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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Brent crude oil saw a lift on Wednesday after data from China indicated that global demand could be on the upswing. The commodity traded at $106.42 at 9:10 GMT following better than expected Chinese GDP data, which offset downward pressure from easing supply concerns.
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The Wall Street Journal reported that Chinese GDP data showed that the nation’s economy expanded 7.5 percent in the second quarter. The figure beat expectations of 7.4 percent growth and indicated that Beijing’s stimulus efforts were paying off. The GDP data came just a day after money supply data showed that the People’s Bank of China had injected more money into the markets, which is expected to bolster growth in the country throughout the rest of the year.
Also positive for crude prices was a report that showed Chinese implied oil demand was on the rise, gaining 2.6 percent in June from last year’s figure.
Moving forward investors will be keeping an eye on geopolitical factors as the conflicts in Iraq, Libya and Ukraine remain worry, and while talks between world powers and Iran show no signs of the two reaching an agreement.
World powers and Iranian officials have been working to come to a long term agreement that will curb Tehran’s nuclear capabilities in exchange for relief from the sanctions that keep the nation’s oil from the markets. Earlier in the year, both sides set a July 20 deadline, but now it appears unlikely that they can make an agreement as the date approaches. Most expect that the deadline will be extended as the two continue to negotiate points of contention.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.