News

Bitcoin and ether are sliding towards key support price levels. DeFi tokens are hit the hardest, while XLM and LIT show resilience against declines.

⑴ The United Nations Conference on Trade and Development released a report warning that although reopening the Strait of Hormuz will bring immediate relief to energy markets, vulnerable economies still face the risk of continued increases in food and fuel costs. ⑵ The recovery cycle for food and transportation systems will be significantly longer than that of the energy market. After more than 100 days of severe disruption, the shattered supply chains will require even more time to be readjusted. ⑶ The Strait normally handles about one-fifth of the world’s oil and gas supplies and was effectively paralyzed during the conflict following the joint strikes against Iran at the end of February. ⑷ Although Brent crude has dropped sharply to around $73 per barrel — near pre-conflict levels — after the temporary agreement between the US and Iran, UNCTAD noted that higher costs for fuel, natural gas, and fertilizers could still be transmitted to agricultural production, transportation costs, and household budgets. ⑸ The report specifically pointed out that every 5% increase in food prices can significantly raise the risk of child wasting, and clearly listed 61 vulnerable economies susceptible to shocks from oil and grain imports, including Cape Verde, which relies heavily on imported fuels, and main grain importing countries like Yemen, which are economically fragile and find it difficult to absorb increases in food and transportation costs. ⑹ UNCTAD called on the international community to provide assistance to help the most vulnerable countries recover from this shock, suggesting that even if geopolitical risks temporarily subside, structural fragility will continue to put long-term pressure on some economies.

BlockBeats News, June 30th, Morgan Stanley raised Google's price target from $375 to $415.