BUSINESS | Mar 29, 2021 | WOZINGA NEWS
Suez Canal clearing keeps crypto surge higher
- Canal blockage might worsen global trade while the world struggles with the effect of coronavirus.
- Bitcoin and other digital currencies rally while the Suez Canal blockage has partially cleared.
By Marielle Petere Wozinga Journalist
SUEZ, Egypt — If the Even Given ship will finally free from the Egyptian Canal, the disrupted global trading is expected to stabilize soon while crypto trading continues to surge higher.
Suez Canal incident and disrupted global supply chains
As the Ever Given ship blocked this 120-mile artificial waterway for almost a week, it disrupts global trading.
Furthermore, the other ships need to detour and change course around Cape Horn. Due to this incident, the goods will become more expensive for the next few days.
David Kerstens, a Jefferies analyst, stated canal blockage might worsen global trade while the world struggles with the effect of coronavirus.
Also, senior market analyst of Asia Pacific at Oanda, Jeffrey Halley, said the volatile global trading sets to continue.
This Egyptian Canal is the busiest route for worldwide trading. It is the only direct water passage from Asia-Pacific to Europe.
Yet, the oil prices drop when the giant container ship started to refloat. It is a sign, the chaos on the global supply chain gradually starts to ease.
The Suez Canal Authority is near to its rescue completion. Currently, around 320 ships are waiting to transit Egyptian Canal.
Crypto market game
Yet, the crypto market volatility continues. Now, Bitcoin and other digital currencies rally after Visa’s announcement for its pilot settlement transaction using crypto coins while the Suez Canal blockage has partially cleared.
Bitcoin had reached above $57,000 today. While on Ethereum, crypto enthusiasts expect ether’s upswing to $2,000. Also, Theta sees as one of the top 10 in the future.
Michaël van de Poppe, a crypto analyst, explained Bitcoin’s short-term track, as its price bounced back after a range this week with as low as $55,000. However, some crypto analysts say it is just the beginning of Bitcoin.