Jan 24, 2024

Disruptions to commercial shipping traffic via the Red Sea/Suez Canal route threaten to push up prices.

Video transcript

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. All right, let's take a look at the chart of the day. Disruptions to a major commercial shipping traffic route is threatening to push up prices and could in turn impact the price of Bitcoin. Recent attacks on commercial vessels in the Red Sea have led to a sharp decline in the number of vessels passing through the Swiss Canal which is a vital passage for global trade because of this, the probability of the US Federal Reserve delaying the first rate cut beyond March appears high and that's an unwelcome development for Bitcoin Bulls, hoping the FED would lay the groundwork for rapid fire rate cuts at its meeting next week helping stall the recent price drop caused by GP DC, outflows and FDX sales. That's a wrap for the chart of the day. I am to sing. We'll see you next time to unpack more of the data behind the top news stories.

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