and JellyVerse.

Sei price has crashed even as the community remains highly bullish. CoinMarketCap data shows that it has a bullish sentiment score of 90%. Only Gala, Chainlink, Kaspa, and Pi have a higher ranking.

Read more: SEI plunges after Sei-based Filament Finance suffers $572K attack

There are two possible reasons why Sei price has crashed despite the strong fundamentals. First, the number active addresses on the network has continued falling in the past few months. These addresses peaked at over 500k in January and have now dropped to 300k.

Second, Sei is a highly inflationary token because of its regular unlocks. It unlocks 224.8 million tokens worth over $39.1 million every 15th of each month. This figure will drop to 121.1 million in September and to 119.8 million in September of next year.

Token unlocks are seen as being bearish because they introduce new coins in the market, diluting existing holders. These unlocks also affect the staking reward offered to holders. Sei has a staking yield of 5.07%, a figure that has dropped in the past few months.

Sei price has also plunged as the app revenue in the network plunged. Data by DeFi Llama shows that the monthly app revenue has dropped to minus $79k, down from a high of $1.37 million in October last year.

Sei price prediction 

SEI price chart | Source: TradingView

The daily chart shows that that the Sei price has been in a strong downward momentum in the past few months. Most recently, it peaked at $0.7347 in December and then bottomed at $0.1320 this month.

Sei remains below all moving averages, a sign that bears remain in control for now. The token has moved below the key support at $0.20, its lowest level in August last year. 

On the positive side, Sei price has formed a falling wedge pattern, a bullish reversal sign. Therefore, with the bullish sentiment rising, there is a likelihood that it will bounce back, and hit the crucial resistance level at $0.20. A break above that level will point to further gains, potentially to the key resistance level at $0.2872. A break below the support at $0.1320 will invalidate the bullish view.

The post Sei price prediction: is it safe to buy the dip amid its DeFi growth? appeared first on Invezz

Brent crude oil price remains under pressure as it faces a double whammy of weak demand and high supplies in the coming months. It trades at $64.65, a few points above this month’s low of $58.46. This article explains the three top reasons why it may continue crashing to $45 in the coming months.

Brent crude oil price formed a descending triangle

The first main reason why the crude oil price is heading south is its technicals. It has moved below the 50-week moving average, a sign that bears remains in control for now. 

Most importantly, it has formed a descending triangle pattern, comprising of a horizontal line at $70 and a descending diagonal line that connects the highest swings since August 2022. 

A descending triangle is one of the most bearish chart patterns in the financial market. This is notable since it has already moved below the lower side of the triangle, confirming its validity.

Crude oil price has slumped to the 61.8% Fibonacci Retracement level and the Ichimoku kinko hyo indicator. 

Therefore, the path of the least resistance is lower, with the next key target to watch being at $45. This target is derived by first measuring the widest level of the triangle, and then the same distance from the lower side of this triangle. 

Brent crude oil chart by TradingView

Looming oil supply jump

The next key catalyst for the crude oil price crash is the looming supply surge. First, Donald Trump has been talking about negotiations with Iran as part of his goal to end its nuclear project. 

While Iran was hesitant at first, officials have agreed to a meeting. If this deal goes on, Iran will surely demand the end of sanctions, a move that will lead to over 1 milion barrels coming online in the coming months.

At the same time, the US is having negotiations with Russia about how to end the war in Ukraine. Trump’s top advisor even met with Vladimir Putin on Friday, and a meeting between the two presidents is set to happen.

Again, any deal with Russia will have a clause on ending the sanctions against the country, which will lead to more oil supply. 

The other key supply aspect is in the United States, where Trump has focused on easing regulations as part of his “drill, baby, drill” policy. Analysts now believe that US will increase its production from the current 13.5 million barrels a day to over 15 million in the next few years. OPEC+ members also voted to increase their oil production in their last meeting. 

Demand is a big issue

The rising oil supply will happen at a time when there are concerns about oil demand ahead of a potential recession. Analysts believe that the US and other countries could move into a substantial slowdown or a recession this year. 

Trump has implemented large tariffs that will ultimately have a negative impact on the economy. Tariffs on China now stands at 145%, a ridiculously high figure. As a result, economists from companies like Blackrock, JPMorgan, and Moody’s have also warned of a recession. 

Historically, crude oil demand often falls during a recession. Indeed, the Energy Information Administration (EIA) has warned of a major demand shock in the coming months. It downgraded its demand estimates for 2025 and 2026.

Similarly, the International Energy Agency (IEA) has also warned that these tariffs will hurt oil demand by about 600k barrels a day this year. It expects that the demand will be about 103.9 million barrels a day this year.

Therefore, a combination of weak technicals, high oil supplies, and low demand will propel Brent crude oil price lower.

The post Brent crude oil price forecast: 3 reasons it will crash to $45 in 2025 appeared first on Invezz

Shiba Inu price has moved sideways in the past few days after falling to a crucial support level. It was trading at $0.00001240, a few points above the year-to-date low of $0.00001080. This means that it remains sharply lower than last year’s high of $0.00004560. This article explores the potential scenarios for the coin.

Shiba Inu price daily chart analysis

The daily chart points to an eventual SHIB price breakout in the coming weeks. That’s because the coin has formed a double-bottom pattern at $0.00001090, and whose neckline is at $0.00001565.

A double-bottom is one of the most bullsh chart patterns. If this one works out well, there is a likelihood that it will bounce back, eventually to the neckline at $0.00001565, which is up by 25% from the current level. It will then rise to $0.00002030. This target is estimated by first measuring the depth of the double-bottom pattern, and then the same distance from the neckline. 

Shiba Inu price has also formed a giant falling wedge pattern, which is shown in blue below. This pattern comprises of two descending and converging trendlines. Historically, the pattern usually leads to a strong bullish breakout when the two lines near their convergence. Therefore, this pattern also points to a strong bullish breakout in the next few weeks.

Read more: Sei price prediction: is it safe to buy the dip amid its DeFi growth?

SHIB price weekly chart analysis

The daily chart paints an optimistic outlook of the SHIB price. However, the 3D chart points to a strong bearish breakdown in the coming weeks, especially if it loses the key support at $0.000010. 

The bearish outlook is mostly because the SHIB price has formed a double-top chart pattern at $0.0000333. This is a crucial pattern made up of two peaks and a neckline. In this case, the pattern’s neckline is at $0.000010, where it trades at today. 

Shiba Inu price has also collapsed below the 50-week day and 200-day moving averages, forming a death cross. Historically, this death cross is one of the most popular bearish signs in technical analysis. The last time that SHIB formed the death cross was in November 2022, and it plunged by almost 40% afterwards. 

Therefore, the 3D chart points to further downside in the coming days. This view will be confirmed if the coin crashes below the support at $0.0000107. Such a move will point to more downside, potentially to the key support at $0.0000054, its lowest level in May 2023.

SHIB chart by TradingView

Potential catalysts for Shiba Inu coin

The daily and the 3D charts are sending mixed signals on the next Shiba Inu price outlook. Therefore, the next path could mainly be influenced by its fundamentals. 

There are signs that the crypto market will bounce back as investors embrace the new normal of high tariffs and recession. That’s because, despite all the challenges in the financial market, Bitcoin has remained above $80,000, a sign that bulls are providing it with a backstop.

Further, the rising recession odds mean that the Federal Reserve will likely intervene in the market, especially now that inflation is falling. Analysts believe that the Fed may deliver more interest rate cuts than expected in the coming meetings. 

The crypto market often does well when the Fed has embraced easy money policies. Therefore, fundamentally, there is a likelihood that the first scenario of the daily chart will prevail.

Read more: Top cryptocurrencies to watch: Sonic, XRP, Cardano, Solana

The post Shiba Inu price prediction: mapping out potential SHIB scenarios appeared first on Invezz

The BNB price has drifted upwards in the past few days as the crypto market has remained in a tight range, with Bitcoin hovering above $84,000. BNB was trading at $592 on Sunday, up by about 18% from the lowest level this year. This article explores the potential scenarios for the Binance coin ahead of the Lorentz upgrade.

BSC Lorentz hard fork ahead

The next important catalyst for the BNB price is the upcoming Lorentz upgrade and hard fork. In an X post, the developers noted that the opBNB hard fork would happen on April 21 this year. It will be followed by the BSC hard fork on April 29.

The goal of the Lorentz hard fork is to make the network faster as it seeks to become a better alternative to Ethereum and Solana. 

The Lorentz hard fork comes a month after the developers implemented the Pascl hard fork. Pascal’s goal was to help it integrate more with Ethereum, the biggest chain in the crypto industry. It improved the Ethereum Virtual Machine (EVM) compatibility, optimized gas fes abstraction, and added a feature to avoid block calculation errors.

The Lorentz upgrade’s goal is to dramatically reduce the block times of the BSC Chain to about 1.5 seconds. 

It will then be followed by the Maxwell upgrade that will drop the block times further from 1.5 to 0.75. These upgrades will make the BSC Chain one of the fastest chains in the crypto industry. Historically, crypto prices do well ahead of a major network upgrade.

Most notably, BSC hopes to be the best alternative to Solana and Ethereum. Solana’s network has become clogged by meme coins, while Ethereum is being destroyed by layer-2 networks like Base and Arbitrum.

Read more: BNB price analysis: here’s why Binance coin is about to soar

Staking inflows and BNB burn

The other potential catalyst for the BNB price is that its staking inflows has been positive in the past few days. This staking market cap rose by 1.3% in the last 24 hours to over $18 billion. It has brought the staking ratio to 20.8%.Recent data by StakingRewards shows that the inflows have increased gradually. BNB has a staking yield of about 3.5%, making it higher than Ethereum’s 3.14%. 

At the same time, BNB has become one of the most deflationary tokens in crypto. It achieves this by its real-time burn mechanism that incinerates hundreds of tokens worth over $366k a week. This burn is derived from the gas fees the network handles. 

The network also has a quarterly burn that incinerates tokens worth over $1 billion a quarter. These token burns will continue in the foreseeable future as the network works to reduce the number of coins from over 144 million to 100 million. 

Read more: Top cryptocurrencies to watch: Sonic, XRP, Cardano, Solana

BNB price analysis

Binance coin price chart | Source: TradingView

The daily chart above is sending mixed signals about the BNB price. It has formed a symmetrical triangle pattern whose two trendlines are nearing their confluence level. This triangle can break out in either direction. 

The BNB price has also formed a death cross as the 50-day and 200-day moving averages have crossed each other. This pattern often leads to a bearish breakdown over time. 

At the same time, the ongoing consolidation is part of the formation of the handle section of the cup and handle pattern on the weekly chart. Therefore, the outlook for the BNB price is neutral for now. More gains will be confirmed if the BNB price surges above the key resistance level at $720, the highest swing in June.

The post BNB price prediction ahead of the Lorentz hard fork appeared first on Invezz

American and Iranian officials sat down for a first round of direct talks Saturday in Oman, a major step after years of rising tensions and stalled diplomacy that will continue with further discussions next weekend, according to a statement released by the White House. 

The meeting between U.S. Special Envoy Steven Witkoff and Iranian Foreign Minister Abbas Araghchi was the first face-to-face exchange since President Donald Trump returned to office as Iran continues to expand its nuclear program.

The White House described the discussions as ‘very positive and constructive,’ adding, ‘the United States deeply thanks the Sultanate of Oman for its support of this initiative.’

Witkoff, joined by U.S. Ambassador to Oman Ana Escrogima, told Araghchi Trump had personally instructed him to try to resolve differences through diplomacy, if possible. 

The talks took place on the outskirts of Oman’s capital, Muscat, and lasted just over two hours. Omani Foreign Minister Said Badr hosted the meeting. 

Iranian state TV later confirmed the sides exchanged several rounds of messages, and there was a short, direct conversation between the American and Iranian diplomats.

Military pressure appears to be a big reason Iran came to the table. Rebecca Grant, a senior fellow at the Lexington Institute, told the ‘Fox Report’ Saturday the U.S. has sent a clear signal by moving powerful military assets into the region.

‘All the options are not only on the table. They’re all deployed to the Middle East,’ Grant said. ‘Somewhere between four and six B-2 stealth bombers [are] forward in Diego Garcia, [along with] two aircraft carriers. That has really gotten Iran’s attention.’

Grant said Iran now faces a choice. 

‘Iran either has to talk or get their nuclear facilities bombed,’ she said.

Tensions between the two countries have been high since 2018, when Trump pulled the U.S. out of the 2015 nuclear deal. 

That agreement placed strict limits on Iran’s nuclear program. Since then, Iran has been enriching uranium at much higher levels. The latest report from the International Atomic Energy Agency (IAEA) says Iran is enriching uranium to 60% purity, just below weapons-grade, and has stockpiled over 18,000 pounds of it. Under the original deal, Iran was limited to 3.67% purity and a much smaller stockpile.

While U.S. intelligence agencies do not believe Iran has started building a nuclear weapon, they warn the country is getting closer to being able to do so if it decides to.

Gen. Jack Keane, a Fox News military analyst, said Iran’s leaders now believe Trump is serious about using military force if they don’t agree to limit Iran’s nuclear program.

‘They’ve come to the conclusion that the president is dead serious about supporting an Israeli-led, U.S.-supported strike on Iran to take down their nuclear enterprise,’ Keane said.

Grant explained that the U.S. and its allies are ready for such a strike if talks fail. 

‘Israel took out a lot of Iran’s air defenses last year,’ she said. ‘Then you have two [U.S.] carriers, land-based fighters in the region and B-2 bombers with bunker-busting bombs. That’s the threat display.’

She added that Iran has no real need to enrich uranium since it can buy nuclear fuel on the open market. 

‘It is time for them to start to make a deal,’ she said. ‘And I think, maybe, due to our military pressure and Trump’s resolve, they’re beginning to realize it.’

Iran’s president, Masoud Pezeshkian, has said he’s not open to direct negotiations on the nuclear program but has also blamed the United States for breaking past promises. 

‘They must prove that they can build trust,’ Pezeshkian said in a recent Cabinet meeting.

Iranian Foreign Ministry spokesperson Esmail Baghaei warned of consequences if threats continue. 

‘Violence breeds violence, peace begets peace,’ he wrote on social media. ‘The US can choose the course… and concede to consequences.’

Former Secretary of State Mike Pompeo told Fox News no deal can happen unless Iran gives up its nuclear weapons plans. 

‘We have to fully, verifiably eliminate their nuclear weapons program for there to be any agreement,’ he said. ‘All we ask is that they behave like a normal nation.’

Grant said any future deal will need strict terms. 

‘It’s going to have to include real inspections,’ she said. ‘It’s going to have to include them giving up, frankly, some of that enriched uranium. There will have to be some limits on their ballistic missile development.’

The two nations are scheduled to meet again April 19 in Oman, according to the White House statement.

Fox News Digital’s Bradford Betz and The Associated Press contributed to this report.

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Nearly a month into Israel’s renewed ground operation, U.S. backing appears to be shaping the conflict on multiple levels—militarily, diplomatically and politically. Israeli officials have suggested the chances of a hostage deal have significantly increased, with some anticipating developments within the next two weeks.

On Monday, sitting beside Israeli Prime Minister Benjamin Netanyahu in the Oval Office, President Donald Trump told reporters, ‘We are trying very hard to get the hostages out. We’re looking at another ceasefire. We’ll see what happens.’ The remarks highlighted Trump’s dual-track approach: continued diplomatic pressure on Iran and direct support for Israel’s military campaign in Gaza. 

With what Israeli officials describe as a ‘free hand’ to operate, Israel has expanded its offensive into Rafah and the strategically significant Morag Corridor. The stated aim is to increase pressure on Hamas and help secure the release of the remaining 59 hostages.

A senior Israeli security official told Fox News Digital that the campaign is being carried out in close coordination with the United States. ‘Everything is coordinated with the Americans — both the negotiations and the operational activity. The goal is to bring the hostages home. We now have a free hand to act, and no longer facing the threat of a veto at the UN Security Council, unlike during the previous administration.’

The same official pointed to a shift in humanitarian policy that, in their view, has enhanced Israeli leverage. ‘Unlike the previous administration, the U.S. is not forcing 350 aid trucks into Gaza every day. That gives us leverage,’ the official said, adding that limiting aid reduces Hamas’s ability to control the population.

On Saturday, Israeli Defense Minister Israel Katz announced the IDF had completed the takeover of the Morag Axis. The Morag Corridor — which separates Rafah from Khan Younis — is part of an effort to establish a new buffer zone and degrade Hamas’s operational capabilities. ‘The logic is that the more territory Hamas loses, the more likely it will be to compromise on a hostage deal,’ the official said.

IDF Chief of Staff Lt. Gen. Eyal Zamir reinforced that strategy during a visit to front-line units this week. ‘I expect you to defeat the Rafah Brigade and lead to victory wherever you are fighting,’ he told troops. The IDF had previously declared the Rafah Brigade dismantled in September, but forces have returned to key strongholds, where tunnel networks remain.

In the same statement on Saturday, Katz warned Gazans, ‘Hamas is unable to protect the residents or the territory. Hamas leaders are hiding in tunnels with their families or living in luxury hotels abroad, with billions in bank accounts, using you as human shields. Now is the time to rise up, to get rid of Hamas, and to release all the Israeli hostages — that is the only way to stop the war.’

In their Oval Office meeting, Trump and Netanyahu reiterated their alignment on core issues. Netanyahu stated that Gazans should be ‘free to choose to go wherever they want,’ in what some analysts view as a reference to renewed discussions about third-country resettlement. Trump went further, floating the idea of a U.S. presence in the Strip, noting, ‘Gaza is an incredible piece of important real estate. Having a peace force like the United States there, controlling and owning the Gaza Strip would be a good thing.’

Javed Ali, a former senior director at the U.S. National Security Council and now a professor at the University of Michigan, offered a more measured view of the current military strategy. ‘Now that we’re almost a full month into the resumption of high-intensity IDF operations in the Gaza Strip against Hamas, Israel’s military strategy appears to be focused on clearing and holding remaining pockets of known Hamas elements, which at the same time is displacing Palestinians throughout the territory.’

Ali said it remains unclear how Israel intends to manage or govern areas it clears. He drew comparisons to the U.S. experience in Iraq and Afghanistan. ‘The U.S. encountered its own challenges in the post-9/11 wars with similar ‘clear and hold’ approaches, since insurgent and jihadist elements in both conflicts utilized guerrilla warfare tactics and terrorist attacks.’

While the Biden administration had previously emphasized humanitarian access, Ali noted that the current White House has not publicly pressed Israel to scale back its operations. ‘That could change,’ he said, particularly as humanitarian conditions worsen or if negotiations with Iran over its nuclear program progress. ‘If those talks gain momentum, Iran may pressure the U.S. to rein in Israel’s campaign against Hamas to preserve what remains of the group. Whether the U.S. team, led by Steve Witkoff, entertains such demands will be a key regional development to watch.’

On the ground, Israel has moved to reshape the humanitarian landscape in Gaza. The decision to restrict Hamas’s access to aid reflects a broader policy shift under IDF Chief of Staff Lt. Gen. Eyal Zamir, who reversed his predecessor’s stance and authorized the military to directly oversee the distribution of supplies. ‘Hamas will not regain control over the aid, because that was its lifeline,’ an Israeli security official explained. ‘It’s what allowed it to maintain control over the territory throughout this period. People in Gaza know that Hamas controls the aid; if they realize that Hamas no longer does, its control within the Strip becomes ineffective.’

Humanitarian organizations and international leaders continue to condemn Israel. U.N. Secretary-General António Guterres, speaking on April 8, condemned the ongoing blockade of aid. ‘More than an entire month has passed without a drop of aid into Gaza. No food. No fuel. No medicine. Gaza is a killing field — and civilians are in an endless death loop,’ he said.

Israel’s Foreign Ministry spokesperson, Oren Marmorstein, strongly rejected the Secretary-General’s claims. ‘As always, you don’t let the facts get in the way when spreading slander against Israel,’ he posted on X. ‘There is no shortage of humanitarian aid in the Gaza Strip — over 25,000 aid trucks have entered during the 42 days of the ceasefire. Hamas used this aid to rebuild its war machine. Yet, not a word in your statement about the imperative for Hamas to leave Gaza. The people of Gaza are braver than you — they’re calling, loud and clear, on Hamas to leave and stop abusing them.’

Eugene Kontorovich, a senior legal scholar at the Heritage Foundation, told Fox News Digital: ‘One doesn’t need the Israeli Supreme Court to say there is no starvation in Gaza — this was admitted by the UN’s own Food Security Phase Classification, which in June found that prior UN reports were inaccurate and that there is no famine. There is no serious evidence of starvation in Gaza, and what food scarcity does exist can be attributed to Hamas pillaging and hoarding aid. As the truth comes out, it becomes clear that the starvation claims were designed to halt Israel’s legitimate self-defense against a genocidal attack.’

As military and diplomatic tracks converge, Israeli officials remain cautiously optimistic that talks may soon produce results.

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— In an exclusive interview with Fox News Digital, Republican South Carolina Senator and former presidential candidate Tim Scott shared his views on his first hundred days as Senate Banking Committee chairman, breaking down a trade war with China, the future of cryptocurrency and controversial debanking policies.

With Republicans holding power in both chambers of Congress and President Donald Trump in the White House, party leaders and supporters across the country had high expectations of the GOP’s policy agenda and ability to pass critical legislation swiftly and effectively. 

However, it has not been a perfect start to the 119th Congress. Republicans in the House of Representatives hold a slim 7-seat majority, and GOP infighting has forced internal debates that have delayed key pieces of legislation, like Trump’s ‘big, beautiful’ tax bill, which passed last Thursday just 216 to 214

On the Senate side, Republicans hold an 8-seat majority over Democrats. With just 100 members in the upper chamber, the same principle of internal harmony must exist for legislation to move forward. 

Despite the narrow margins, Scott says some of the policy goals the committee has set they have ‘been able to accomplish.’

‘I wanted within the first hundred days to have some crypto or digital asset legislation marked up and run through our committee,’ Scott told Fox News Digital. ‘Good news is the GENIUS Act is stamped. Done. Heading to the Senate floor. Number two, the FIRM Act. Focusing on debanking. Done. Heading onto the Senate Floor. Number three, our ability to listen to President Trump, the leader of not only our party, but of our country.’

Trump’s role in working with congressional leaders was first demonstrated as every cabinet member that reached the Senate so far for confirmation was approved at the fastest pace in more than 20 years.

‘We’ve been running these folks through our committee,’ said Scott. ‘It is a lightning-fast approach, but the good news is President Trump and the American people deserve his team in place. Promises made, promises kept. We are well on our way.’

Outside the nominees, several prominent issues have made their way through the banking committee in the first hundred days. And one of the hottest items in banking today is the implementation of cryptocurrency into U.S. markets and day-to-day life. Notably, the GENIUS Act, a bill ‘to provide for the regulation of payment stablecoins,’ would be a major advancement for crypto markets, showing the federal government is taking the digital asset market more seriously.

But Scott blamed the Biden administration for the lack of enthusiasm to get pro-crypto legislation signed into law. 

‘There’s no doubt that under the Biden administration and Gensler at the SEC, they just… didn’t like crypto. What I’ve said very often is simply this: we must innovate before we regulate. That means allowing innovation to happen here at home in the digital asset space is critical to American economic dominance across the globe,’ he explained. 

The GENIUS Act passed through committee in March and now heads to the Senate Floor. Scott predicted the timeline as to when the bill would be signed into law, telling Fox he believed the legislation would be ‘passed into law by August.’

The bill made its way through committee with an 18-6 as Senators Mark Warner, D-Indiana, Andy Kim, D-New Jersey, Ruben Gallego, D-Arizona, Lisa Blunt Rochester, D-Pennsylvania and Angela Alsobrooks, D-Maryland all voted with Republican against the wishes of Ranking Leader Elizabeth Warren, D-Massachusetts. 

But crypto markets, along with U.S. stocks, have been highly volatile in the past weeks, largely due to Trump’s controversial tariffs policies and trade standoffs. 

When asked about the mounting pressure between the U.S. and China, Scott backed Trump’s strategy, telling Fox News Digital, ‘This is about a country, China, that lies, cheats, and steals. Not on the watch of President Trump. He is going to use every tool in his toolkit to make sure that the Chinese government does not continue to take advantage of the American economy. I am thankful that we finally have a president with a backbone made of steel to stand up to President Xi and protect not just America’s present but America’s future.’

Scott argued that establishing economic dominance ‘requires hard conversations and a tariff regime to push China into the smallest corner of the global economy if they’re going to lie, cheat, and steal against us.’ 

He added, ‘We are not going to give them full and unfettered access to our market. That’s called common sense.’

On Friday, China raised tariffs on U.S. imports to 125%, which Trump has maintained that a 145% tariff will be placed on China’s imports.

As for the remainder of the 119th Congress and heading into what will be a critical midterm election year, Scott remains optimistic about the policies in progress and the legislation yet to come.

‘Thank God Almighty President Trump is in the White House,’ the former presidential candidate added.

Preston Mizell is a writer with Fox News Digital covering breaking news. Story tips can be sent to Preston.Mizell@fox.com and on X @MizellPreston

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President Donald Trump ramped up steep tariffs against Chinese imports to the U.S. this week while alleviating them for other countries during trade negotiations this week. He also signed a series of executive orders aimed at repealing Biden-era restrictions. 

The Trump administration announced Wednesday it would lower reciprocal tariffs on other countries, while also revealing that the administration would immediately hike tariffs on Chinese goods to 145%. In response, China has raised its tariffs on U.S. goods to 125%. 

Trump disclosed historic tariffs in a ceremony at the White House’s Rose Garden for a ‘Make America Wealthy Again’ event on April 2, asserting that these new duties would generate new jobs for U.S. workers.

The tariff plan established a baseline tax of 10% on all imports to the U.S., along with customized tariffs for countries that place higher tariffs on U.S. goods. The baseline tariffs of 10% took effect Saturday, while the others took effect Wednesday at midnight.

But Trump announced in a post on Truth Social Wednesday that reciprocal tariffs announced last week would remain paused for 90 days, during which period the countries would only face the baseline 10% tariff. 

‘At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,’ Trump posted on his Truth Social media platform on Wednesday. 

Secretary of the Treasury Scott Bessent said that the tariffs suggest that China is at odds with the rest of the world. 

‘China is the most imbalanced economy in the history of the modern world,’ Bessent told reporters Wednesday. ‘They are the biggest source of the U.S. trade problems, and indeed they are the problem for the rest of the world.’ 

Here’s what also happened this week: 

Shipbuilding, water pressure executive orders

Trump also signed an executive order this week aimed at reinvigorating the shipbuilding industry in the U.S., amid concerns that China is outpacing the U.S. in production. 

China is responsible for more than 50% of global shipbuilding, compared to just 0.1% from the U.S., according to the Center for Strategic and International Studies. 

The executive order requires agencies to craft a Maritime Action Plan and instructs the United States Trade Representative to provide a list of recommendations to deal with China’s ‘anticompetitive actions within the shipbuilding industry,’ among other things. 

Trump also signed an executive order to reverse Obama- and Biden-era conservation measures that limited water pressure in showers in an attempt to ‘make showers great again.’ Former President Barack Obama initially imposed the water pressure restrictions, and Trump sought to ease some of them during his first term. 

However, former President Joe Biden reinstated the measure, which limited multi-nozzle shower heads from releasing more than 2.5 gallons of water per minute. 

‘I like to take a nice shower, take care of my beautiful hair,’ Trump said Wednesday. ‘I have to stand in the shower for 15 minutes until it gets wet. Comes out drip, drip, drip. It’s ridiculous.’

Gearing up for talks with Iran 

The Trump administration also unveiled plans this week for upcoming talks to negotiate with Iran on Saturday. While Trump has reiterated that these discussions will be ‘direct’ nuclear talks, Iran has pushed back on that description and characterized them as ‘indirect’ negotiations instead. 

Middle East envoy Stever Witkoff will travel to Oman on Saturday and is slated to potentially meet with Iranian Foreign Minister Abbas Araghchi. However, Iran has maintained that the discussions will be held through a third party instead. 

‘The ultimate objective is to ensure that Iran can never obtain a nuclear weapon,’ Leavitt told reporters Friday. ‘The president believes in diplomacy, direct talks, talking directly in the same room in order to achieve that goal. But he’s made it very clear to the Iranians, and his national security team will, as well, that all options are on the table and Iran has a choice to make. You can agree to President Trump’s demand, or there will be all hell to pay. And that’s how the president feels. He feels very strongly about it.’

Fox News’ Bonny Chu, Danielle Wallace, and Caitlin McFall contributed to this report. 

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The White House is gearing up for an ‘extraordinary’ celebration for Holy Week ahead of Easter, with President Donald Trump participating in a number of events to celebrate and honor the holiday ‘with the observance it deserves.’ 

The new White House Faith Office organized the Holy Week schedule.

‘The newly created White House Faith Office is grateful to share that President Trump will honor and celebrate Holy Week and Easter with the observance it deserves,’ Jennifer Korn, faith director of the White House Faith Office, told Fox News Digital. 

‘Throughout the week, we will distribute a Holy Week proclamation, a special presidential video message (and) host a pre-Easter dinner and White House staff Easter service.’

Korn said it ‘will be a special time of prayer and worship at the White House to be shared with Americans celebrating the week leading up to Resurrection Sunday.’ 

On Palm Sunday, the president is expected to issue a presidential Easter proclamation that will speak directly to Christians as Holy Week begins and maintain his commitment to defend the Christian faith in schools, in the military, in workplaces, hospitals, in government and beyond. 

On Monday, the president is expected to release a Holy Week video and will host an Easter dinner Wednesday evening. 

The dinner will feature hymns from the Marine Corps Band, Christian opera by singer Charles Billingsley, prayers and remarks from President Trump. 

Christian pastors, priests and faith leaders are expected to attend the dinner along with the president, Korn, White House press secretary Karoline Leavitt and Pastor Paula White, the senior advisor to the White House Faith Office. 

On Holy Thursday, the president is expected to host a staff worship service at the White House, where White, the Rev. Franklin Graham, Pastor Greg Laurie and Pastor Jentezen Franklin will participate in prayer, scripture, service and communion. 

During the service, an ensemble from Liberty University will perform worship music. 

‘President Trump promised millions of Christians across the country that he would create a White House Faith Office, and he delivered on that promise,’ Leavitt said. ‘The White House Faith Office has put together an extraordinary weeklong celebration for Holy Week ahead of Easter Sunday.’ 

Leavitt stressed that this ‘is another sharp contrast from the previous administration.’ 

Leavitt noted that, last year, the Biden White House marked Easter Sunday, which fell on March 31, 2024, the most solemn Christian holiday, as Transgender Day of Visibility.

‘On Transgender Day of Visibility, we honor the extraordinary courage and contributions of transgender Americans and reaffirm our Nation’s commitment to forming a more perfect Union — where all people are created equal and treated equally throughout their lives,’ a statement released by the Biden White House stated. 

‘Today, we send a message to all transgender Americans: You are loved. You are heard. You are understood. You belong. You are America, and my entire Administration, and I have your back,’ it added. ‘NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim March 31, 2024, as Transgender Day of Visibility.’

Biden’s defenders were quick to say he didn’t choose March 31 as the date for Transgender Day of Visibility, and that, since 2021, when Biden took office, the White House had issued the same proclamation every year on March 31.

At the time, Leavitt, who was serving as the Trump campaign’s national press secretary, blasted Biden’s proclamation as ‘appalling and insulting,’ calling it an example of the Biden administration’s ‘yearslong assault on the Christian faith.’

‘We call on Joe Biden’s failing campaign and the White House to issue an apology to the millions of Catholics and Christians across America who believe tomorrow is for one celebration only — the resurrection of Jesus Christ,’ she said last year.

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The USD/RUB exchange rate retreated to the critical support at 83 on Friday as the US dollar index (DXY) crashed and after the US called for a quick resolution to the Russian and Ukrainian crisis. It has dropped by almost 28% from its highest point in December last year. 

US dollar index crash

The USD to RUB exchange rate dropped as the US dollar index (DXY) continued its strong downward trend as recession risks rose. The DXY, which tracks the performance of the US dollar against a basket of currencies, dropped to a low of 99, its lowest level in over three years. 

This decline happened as more Wall Street analysts predicted that the ongoing trade war would damage the US economy. Moody’s and top companies like Goldman Sachs and Morgan Stanley estimated that the US may sink into a recession as the trade war escalates.

Just on Friday, China announced fresh tariffs on the US, which brought its levies on US goods to 125%. The escalation happened a day after Donald Trump boosted his tariffs on Chinese goods shipped to the United States to 145%.

Analysts note that even the base 10% tariff being charged to other countries will greatly impact the economy. Also, the US is still charging all auto, steel, and aluminium imports a large 25% tariff. 

The US dollar index also plunged as turmoil in the bond market escalated. Data shows that the ten-year yield dropped to 3.859% on April 4 and then bounced back to 4.58% on Friday. This performance meant that even the US government bonds were not safe havens.

The US dollar index also reacted to the latest US inflation data. According to the Bureau of Labor Statistics (BLS), the headline Consumer Price Index (CPI) dropped from 2.8% in February to 2.4% in March, while the core CPI retreated to 2.8%.

Russian economic woes

The USD/RUB exchange rate also reacted to the ongoing Russian economic woes as crude oil prices continue falling amid demand concerns. 

Brent, the global benchmark, initially dropped to $58.45 and then ended the week at $65. Most importantly, the Russian ural, dropped to $50 during the month.

The Russian government mostly depends on oil and gas to fund its budget. And in its budget estimates, officials used an oil price of about $65. This means that the country will run a wider budget deficit than expected. Dmitry Peskov, the country’s spokesperson, said:

“We are very closely monitoring the situation, which is currently characterized as extremely turbulent, tense, and emotionally overloaded.”

Russia hopes to compensate the falling oil prices with a deal on Ukraine that would be accompanied by the end of sanctions. Such a move would lead to more Russian energy sales, helping stabilize the economy.

USD/RUB technical analysis

USDRUB chart by TradingView

The daily chart shows that the USD to RUB exchange rate has dropped sharply as hopes of a Russian and Ukraine settlement rose after Trump’s election. It dropped from last year’s high of 114.5 to a low of 80.97. 

The downtrend then eased a bit as the progress of talks slowed. It has already formed a death cross pattern as the 50-day and 200-day moving averages crossed each other.

Also, the pair has formed a bearish flag pattern, a popular continuation sign characterized by a vertical line and a rectangle. Therefore, there is a likelihood that the pair will continue falling as sellers target the next key support level at 80.97, its lowest level this year. It will then drop below 70 later this year.

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