On Wednesday, on-chain metrics indicated a bullish trend for MKR, with notable increases in daily active addresses, revenue collection, and trading volume. MKR's price hovered around $1,680, showing an impressive rise of nearly 12%, even as the broader cryptocurrency market grappled with corrections. Meanwhile, energy markets experienced downward pressure due to concerns about demand and optimistic developments regarding peace negotiations between Russia and Ukraine.
In Europe, natural gas prices faced a significant dip, with TTF closing the day 6% lower. European utilities are particularly concerned, given that EU gas storage is just over 40% full, a stark decrease from 64% during the same period last year, and below the five-year average of 51%. German utilities have advocated for relaxed storage target rules in preparation for the upcoming winter. The US-Ukraine minerals deal has also played a role in exerting downward pressure on energy markets.
In the copper markets, the US imports approximately 45% of its copper needs. Recently, COMEX copper futures saw a surge after President Trump initiated an investigation into copper imports over national security concerns. This move has cast a shadow over the GBP/USD, with upside potential remaining uncertain due to tariff concerns. Conversely, the US Dollar has maintained its strength, keeping the currency pair under pressure.
The EUR/USD managed to pare back some losses, trading near 1.0500 during European trading hours on Wednesday. This comes as US crude oil inventories reported a decrease of 600,000 barrels last week, according to data from the American Petroleum Institute (API). Despite this drawdown, ICE Brent crude prices dropped by 2.35%, while West Texas Intermediate (WTI) fell back below $70 per barrel.
Storage levels for energy commodities have been declining at a slower rate recently, attributed to milder weather conditions. These developments have added complexity to an already volatile market landscape.