News, Trends, & Analytics 23.07.2021

Elon Musk Boosts Bitcoin Again

Today, the focus is on the UK’s economic indicators such as the Monthly Retail Sales, Service PMI, and Manufacturing PMI reports, and on Canadian Core Monthly Retail Sales report.



08:30 UTC

The UK’s Composite PMI, Services PM, and Manufacturing PMI reports will be announced. Forecast: 61.9, 62.7, and 62.0 respectively. If the actual figures are higher than the forecast, GBP may be boosted.

Assets to trade: GBP/USD, EUR/GBP, GBP/CAD

12:30 UTC

Canadian Core Monthly Retail Sales for May will be released. Forecast: -2.2%. If the data is higher than expected, CAD may receive a bullish push.

Assets to trade: EUR/CAD, USD/CAD, NZD/CAD



Tesla CEO Elon Musk recently said that Tesla will likely continue accepting Bitcoin as payment once it studies how much renewable energy its mining consumes. Affects Bitcoin

Unilever reported strong performance in the first half of 2021. Nevertheless, it cut its yearly performance expectations because of inflation. That undermines the corporate optimism for the economic recovery in the UK. Affects FTSE

The Bank of England eased conditions put on small banks in relation to issuing debt to be written down during insolvency. This measure aims at giving them more room for financial maneuver and improving the overall landscape in the banking sector. Affects GBP

Lucid Motors is a US-based luxury EV producer that will soon go public. It will be a direct competitor of Tesla. Therefore, the shares of the latter may not appreciate the newcomer. Affects Tesla


Technical Analysis


It’s been a long time since we heard breakthrough comments from Elon Musk. Now, it seems the season has started. His recent announcement about planning to receive Bitcoin as payment once again may push not only Bitcoin but Tesla shares as well.

Technically, the uptrend for the stock is there. Currently, it is trading around $650. As the chart shows, it may bounce and make an upswing towards $700 during the coming session.


Gold dropped below $1,800 despite inflation worries and the spread of the Delta variant of the virus. Therefore, we expect that moderate optimism may drag it further downwards today.


While following Bitcoin’s directions most of the time, Ethereum frequently brings a more intense performance. It bounced from the support of $1,800 recently and may well reach $2,200 today.

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