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Shiba Inu Falls Into A Sleepy Slumber With Dogecoin, Bitcoin: Is The Crypto Ready To Run Again Soon?

Shiba Inu (CRYPTO: SHIB) was trading on Wednesday in a sideways tightening pattern along with Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE), wit read more.....»»

Category: blogSource: benzingaOct 13th, 2021

"Big Short" investor Michael Burry teases a bet against crypto - and warns market speculation has reached historic levels

Burry asked on Twitter about the mechanics of shorting digital coins, adding that he was only considering taking a position against them. Michael Burry. Astrid Stawiarz/Getty Images Michael Burry is considering placing a wager against cryptocurrencies. "The Big Short" investor asked on Twitter how he could bet against the digital coins. Burry warned that market speculation has likely reached unprecedented levels. Michael Burry, who made his name and fortune by betting against the housing bubble, has set his sights on a new target: cryptocurrencies."Ok, I haven't done this before, how do you short a cryptocurrency?" he said in a now-deleted tweet this week. "Do you have to secure a borrow? Is there a short rebate? Can the position be squeezed and called in?"Burry, whose massive wager against subprime mortgages was immortalized in the book and the movie "The Big Short," emphasized that he was only considering taking a position against crypto."In such volatile situations, I tend to think it's best not to short, but I'm thinking out loud here," he tweeted.The Scion Asset Management boss, who routinely deletes his tweets, recently locked his Twitter profile to new users. He cited the army of meme-stock and crypto zealots and bots commenting on his tweets to drum up interest."Crypto/Meme bots and pumpers reply to big accounts in huge numbers for the promotion," Burry tweeted. "Deleting tweets knocks it back. Going Private allows tools to discourage them.""But it's breathtaking, this religion of real and fake people," he continued. "The speculation probably tops anything in history."Burry has repeatedly criticized crypto this year. He's dismissed shiba inu coin as "pointless," ridiculed dogecoin's surging price, and warned bitcoin is a "speculative bubble" that's fueled by huge amounts of leverage and vulnerable to government crackdowns.The fund manager also compared the excitement around bitcoin, meme stocks, and other popular assets to the mid-2000s housing boom and the dot-com bubble. He warned they've been "driven by speculative fervor to insane heights from which the fall will be dramatic and painful."Besides his housing bet, Burry is known for investing in GameStop and inadvertently paving the way for the short squeeze on the stock in January, as well as the broader meme-stock frenzy this year. Notably, Burry's latest portfolio update showed he was betting against Elon Musk's Tesla and Cathie Wood's Ark Invest.Read the original article on Business Insider.....»»

Category: worldSource: nytOct 14th, 2021

Bitcoin surges to a 5-month high above $57,000, outperforming wider crypto sector

Elsewhere, dogecoin spinoff shiba inu rallied 19% on Monday, gaining 265% from a week ago, while other altcoins saw general downturns. Bitcoin. Getty Images Bitcoin surged to a five-month high on Monday, climbing back above $57,000 to outperform the broader crypto sector. The wider altcoin market is down overall, with ripple, cardano, polkadot, and dogecoin trading lower. Elsewhere, dogecoin spinoff shiba inu rallied 19% on Monday, gaining 265% over the past seven days. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Bitcoin surged to a five-month high on Monday, climbing back above $57,000 to outperform the broader cryptocurrency sector.The digital currency claimed an intraday high of $57,776 before paring gains to trade up 3.48% at $57,331 as of 12:50 p.m. ET Monday. The world's largest cryptocurrency by market capitalization hit an all-time high of $65,000 in April. Tim Frost, CEO of digital wealth management platform Yield App, couldn't point to one particular reason behind the rally. Possible catalysts include the SEC's recent approval of an exchange-traded fund comprised of stocks with bitcoin exposure, growing institutional adoption for the digital asset, or the daily settlement hitting $31 billion worth of transactions for the first time last week, he said.But bitcoin could be setting up for another short-term dip. "Analysts are predicting a potential cool off, with bitcoin potentially falling to the $40,000 support level before continuing on the upwards trajectory to test the previous all-time high," Frost said in a note. Technical analysis by Adam James, senior analyst at cryptocurrency exchange OKEx, showed bitcoin's four-hour ribbon of exponential moving averages is providing support. But he said the deeply negative Grayscale Bitcoin Trust premium for Grayscale's banner product may hinder the sustainability of this rally.Meanwhile, the wider altcoin market is down overall, with ripple, cardano, polkadot, and dogecoin trading lower. But ether and stellar are both exhibiting modest gains.Also bucking the general downturn is shiba inu, which is trading 19% higher on Monday to $0.00003212. In the last seven days, the dogecoin spinoff has climbed a dizzying 265%.The token was founded in 2020, with its anonymous creator dubbing it a "meme token" and explicitly mimicked dogecoin."Shiba inu is a ridiculous meme coin of a ridiculous meme coin that most investors and indeed average people balk at," Frost told Insider. "The price seems to be on the rise now following a huge dump on Thursday when a lot of whales decided to offload onto the market."Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 11th, 2021

"The Big Short" investor Michael Burry dismisses shiba inu coin as "pointless" - noting the dogecoin spinoff"s supply exceeds 1 quadrillion coins

Michael Burry underlined the scale of the meme token's supply by noting that a quadrillion seconds is about 32 million years. Michael Burry. Bloomberg TV Michael Burry tweeted about shiba inu, the dogecoin-inspired cryptocurrency. "The Big Short" investor dismissed the meme token, noting its supply exceeds 1 quadrillion coins. Burry has warned against buying crypto, labeling bitcoin a speculative, debt-fueled bubble. Michael Burry, the investor of "The Big Short" fame, isn't a fan of shiba inu. He dismissed the dogecoin-inspired cryptocurrency, which has more than tripled in price over the past week, because there are too many of the coins in circulation.The Scion Asset Management boss shared Coinbase's description of the meme token in a now-deleted tweet, highlighting that its supply exceeds a quadrillion coins."Just saying, one quadrillion seconds is about 32 million years," he tweeted. "One quadrillion days is 2.7 trillion years, or ALL of TIME, from the beginning of the universe, multiplied by 71,000. In other words, pointless."Burry's tweet suggests he doesn't view shiba inu as a compelling investment because the vast amount of coins in existence limits its possible price appreciation.The hedge fund manager has been ringing the alarm on crypto this year. He described bitcoin as a "speculative bubble" fueled by huge amounts of leverage.In addition, Burry questioned its long-term prospects, given the threat of government intervention. He also ridiculed dogecoin's surge to a record-high price, labeling it "a doge's breakfast."Moreover, Burry has compared the hype around bitcoin, meme stocks, and other popular assets to previous bubbles in housing and internet companies. He warned they've been "driven by speculative fervor to insane heights from which the fall will be dramatic and painful."Burry is best known for his lucrative bet against the mid-2000s housing bubble, which was immortalized in the book and movie "The Big Short."He also inadvertently paved the way for the meme-stock boom this year by investing in GameStop in 2019, and his latest portfolio update showed he was betting against Elon Musk's Tesla and Cathie Wood's Ark Invest.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 9th, 2021

Robinhood competitor Public adds cryptocurrency trading to its platform as digital assets rally

Public.com users will be able to trade 10 digital assets, including bitcoin, dogecoin, litecoin, and cardano. Cryptocurrencies. INA FASSBENDER/AFP via Getty Images Trading app Public.com will begin allowing users to trade 10 cryptocurrencies in the coming weeks. The digital assets include bitcoin, ether, dogecoin, litecoin, and cardano. Cryptocurrency trading has already been offered on competitors Robinhood and WeBull. See more stories on Insider's business page. Users of trading app Public.com will soon be able to trade cryptocurrencies, a feature its competitors Robinhood and WeBull already provide. Public will gradually offer trading in 10 digital assets - bitcoin, ether, cardano, dogecoin, litecoin, bitcoin cash, stellar, ethereum classic, dash, and zcash - over the next several weeks, the company said in a statement. Members can invest as little as a dollar.Apex Crypto will provide execution and custody services for Public's new crypto-trading feature. New Yorkers, however, will not be able to trade digital assets in the app until Apex Crypto obtains its BitLicense in the state, said Public, which is "optimistic that crypto will be available to New York residents soon."Public is releasing the new feature as cryptocurrencies have rallied this week, led by shiba inu and bitcoin. Bitcoin surged past $1 trillion market valuation as investors sought to hedge inflation with cryptocurrency. Shiba inu, the dogecoin spinoff, has rallied more than 300% in a week, thanks to a nudge from Elon Musk on Twitter. Public, which launched in September 2019, has a much more visible social aspect compared to competitors like Robinhood and WeBull, Insider reported previously. In keeping with its slogan "Public makes the stock market social," the company launched a live audio feature, similar to that of the Clubhouse app, and has invited executives among others to chat. The company did not immediately respond to Insider's request for comment on the story. Read the original article on Business Insider.....»»

Category: smallbizSource: nytOct 7th, 2021

Shiba inu took 14 months to hit a market value of $12 billion. It took dogecoin 6 times as long to reach that milestone.

Move over, dogecoin. A spin-off, shiba inu, is on a tear, having gained about 350% in a month - roughly what bitcoin's gained in a year. The meme coin shiba inu hit a market value of $12 billion. Jakub Porzycki/NurPhoto via Getty Images It's taken 14 months for the meme coin shiba inu to enter the ranks of the world's top 20 cryptos. Its market value hit $12 billion on Thursday. Dogecoin took six times as long to hit the mark. Elon Musk's tweet with a photo of his Shiba Inu on Monday appeared to trigger a rally in the coin. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Move over, dogecoin. A spin-off, shiba inu, is on a tear, having gained about 350% in a month - roughly what bitcoin has gained in a year.The price of the dogecoin-inspired cryptocurrency has risen by over 300% in a week, pushing it into the top 20 coins by market capitalization, with a value of $12 billion, according to CoinMarketCap.It's done this in the 14 months since its inception, in August 2020. It took dogecoin six times as long - 88 months from its launch - to reach that size.The most recent catalyst for shiba inu fever appeared to be the Tesla CEO and crypto enthusiast Elon Musk's tweet on Monday with a photo of his real-life Shiba Inu puppy and the caption "Floki Frunkpuppy." Elon Musk's tweet with a photo of his dog. Elon Musk/Twitter Since then, the coin, created by someone with the pseudonym Ryoshi, soared from $0.00001348 to about $0.00003068 on Thursday, up another 41% over the 24 hours to 6:32 a.m. ET.Crypto bulls piled in again this week after a few weeks of volatility and pullbacks. Bitcoin, the No. 1 coin, reached a market cap of $1 trillion for the first time since May. Shiba inu now ranks above polygon, stellar, and the gaming token axie infinity, which has almost doubled in value in a month.But not all market watchers believe the surge in shiba inu was solely because of Musk's tweet."There's no evidence that the tweet explicitly showed support of the SHIB token the same way he did in the past by posting memes for dogecoin," Eliézer Ndinga, a research lead at 21Shares, said.Read the original article on Business Insider.....»»

Category: personnelSource: nytOct 7th, 2021

Shiba inu coin skyrockets after an Elon Musk tweet supercharges the token - taking weekly gains to 240%

Shiba inu coin, a meme cryptocurrency akin to dogecoin, has powered higher after Elon Musk tweeted a picture of his dog. Shiba inu coin is named after the popular breed of dog. Shutterstock Shiba inu coin's price jumped on Wednesday, taking its weekly gain to more than 240%. The meme token has skyrocketed after Elon Musk tweeted a picture of his Shiba Inu dog Monday. Shiba inu's rise comes during a broad upswing in the cryptocurrency market that saw bitcoin top $50,000. See more stories on Insider's business page. Shiba inu coin's breakneck rally has showed no signs of slowing down, with the dogecoin-inspired token soaring on Wednesday to take its weekly gains to 240%.The run higher was sparked by Elon Musk tweeting about his Shiba Inu dog on Monday, demonstrating the influence the Tesla boss has in crypto markets.Shiba inu coin was up 32% to $0.00002399 on Wednesday as of 10.25 a.m. ET, according to Coingecko data. The token had gained 243% over the last seven days, Coingecko data showed.The token was founded in 2020, with its anonymous creator dubbing it a "meme token." It explicitly mimicked dogecoin, a cryptocurrency started in 2013 as a joke that captured the imagination of crypto retail traders.Read more: Value investor Mike Alfred breaks down a crypto portfolio strategy set to dramatically outperform the original 60/40 - and shares his bullish thesis on 3 undervalued crypto stocksShiba inu has gained during an upswing in the broader cryptocurrency market, which saw bitcoin top $50,000 for the first time in a month on Tuesday.Yet the token has beaten the rest of the market handsomely, with analysts pointing to Musk's tweet as a catalyst. Musk on Monday tweeted a picture of his pet Shiba Inu with the caption "Floki Frunkpuppy."The Tesla boss is hugely influential in crypto markets and has been a key player in the digital-asset boom in 2021. Even his minor interventions have triggered big moves in the crypto markets.The rally has seen shiba inu's market capitalization - the total value of the existing coins - near $12 billion. It is now in the top 20 biggest cryptocurrencies, according to Coinmarketcap.Shiba's rise appeared to be lifting dogecoin, the token that inspired it. Doge was up slightly to $0.25872 on Wednesday, having risen 32% over the last seven days.Shiba inu coin rose as high as $0.00035 in May during a surge in so-called meme tokens. Analysts at the Kraken exchange said in a note on Wednesday that such a trend could soon take off again."A number of market participants see a rotation back into memecoins/dogcoins as being inevitable," they said."While one could expect capital to flow back into these names should 4Q prove to be as promising as many expect it to be, there's no guarantee the momentum holds up in the short term."Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 6th, 2021

Shiba inu coin skyrockets 65% after an Elon Musk tweet supercharges the token - taking weekly gains to 220%

Shiba inu coin, a meme cryptocurrency akin to dogecoin, has powered higher after Elon Musk tweeted a picture of his dog. Shiba inu coin was created in 2020. Pavlo Gonchar/SOPA Images/LightRocket via Getty Images Shiba inu coin's price jumped 65% on Wednesday, taking its weekly gain to more than 220%. The meme token has skyrocketed after Elon Musk tweeted a picture of his Shiba Inu dog Monday. Shiba inu's rise comes during a broad upswing in the cryptocurrency market that saw bitcoin top $50,000. See more stories on Insider's business page. Shiba inu coin's breakneck rally has showed no signs of slowing down, with the dogecoin-inspired token soaring by 60% on Wednesday.The three-day run higher was sparked by Elon Musk tweeting about his Shiba Inu dog on Monday, demonstrating the influence the Tesla boss has in crypto markets.Shiba inu coin was up 65% to $0.00002223 on Wednesday as of 5.55 a.m. ET, according to Coingecko data, having earlier risen as much as 80%. The token has gained around 220% over the last seven days.The token was founded in 2020, with its anonymous creator dubbing it a "meme token." It explicitly mimicked dogecoin, a cryptocurrency started in 2013 as a joke that captured the imagination of crypto retail traders.Read more: Value investor Mike Alfred breaks down a crypto portfolio strategy set to dramatically outperform the original 60/40 - and shares his bullish thesis on 3 undervalued crypto stocksShiba inu has gained during an upswing in the broader cryptocurrency market, which saw bitcoin top $50,000 for the first time in a month on Tuesday.Yet shiba inu has beaten the rest of the market handsomely, with analysts pointing to Musk's post to Twitter as a catalyst. Musk on Monday tweeted a picture of his pet Shiba Inu with the caption "Floki Frunkpuppy."The Tesla boss is hugely influential in crypto markets and has been a key player in the digital-asset boom in 2021. Even his minor interventions have triggered big moves in the crypto markets.The Musk-driven rally has seen shiba inu's market capitalization - the total value of the existing coins - top $11 billion. It is now in the top 20 biggest cryptocurrencies, according to Coinmarketcap.Shiba's rise appeared to be lifting dogecoin, the token that inspired it. Doge was up slightly to $0.24590 on Wednesday, having risen 25% over the last seven days."A number of market participants see a rotation back into memecoins/dogcoins as being inevitable," analysts at the Kraken exchange said in a note."While one could expect capital to flow back into these names should 4Q prove to be as promising as many expect it to be, there's no guarantee the momentum holds up in the short term."Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 6th, 2021

Nasdaq falls more than 2% as rising bond yields drag mega-cap tech names lower

"The Nasdaq is the punching bag as global bond yields rise," Edward Moya of Oanda said. The yield on the 10-year Treasury note rose to 1.484%. New York Stock Exchange on Nov. 20, 2018. Xinhua/Wang Ying via Getty Images US stock fell on Monday, dragged by losses among tech-heavyweights like Amazon and Facebook. Oil prices spiked after OPEC+ agreed to keep its existing schedule of gradual hikes in production. The yield on the benchmark 10-year Treasury note climbed to 1.484%. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. US stocks tumbled on Monday dragged by tech-heavyweights like Facebook and Amazon amid rising Treasury yields.The benchmark S&P 500 fell more than 1.5% - slipping below its 100-day moving average - while the tech-heavy Nasdaq 100 slid more than 2%.Here's where US indexes stood at the 4:00 p.m. ET close on Monday:S&P 500: 4,300.46, down 1.30%Dow Jones Industrial Average: 34,002.92, down 0.94% (323.54 points)Nasdaq Composite: 14,255.48, down 2.14%Facebook fell as much as 4% after a whistleblower alleged that the company does little to stop the spread of hateful content on its platform.Global markets in the past weeks have been on a downtrend as investors try to anticipate when the Federal Reserve will begin tapering asset purchases amid inflationary pressures driven by a surge in commodity prices and supply chain issues. These factors have pushed yields higher, with tech stocks in particular bearing the brunt. "The Nasdaq is the punching bag as global bond yields rise and as many investors anticipate the cyclical rotation trade will become the playbook after the DC debt drama," Edward Moya, senior market analyst at foreign exchange Oanda, said in a Monday note. Also looming is the continuation of the debt ceiling crisis that Congress is trying to avert later this month. A default would erode trust in the dollar and cause interest rates to soar, which would lift mortgage, car loan, and credit card costs for borrowers. S&P said it would cut its rating to the worst-possible rank of D in the event of a single non-payment on government debt. Despite this, many analysts, including LPL Financial, remain bullish for the fourth quarter - a period that has historically been best time of year for stocks. Beyond 2021, chief market strategist Ryan Detrick and equity strategist Jeff Buchbinder are also optimistic."We see a favorable economic environment for stocks in 2022, consistent with prior mid-cycle expansion years and bolstered by continued earnings growth," they said in a Monday note. "The gains may not come easy, however, with a number of risks."In cryptocurrencies, dogecoin spinoff shiba inu coin jumped 30% after Tesla CEO Elon Musk tweeted another picture of his puppy late Sunday.Bank of America began coverage of digital assets in a report published Monday. According to the note, the crypto and blockchain sectors are simply too big for investors to ignore. Oil prices spiked after OPEC+ on Monday agreed to keep its existing schedule of gradual hikes in oil production, adding to inflationary pressures engulfing global markets.West Texas Intermediate crude oil jumped 2.37%, to $77.68 per barrel. Brent crude, oil's international benchmark, rose 2.59%, to $81.33 per barrel.Bank of America said last week that Brent crude could hit $100 a barrel for the first time since 2014.Gold rose 0.17%, to $1,766.30 per ounce.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 4th, 2021

Shiba inu coin jumped 30% and "deleted a zero" after a tweet from Elon Musk sent the dogecoin spinoff surging

The parody coin has surged nearly 8,000% in a year, according to Coinbase data. It's still worth less than a penny, though. Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images The dogecoin spinoff shiba inu coin jumped 30% Monday following a tweet from Elon Musk. The Tesla boss tweeted a photo of his shiba inu pup, Floki, causing #SHIB to trend on Twitter. The altcoin has jumped nearly 8,000% in a year, Coinbase data show. See more stories on Insider's business page. The dogecoin spinoff known as shiba inu jumped 30% after Tesla Chief Executive Officer Elon Musk tweeted another picture of his pup late Sunday.Musk's dog, named Floki, is a shiba inu, which is the namesake of the coin and the iconic dog behind dogecoin. On Sept. 12, Musk first tweeted a picture of his shiba inu, saying "Floki has arrived."The latest tweet caused the hashtag #SHIB to start trending on Twitter as retail traders cheered the price surge. The shiba inu coin, which was founded in August 2020 as an Ethereum-based alternative to Dogecoin, surged in comments on 4chan Monday as well, data from TopStonks.com showed.On Twitter, many noted that the coin deleted a zero from its decimal. Even so, the coin is still worth less than a penny despite the jump, which took it to 0.00001090 cents. In the past year, the shiba inu coin has surged about 8,000% in a year, according to data from Coinbase.com. Retail traders have been diving into altcoins such as dogecoin and shiba inu as the drastic price swings often bring big payoffs, unlike more established coins such as ether and bitcoin. One New York family made a $9 million fortune off the parody coin, Insider reported previously. The "Elon Musk Effect" has been a key driver in dramatic cryptocurrency price swings this year, though his influence over the crypto market has been waning some. Others, including billionaire investor Mark Cuban and AMC CEO Adam Aron have stepped in to continue hyping up dogecoin. Read the original article on Business Insider.....»»

Category: dealsSource: nytOct 4th, 2021

ALTCOINS TO BUY: Crypto experts share the best investing opportunities they"re seeing outside of bitcoin

Insider has talked to several experts about which altcoins they like most, why they're bullish, and what they recommend others should be buying now. In this photo illustration of the litecoin, ripple and ethereum cryptocurrency 'altcoins' sit arranged for a photograph Jack Taylor/Getty Image Thousands of cryptocurrencies now exist. It can be difficult to pick winners in such a saturated space. Insider has asked several experts about where they see the biggest opportunities in altcoins. See more stories on Insider's business page. Cryptocurrencies have exploded in popularity over the last several months. Of course, the most popular remains bitcoin.But some other smaller cryptos are gaining serious steam as well, as the concept of digital currencies continues to seep into the public consciousness.However, it can be difficult to know which cryptocurrencies to invest in, or whether you should in the first place. There are currently thousands of different types of coins on the market. And some - like dogecoin, which was founded as a joke - don't appear to be serious. Others, like some built on the Ethereum blockchain, appear to have better use cases. And overall, there are legitimate concerns over whether the altcoin boom is unsustainable and will soon come crashing down.Crypto is an esoteric domain - its intricacies can be difficult to understand, especially for those new to the space.To help cut through the noise, Insider has talked to several experts about which altcoins - cryptocurrencies other than bitcoin - they believe have the best upside. These experts also described the fundamentals and technicals that make these altcoins attractive. Their views are shared in the articles below.imghed with link and appendage blurb Coach JV, crypto investor and founder of 3T Warrior Academy. Coach JV 4 altcoins to buy: A 12-year banking veteran says the biggest generational wealth transfer that's about to take place will trigger a 'parabolic' bull run in crypto. He explains how he's maximizing gains on the cryptos he's holding.John Vasquez quit a 12-year banking career to dive into crypto full-time.He's betting that the massive wealth transfer from baby boomers to their younger heirs will lead to a crypto boom.Vasquez, known as Coach JV on social media, explained what people should know about crypto before investing and the altcoins he's buying. Adrian Zduńczyk. Adrian Zduńczyk 5 altcoins that could surge 10-100x in the coming 'legendary' altcoin season that outshines bitcoin, according to a crypto technical analyst who's holding themCrypto technical analyst Adrian Zduńczyk says some altcoins due to outperform bitcoin in a "legendary" way. Zduńczyk is the founder and CEO of the Birb Nest, a trading platform. He shared five altcoins with us that he thinks could surge 10-100 times. Matthew Sigel is the head of digital assets research at VanEck. VanEck The head of digital assets research at an $81 billion money manager breaks down 3 drivers fueling the $2 trillion crypto market's latest bull run - and shares 3 competing altcoins to ethereum, including one that could nearly double in the next yearEthereum is the second-biggest cryptocurrency at the moment, sitting behind bitcoin. But it has problems like expensive transaction fees. Matthew Sigel, head of digital asset research at VanEck, shares three altcoins to rival ether. Evergrande is China's second-biggest property developer. Noel Celis/Getty Images A trader who warned of the 2017 and 2021 bitcoin bull market tops shares 4 altcoins he's bullish on for the long-term - but breaks down why Evergrande's crisis is keeping him away from crypto at the momentThe looming debt crisis of Chinese real estate developer Evergrande sent shockwaves through global equity markets in September - and crypto was not spared.Given the recent sell-offs, Goodman said he was keeping his money on the sidelines in the crypto space until prices appear to be in an uptrend again. He shared four projects he thinks can do well in the longer-term. STR/NurPhoto via Getty Images Bitcoin is ready for a 'monster run' up to $85,000 if it clears a key resistance level, a crypto evangelist predicts - and shares 7 altcoins he's bullish on nowEthereum's major upgrade in early August led to a 9.6% intraday price spike, and investors haven't yet sold the positive news. That's one reason why David Gokhshtein is bullish. He also told us his theses for six smaller altcoins he owns. A local business in El Salvador that accepts bitcoin payments. Alex Pena/Anadolu Agency via Getty Images Why crypto crashed: 4 experts break down what Tuesday's sudden drop might mean for the altcoin season and NFT frenzy - and share 12 high-quality tokens that are likely to continue rallying toward the year's endVarious cryptos tumbled on Tuesday September 7 as El Salvador officially adopted bitcoin as legal tender. By the following morning, more than $3.25 billion in crypto positions had been liquidated over 24 hours, affecting more than 300,000 traders, according to Bybit. We asked experts what was driving the sell-off, and where they recommended buying dips. Dogecoin is a 'meme' cryptocurrency, seemingly created as a joke Yuriko Nakao/Getty The chief economist of a blockchain data firm breaks down why the current dogecoin rally has more legs to run - and lays out why 'anything is possible' for the altcoin, including reaching $1When dogecoin rose over 12,000% to $0.68 earlier this year, it shocked the investing community. It has since cooled off, though its price has picked up in recent weeks. It now sits around $.027. What will it do next? Chainalysis chief economist Philip Gradwell broke down why he think it will go to $1. crypto coins circle Nurphoto WATCH: Crypto analyst David Grider and venture capital investor Ria Bhutoria discuss state of the market, under-the-radar altcoins, and outlook on regulationInsider recently hosted a live webcast featuring two crypto experts. They broke down their views on everything from the recent slump to the possibility of regulation. Lyn Alden is the founder of Lyn Alden Investment Strategy Lyn Alden Investment Strategy Bitcoin to $100,000 and ether to $5,000: Famed investment strategist Lyn Alden explains her bullish predictions for the largest cryptos in 2022, and why there are only 2 altcoins worth watchingLyn Alden says most altcoins are "smoke and mirrors." But there are at least two with interesting technologies that are worth watching. Marnie Griffiths/Getty A crypto evangelist explains why he's going 'all in on altcoins' - and shares why he's worried about bitcoin whales taking over that marketAs some altcoins have shown, there is potential for huge appreciation in crypto outside of bitcoin. David Gokhshtein is one investor that's looking to take advantage of these opportunities. He shared two altcoins he's bullish on. Mack Lorden, left, and Lucas Dimos are TikTok crypto influencers. Mack Lorden and Lucas Dimos 2 crypto traders and TikTok influencers share their 6 go-to altcoins for riding out crypto bear markets - including one that's up more than 11,000% since its launch in 2017The broader crypto space just went through a rough patch after huge gains earlier this year. Like any asset class, it has its bull and bear markets. When crypto bear markets do come, crypto influencers Mack Lorden and Lucas Dimos told us that six altcoins in particular help them hedge losses. Many investors are excited about the Ethereum network's uses. SOPA Images/Getty Images The head of institutional coverage at crypto trading platform FalconX shares 9 Ethereum-tied digital tokens to take advantage of the DeFi revolution - and breaks down why Ethereum still has 'significant' upsideMany altcoins are built on top of the Ethereum blockchain. Aya Kantorovich, the head of institutional coverage at crypto exchange FalconX, shared nine coins built on top of the ethereum blockchain that she thinks have solid use cases."I personally always like coins with application," Kantorovich said.Read the original article on Business Insider.....»»

Category: worldSource: nytSep 22nd, 2021

Ethereum"s Turn To Outshine Bitcoin Is Coming, UBS Says

Ethereum's Turn To Outshine Bitcoin Is Coming, UBS Says After a stellar start to the year, which saw its price soar to an all time high above $4,100, trouncing virtually all of its crypto peers, Ethereum has stagnated in recent weeks, with its place in the spotlight taken by bitcoin which whose impressive outperformance has been the result of now confirmed speculation that a bitcoin futures ETF is coming. It also meant that what has traditionally been a close correlation between the two larges cryptos has broken in favor of the larger peer; it would also suggest that ethereum is trading about $1000 cheap vs bitcoin. It wasn't just bitcoin's long-overdue ETF success: ETH was also put in the shade by DeFi- and NFT-driven demand for faster and cheaper blockchains since the late summer, according to UBS strategist James Malcolm. But in the bank's latest Crypto Compass publication, Malcolm writes that this could soon change thanks to the progress with one of Ethereum's prior Layer 2 solutions, Optimism. As UBS explains, "having been all but forgotten, it suddenly seems set to give leading competitor Arbitrum a run for its money. OVM 2.0 promises faster processing, cheaper gas prices and fewer code constraints, which should encourage smart contract deployment." Furthermore, it has just been implemented on Ethereum's testnet and is now scheduled to go mainnet-live in two weeks, on October 28. Of course, all of this pales in comparison to the ETH uplift that will take place once Ethereum 2.0 is ready for rollout. Some have speculated that the event will quickly trigger a quick doubling in the cryptocurrency which Goldman dubbed the "Amazon for information" (and is why Goldman also sees ETH eventually overtaking BTC). Data also show the recent rebound in active addresses on chain, offset by the small decline in total transfer volumes, which however can be attributed to the surge in whale trading in recent weeks (more below). A curious divergence also emerges when looking at exchange balances between BTC and ETH. But what appears most remarkable is the distribution of crypto strikes for bitcoin and ethereum, both of which are far above spot, suggesting that a major gamma squeeze may be on deck for both. Incidentally, speaking of ETH level 2, Bitcoin's Lightning Network for smaller transactions has also been growing in anticipation of next month's Taproot upgrade: year-to-date, the number of LN nodes and channels has doubled, and capacity nearly tripled. Incidentally, this does not mean that Bitcoin is set to drop, on the contrary. As UBS also writes, Bitcoin - which is now on the right side of $60k - is within striking distance of its April all time highs. Its latest rally came in two steps: October 1, which was put down to a Powell comment about having no intention to follow China in banning crypto, and October 6 when nearly $1.6bn of buy orders were reportedly executed within five minutes. Both occurred against a backdrop of big-name presenters at digital summits, rising speculation about imminent US ETF approval (which we now know has taken place), and pushback from the Senate Banking Committee's ranking Republican against the Biden administration and Fed's crystallizing plans to impose bank-like regulation on stablecoins. Pat Toomey's point was this is something for Congress to decide and enact clarifying legislation, which would take more time. They helped trigger liquidations of short futures positions but left no footprint on bid-ask spreads, which barely budged in contrast to what we saw a month earlier. Not surprisingly, with Bitcoin steamrolling above $60K, bullish sentiment has become even more pronounced, attracting growing spot-futures basis arbitrage on the CME and pushing perpetual futures funding rates uniformly higher On-chain activity has also seen a major revival as BTC entity-adjusted transaction volumes overshot their early-2021 highs. What is most remarkable is that this is not at all small-time and retail investors setting the price: as the next chart from UBS shows, whales are in the driving seat to an almost unprecedented degree with the mean-to-median transaction size ratio is at its highest level since 2013. And speaking of whales, the bitcoin supply held by whales is now at the highest it has ever been at around 8mm coins (out of a total 21mm), while both exchanges and OTC desks have seen their holdings decline. Also notable, the collapse in bitcoin supply that was last active less than 3 months ago as increasingly more are truly HODLing. Tyler Durden Sat, 10/16/2021 - 19:00.....»»

Category: blogSource: zerohedge10 hr. 33 min. ago

Bitcoin breaks $60,000 for the first time since April as crypto ETFs look set for watershed SEC approval

Market sentiment is on the upturn as the SEC appears ready to allow the first US bitcoin futures ETF to start trading next week. Getty Bitcoin broke the $60,000 level on Friday for the first time since April as investors were encouraged by signs a futures ETF will soon be approved. The SEC is set to allow trading of the first US bitcoin futures ETF next week, Bloomberg reported. The digital coin rose as much as 5% to $60,343.07. It's now just 7.5% from a record high. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Bitcoin topped $60,000 for the first time since April on Friday as investors celebrated the prospect of the SEC approving the first US bitcoin futures ETF within days.The digital asset rose as much as 5% to $60,343.07, according to Bloomberg data, bringing it within 7.5% of its record price of $64,869.78. That takes bitcoin's year-to-date gains to roughly 107%.Market sentiment is on the upturn as the SEC is ready to allow the first US bitcoin futures ETF to start trading next week, according to Bloomberg.Anticipation has been further fuelled by the regulator approving Volt Equity's ETF last week, according to Will Hamilton, head of trading and research at digital asset management firm TCM Capital.Volt's ETF specifically tracks companies that have significant exposure to bitcoin, or generate most of their profit from bitcoin-related activities like mining, lending, or manufacturing mining equipment."It's a small step, but a very promising one," Hamilton said. "In essence, the SEC has given the nod, from an investor protection point of view, that investing in these heavily crypto-exposed companies is 'ok'."Separately, a direct update from the SEC seems to have contributed to Friday's moves. The regulator's investor education Twitter account posted a link to a June notice on Thursday, warning about the risks associated with investing in bitcoin."Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits," the tweet said. Investors interpreted it as signalling the regulator will approve those types of funds at some point next week.On Wednesday, Russian President Vladimir Putin said he recognizes cryptocurrencies as a means of payment. And Morgan Stanley CEO James Gorman admitted crypto is more than just a fad.Further, Coinbase proposed creating a special regulator as a potential solution to the lack of regulatory clarity and enforcement in crypto markets, as it believes digital assets need to be treated differently to stocks.Crypto traders seem to have brushed off comments from JPMorgan boss Jamie Dimon that bitcoin is "worthless," and Bank of England's deputy governor Jon Cunliffe warning that the coin could trigger a 2008-level meltdown."Instead of scaremongering about bitcoin, certain officials should look closer to home," said Paolo Ardoino, chief technology officer at trading platform Bitfinex. "The unsustainable inflationary monetary policies of central banks will inevitably unravel."Read More: 2 ETF veterans-turned crypto investors break down why they think the SEC should approve a bitcoin ETF that invests in the digital currency itself instead of futures contracts - and share the 3 main pitfalls of a futures-based ETFRead the original article on Business Insider.....»»

Category: smallbizSource: nytOct 15th, 2021

The SEC is ready to allow bitcoin futures ETFs to start trading next week, report says

Anticipation has been brewing for bitcoin futures ETFs to get the go-ahead from US regulators after a series of positive signs. Getty The first US bitcoin futures ETF is likely to start trading next week, Bloomberg reported late Thursday. It reported the SEC is unlikely to block the products, which would be a "watershed moment for crypto," an analyst said. Bitcoin hit a six-month-high above $60,000 on Friday, on hopes a bitcoin futures ETF is within reach. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The Securities and Exchange Commission is set to allow the first US bitcoin futures exchange-traded fund to start trading next week, Bloomberg reported late Thursday.The SEC is not likely to block such products from beginning to trade next week, the news outlet reported, citing people familiar with the matter.Four proposed bitcoin ETFs are in line for an October decision from the SEC on whether to approve, deny or delay their submissions. The firms involved - ProShares, Valkyrie Investments, Invesco, and VanEck - are among several applicants waiting for word.ProShares and Invesco's proposals are based on futures contracts and filed under a 1940 law that the chairman of the SEC, Gary Gensler, has said provide "significant investor protection" for mutual funds and ETFs.While pure bitcoin ETFs have not found favor with Gensler, he has sounded more positive about those based on futures contracts for the digital asset. The SEC green light would be "a watershed moment for the crypto community, as they have been waiting for this since 2018," Naeem Aslam, chief market analyst at Avatrade, said in a note."The reflection of this optimism can also be seen by looking at the bitcoin price, which is only 7% away from its all-time high."Bitcoin briefly topped $60,000 for the first time since April on Friday, before slipping to around $59,440. Its price has been gaining over recent days in anticipation of ETF approval, with many expecting it could regain April's record high of $64,895 before the end of the year.Firms waiting for a crypto ETF decision from the SEC include Fidelity, WisdomTree, Wilshire Pheonix, VanEck, First Trust SkyBridge, and Valkyrie, as well as ProShares and Invesco.Whichever fund secures first approval could gain a significant first-mover advantage, as investors seek exposure to the price of the digital asset in their traditional brokerage and retirement accounts.Tyler and Cameron Winklevoss were the first to try to create a bitcoin futures ETF, without success, in the US in 2013. This year, crypto ETFs were approved in Canada and Europe.Anticipation that a bitcoin futures ETF is just around the corner has been brewing, given recent developments.Cathie Wood's Ark Invest has put its name to an ETF whose SEC application was filed by issuer Alpha Architect on Wednesday. The ARK 21Shares Bitcoin Futures Strategy ETF carries the ticker ARKA, a positive sign of pending regulatory approval, an analyst said.Some investors are flagging an SEC tweet as another positive signal. The regulator's investor education office on Thursday posted a link to a June notice that warns about crypto funds."Before investing in a fund that holds bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits," the tweet said.The SEC last week gave the go-ahead to Volt Equity's ETF, which tracks stocks with significant exposure to bitcoin - seen as the closest fund to a bitcoin ETF so far.The SEC didn't immediately respond to Insider's request for comment.Read More: An ultimate guide to 10 top altcoins, their real-world applications, and why investors are betting their tech is the future of cryptoRead the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 15th, 2021

Bitcoin briefly hits $60,000 for the 1st time since April as crypto ETFs look set for watershed SEC approval

Market sentiment is on the upturn as the SEC appears ready to allow the first US bitcoin futures ETF to start trading next week. Getty Bitcoin touched $60,000 on Friday as investors awaited approval of a futures ETF tracking its price. The SEC is set to allow trading of the first US bitcoin futures ETF next week, Bloomberg reported. The digital coin hit a 24-hour high of $60,018, taking its year-to-date gains to around 104%. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Bitcoin briefly topped $60,000 for the first time since April on Friday, as investors celebrated the prospect of the SEC approving the first US bitcoin futures ETF within days.The digital asset hit a 24-hour high of $60,018, according to data from CoinGecko, nearing its record price of $64,895. That takes bitcoin's year-to-date gains to about 104%.Market sentiment is on the upturn as the SEC is ready to allow the first US bitcoin futures ETF to start trading next week, according to Bloomberg.Anticipation has been further fuelled by the regulator approving Volt Equity's ETF last week, according to Will Hamilton, head of trading and research at digital asset management firm TCM Capital.Volt's ETF specifically tracks companies that have significant exposure to bitcoin, or generate most of their profit from bitcoin-related activities like mining, lending, or manufacturing mining equipment."It's a small step, but a very promising one," Hamilton said. "In essence, the SEC has given the nod, from an investor protection point of view, that investing in these heavily crypto-exposed companies is 'ok'."Separately, a direct update from the SEC seems to have contributed to Friday's moves. The regulator's investor education Twitter account posted a link to a June notice on Thursday, warning about the risks associated with investing in bitcoin."Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits," the tweet said. Investors interpreted it as signalling the regulator will approve those types of funds at some point next week.On Wednesday, Russian President Vladimir Putin said he recognizes cryptocurrencies as a means of payment. And Morgan Stanley CEO James Gorman admitted crypto is more than just a fad.Further, Coinbase proposed creating a special regulator as a potential solution to the lack of regulatory clarity and enforcement in crypto markets, as it believes digital assets need to be treated differently to stocks.Crypto traders seem to have brushed off comments from JPMorgan boss Jamie Dimon that bitcoin is "worthless," and Bank of England's deputy governor Jon Cunliffe warning that the coin could trigger a 2008-level meltdown."Instead of scaremongering about bitcoin, certain officials should look closer to home," said Paolo Ardoino, chief technology officer at trading platform Bitfinex. "The unsustainable inflationary monetary policies of central banks will inevitably unravel."Read More: 2 ETF veterans-turned crypto investors break down why they think the SEC should approve a bitcoin ETF that invests in the digital currency itself instead of futures contracts - and share the 3 main pitfalls of a futures-based ETFRead the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 15th, 2021

Bitcoin mining firm Bitfury is reportedly planning to go public in what would be Europe"s biggest crypto IPO

Bitfury was seeking advice from Deloitte to review its readiness to go public, The Telegraph reported. It was valued at $1 billion in its last funding round. Bitcoin mining computer servers are seen in Bitminer Factory in Florence Alessandro Bianchi/Reuters Bitfury Group is planning to go public in the next 12 months, The Telegraph reported. The crypto mining firm's IPO would be Europe's biggest cryptocurrency-related corporate debut. Bitfury's backers include Mike Novogratz's Galaxy Digital and Australian investment bank Macquarie. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Bitcoin mining firm Bitfury Group is planning to go public in the next 12 months in what would be Europe's biggest cryptocurrency-related debut, The Telegraph reported Monday.Bitfury was seeking advice from Deloitte, a New York-based consultancy, to review how ready it is to go public, according to The Telegraph. Bitfury did not respond to Insider's request for comment.The mining firm, headquartered in the Netherlands, was valued at around $1 billion in its latest fundraising, The Telegraph said, citing company filings. Among Bitfury's investors are Mike Novogratz's Galaxy Digital and Australian investment bank Macquarie.Since its inception in 2011, Bitfury has been a leading full-service blockchain technology company. It is also one of the biggest private infrastructure providers in the blockchain ecosystem. In March 2021, Bitfury formed a US-based subsidiary, Cipher Mining, which will go public in a merger with blank-check company Good Works Acquisition. The deal values the combined entity at $2 billion, with Bitfury as a minor shareholder.Bitfury's decision to go public comes amid a tense time for crypto, particularly with regard to mining, which has been criticized for its high energy use. Crypto mining earlier this year was banned in China, which had accounted for more than 50% of the global activity, forcing many mining companies to relocate their operations to other countries. Experts say a silver lining of this has been to spread the bitcoin hashrate more evenly across the globe, soothing concerns that mining was too heavily concentrated in just a handful of places. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 11th, 2021

10 Things in Politics: Campaigns get into bitcoin

And one of the highest-ranking House Republicans refuses to say Trump legitimately lost. Welcome back to 10 Things in Politics. Sign up here to receive this newsletter. Plus, download Insider's app for news on the go - click here for iOS and here for Android. Send tips to bgriffiths@insider.com.Here's what we're talking about:Altcoins and bitcoin are campaign fuel for these 17 crypto-minded politicians and political groupsHigh-ranking House Republican refuses to say Trump legitimately lostFauci says it's safe for children to trick-or-treat on HalloweenWith Phil Rosen. Avishek Das/SOPA Images/LightRocket via Getty 1. ON THE CAMPAIGN TRAIL: Politicians are cashing in on the crypto boom. A growing number of candidates and political groups are interested in accepting bitcoin and altcoins. The only problem is that federal law in this area leaves a lot of open questions.Here's what you need to know:Campaigns can legally accept bitcoin: The Federal Election Commission, the agency tasked with overseeing federal elections, established this right in 2014. But its guidance on the subject leaves a lot of ambiguity, including over whether campaigns can use cryptocurrency to buy goods and services and whether it's legal to accept more than $100 worth of bitcoin. To further complicate matters, the guidance is so outdated that it applies only to bitcoin, not any of the many other cryptocurrencies like dogecoin.Things get even messier when it comes to super PACs: The FEC doesn't say whether super PACs, which may legally accept unlimited amounts of money to advocate or oppose politicians, can also accept unlimited amounts of crypto.Politicians are moving ahead anyway: The NRCC, House Republicans' campaign arm, became the first national party committee to accept crypto. It is able to get around the $100 question by converting any crypto donations into cash before it hits its account.The Yang Gang is joining too: The former Democratic presidential hopeful Andrew Yang, who just started a third party called the Forward Party, has pledged that his outfit will accept crypto too. He plans to use BitPay, which is what the NRCC uses too.Read more about how Washington is getting into crypto, including how every lawmaker has already received $50 worth of bitcoin.2. Hundreds of thousands of US troops are not fully vaccinated: Sizable portions of the military are not vaccinated even as deadlines approach for the Pentagon's COVID-19 vaccine mandate, The Washington Post reports. The vaccination rate varies within different branches and military segments. The Post, for example, found 90% of the active-duty Navy was fully vaccinated but just 72% of the Marine Corps was. The reserves and the National Guard have large numbers of unvaccinated troops. Officials say part of the delay is due to different deadlines for the services. More on the concerns about how the lagging vaccination rates will affect troop readiness.3. Taliban says US will provide humanitarian aid to Afghans: The Taliban made the claim after the first direct talks between the US and the militants since American forces withdrew, the Associated Press reports. The US appeared to confirm only that humanitarian aid had been discussed. The US is also yet to recognize the Taliban as the legitimate leaders of Afghanistan. Here's where things stand as the two sides grapple with Afghanistan's future.4. High-ranking House Republican refuses to say Trump lost: House Minority Whip Steve Scalise, the No. 2 House Republican, refused to say Joe Biden fairly won the 2020 US presidential election almost a year after it took place. Fox News' Chris Wallace repeatedly pressed Scalise on whether he believed Donald Trump's baseless claims of widespread voter fraud. Scalise refused to give a direct answer. More on what this means for the state of the GOP.5. Southwest cancels more than 1,000 flights: The airline had canceled nearly a third of its daily schedule as of early last night, the highest rate of any major US airline, the Associated Press reports. Southwest cited air-traffic-control issues and weather delays, but analysts are speculating about other possibilities, including that the airline might've scheduled too many flights and that some pilots were protesting the company's COVID-19 vaccine mandate. The union representing Southwest pilots, which is suing the airline over its pandemic policies, denied pilots were staging a protest. More on what the fallout may be for a major airline. Pool / Pool/ Getty Images 6. Fauci says Americans should enjoy trick-or-treating: Dr. Anthony Fauci on Sunday said COVID-19 cases in the US were headed in the "right direction" and Americans should feel free to enjoy outdoor Halloween festivities like trick-or-treating. He also cautioned against prematurely declaring victory over the pandemic, however, noting that past surges had sprung up after relative lulls. More on what Fauci thinks about where things stand.7. Prosecutors say a Navy nuclear engineer tried to pass secrets via a sandwich: Jonathan Toebbe is accused of attempting to sell classified data about nuclear submarines to someone he thought was a foreign agent - by popping the intel into an SD card and slotting it into a peanut-butter sandwich. "I believe this information will be of great value to your nation. This is not a hoax," prosecutors say Toebbe wrote in one message to someone he thought was a foreign intelligence agent. Instead, the FBI was on the receiving end. More on the wild details of the espionage-related charges.8. Police arrest three men after a deadly St. Paul shooting: Officers found 15 people injured when they responded to what was described as a "hellish" scene at a bar in Minnesota early Sunday morning. Fourteen people were sent to nearby hospitals, and a woman described to be in her 20s died. Here's the latest.9. Ivanka Trump nearly led the World Bank, report says: Donald Trump wanted to name his daughter to lead the World Bank in 2019, but then-Treasury Secretary Steven Mnuchin intervened to block the appointment, The Intercept reports. "It came incredibly close to happening," a source told the publication. More on the episode. "Squid Game." Netflix 10. The popularity of "Squid Game" has stunned Hollywood: The South Korean series has become extraordinarily popular, reaching No. 1 in 90 countries in 10 days, and Netflix co-CEO Ted Sarandos said early on that it was likely to unseat "Bridgerton" as the streamer's all-time most popular series. Netflix did little to market the show outside Asia, relying on its recommendation engine, social media, and word of mouth to get audiences to watch what has become a worldwide hit. Read more about how "Squid Game" is spawning memes and increased costume sales.Speaking of merch: Walmart is partnering with Netflix to sell merchandise related to "Squid Game," "Stranger Things," "Ada Twist," and more. Alas, "Squid Game" tracksuits won't be available until later this year.Today's trivia question: Today marks the anniversary of when former President Jimmy Carter won the Nobel Peace Prize. Who was the first president to win the high honor? (ICYMI: This year's prize went to two outspoken critical journalists from the Philippines and Russia.) bgriffiths@insider.com.Friday's answer: A reproduction of Modigliani's "Woman with a Fan" is shown in 2012's "Skyfall," the third installment in Daniel Craig's turn as James Bond. In reality, the painting was one of five stolen during a daring art heist from Paris' Musée d'Art Moderne in 2010. The thief, who stole the paintings worth an estimated $110 million, and two of his accomplices have been sentenced to prison. The art is still missing.Read the original article on Business Insider.....»»

Category: dealsSource: nytOct 11th, 2021

A Gen Z crypto hedge fund founder says bitcoin is in its "rocketship" growth phase - even after passing the $1 trillion mark

Rahul Rai, the 24-year-old millionaire co-head of Market Neutral at BlockTower Capital, said bitcoin is accelerating at a rate that is out of this world. Rahul Rai Rahul Rai "Crypto is just getting started, and is in its rocketship growth phase," crypto fund manager Rahul Rai told Insider. 24-year-old Rai became a millionaire when he sold the fund he'd co-founded to BlockTower Capital. Bitcoin has shot above $50,000 this week and now has a market value of over $1 trillion. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Rahul Rai, a 24-year-old millionaire crypto hedge fund founder, believes bitcoin is accelerating at a rate that is out of this world. Rai - the co-head of Market Neutral at BlockTower Capital, which runs the BlockTower Gamma Point Market Neutral Fund - said he believes crypto will upend the entire traditional financial system. "Blockchain technology and cryptocurrencies are the underpinnings of a new financial infrastructure, and are going to reshape massive sectors of the global economy," Rai told Insider in a recent interview."Crypto is just getting started, and is in its rocketship growth phase," Rai said. Cryptocurrencies are not the only ones to have accelerated in this space. Roughly half of the world's central banks are at some stage of developing their own digital currencies, for example.The assets locked on decentralized finance (DeFi) platforms, such as non-fungible tokens, have soared in popularity. The market is worth around $100 billion and counting as everyone from celebrities, to artists and sports stars have raced to endorse and issue these unique digital collectors' items. "It's absolutely mind-boggling. And as much as I wish I could say that I had the foresight, there's no way that I could've imagined how rapidly this entire ecosystem would accelerate," he said.Rai, who worked at Morgan Stanley on its foreign-exchange hedge funds team, set up his own crypto hedge fund in January this year with Sanat Rao and Eash Aggarwal. Five months later, Gamma Point Capital was sold to digital asset manager BlockTower Capital for $35 million.With bitcoin's return to above $50,000 this week, it recaptured a market value of $1 trillion for the first time in months. Rai believes this is just the start of a bigger rally - not just for bitcoin, but for cryptocurrencies and digital assets more widely. Bitcoin has risen 442% over the past 12 months, and it isn't the only coin whose value has shot up over that time frame. Ether is up 986%, dogecoin has surged 3,022%, and solana's sol has climbed 2,351%.Rai said the growth in the ecosystem has been a big part of his own success. "Being in a hyper-growth industry makes it much easier to build and scale rapidly," he said."I have been incredibly fortunate to work in a field that I love, with brilliant teammates, and there's nothing else I want to be doing with my time," he added.Read the original article on Business Insider.....»»

Category: dealsSource: nytOct 8th, 2021

How BlackRock recruits - Stacey Abrams" pitch deck - "Productivity dysmorphia"

The top finance news for Oct. 8, including the latest on BlackRock's recruitment tactics and Stacey Abrams' fintech funding. Welcome to Insider Finance. If this was forwarded to you, sign up here. Plus, download Insider's app for news on the go - click here for iOS and here for Android.On the agenda today:Stacey Abrams' fintech, Now, used this pitch deck to raise $29 million.A BlackRock manager describes how recruitment has changed amid the talent wars. The woman who coined "productivity dysmorphia" shares how to deal with itLet's get started. Stacey Abrams' fintech used this pitch deck to raise funds Now Now, a fintech cofounded by politician Stacey Abrams entrepreneur Lara Hodgson, wants small businesses to "grow fearlessly" by helping them manage their invoices. Using this seven-page pitch deck, the 11-year-old fintech was able to raise $29 million in an extension of its Series A. Check out the deck here. Plus, take a look at our extensive pitch deck library here. BlackRock manager pitches her team to interviewees, not vice versa Richard Levine/Corbis via Getty Images Deepika Sharma, a director at BlackRock, explained how she's had to adjust her recruitment process as the war for talent intensifies. From seeking out candidates with diverse educational and training backgrounds to pitching her team to candidates, here's how things have changed.Family offices shower staff with perks Getty Images Family offices are competing for investment talent - and are willing to pay more for it. Demand for talent is soaring and driving compensation up, with pay for VC principals at family offices jumping 17% in one year. See what all the hype is about.Robinhood competitor Public adds crypto trading INA FASSBENDER/AFP via Getty Images As digital assets rally, Public.com will begin allowing users to trade 10 cryptocurrencies in the coming weeks. The digital assets include bitcoin, ether, dogecoin, and litecoin, among others. Here's what you need to know.Where do billionaires call home? Suhaimi Abdullah/Getty Images This year, Forbes' list of billionaires includes 2,755 people, and most of them (2,444) live in one of these 20 countries and territories.How to deal with "productivity dysmorphia" Chris Bannister Anna Codrea-Rado coined the phrase "productivity dysmorphia" to describe how she couldn't see her own professional achievements or appreciate her success - and tons of people seemed to relate. She shares what she's learned about dealing with it.Startup exchange debuts new crypto futures product Edward Smith/Getty Images The Small Exchange, backed by big names including Citadel Securities and Interactive Brokers, is launching a crypto futures product designed for small upfront cash commitments. Everything we know about the new product.On our radar:The ex-CEO of Pepsi said asking for a raise is "cringeworthy." She explains why.Bloomberg reported on the search for the billions of dollars said to be behind Tether. Read it here.The Financial Times wrote about how Larry Fink, BlackRock's founder and CEO, became the "king of Wall Street."Don't forget - we're publishing new puzzles every morning through October 8. Solve it here.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 8th, 2021

Futures Surge On Debt Ceiling Reprieve, Slide In Energy Prices

Futures Surge On Debt Ceiling Reprieve, Slide In Energy Prices The nausea-inducing rollercoaster in the stock market continued on Thursday, when US index futures continued their violent Wednesday reversal - the biggest since March - and surged with Nasdaq futures up more than 1%, hitting a session high, as Chinese technology stocks rebounded from a record low, investors embraced progress on the debt-ceiling impasse in Washington, a dip in oil prices eased worries of higher inflation and concerns eased about the European energy crisis fueled a risk-on mood. At 7:30am ET, S&P futures were up 44 points or 1.00% and Dow futures were up 267 points or 0.78%. Oil tumbled as much as $2, dragging breakevens and nominal yields lower, while the dollar dipped and bitcoin traded around $54,000. Wednesday's reversal started after Mitch McConnell on Wednesday floated a plan to support an extension of the federal debt ceiling into December, potentially heading off a historic default, a proposal which Democrats have reportedly agreed to after Senate Majority Leader Chuck Schumer suggested an agreement would be in place by this morning. While the deal is good news for markets worried about an imminent default, it only kicks the can to December when the drama and brinksmanship may run again. Markets have been rocked in the past month by worries about the global energy crisis, elevated inflation, reduced stimulus and slower growth. Meanwhile, the prospect of a deal to boost the U.S. debt limit into December is easing concern over political bickering, while Friday’s payrolls report may shed light on the the Federal Reserve’s timeline to cut bond purchases. “We have several things that we are watching right now -- certainly the debt ceiling is one of them and that’s been contributing to the recent volatility,” Tracie McMillion, head of global asset allocation strategy at Wells Fargo Investment Institute, said on Bloomberg Television. “But we look for these 5% corrections to add money to the equity markets.” Tech and FAAMG stocks including Apple (AAPL US +1%), Nvidia (NVDA +2%), Microsoft (MSFT US +0.9%), Tesla (TSLA US 0.8%) led the charge in premarket trading amid a dip in 10-year Treasury yields on Thursday, helped by a slide in energy prices on the back of Putin's Wednesday announcement that Russia could ramp up nat gas deliveries to Europe, something it still has clearly not done. Perhaps sensing that not all is at Putin said, after plunging on Wednesday UK nat gas futures (NBP) from 407p/therm to a low of 209, prices have ominously started to rise again. As oil fell, energy stocks including Chevron, Exxon Mobil and APA led declines with falls between 0.6% and 2.1%. Here are some of the other big movers today: Twitter (TWTR US) shares rise 2% in U.S. premarket trading after it agreed to sell MoPub to AppLovin for $1.05 billion in cash Levi Strauss (LEVI US) rises 4% in U.S. premarket trading after it boosted its adjusted earnings per share forecast for the full year; the guidance beat the average analyst estimate NRX Pharmaceuticals (NRXP US) drops in U.S. premarket trading after Relief Therapeutics sued the company, alleging breach of a collaboration pact Osmotica Pharmaceuticals (OSMT US) declined 28% in premarket trading after launching an offering of shares Rocket Lab USA (RKLB US) shares rose in Wednesday postmarket trading after the company announced it has been selected to launch NASA’s Advanced Composite Solar Sail System, or ACS3, on the Electron launch vehicle U.S. Silica Holdings (SLCA US) rose 7% Wednesday postmarket after it started a review of strategic alternatives for its Industrial & Specialty Products segment, including a potential sale or separation Global Blood Therapeutics (GBT US) climbed 2.6% in Wednesday after hours trading while Sage Therapeutics (SAGE US) dropped 3.9% after Jefferies analyst Akash Tewari kicked off his biotech sector coverage On the geopolitical front, a senior U.S. official said President Joe Biden’s plans to meet virtually with his Chinese counterpart before the end of the year. Tensions are escalating between the two countries, with U.S. Secretary of State Antony Blinken criticizing China’s recent military maneuvers around Taiwan. European equities rebounded, with the Stoxx 600 index surging as much as 1.3% boosted by news that the European Central Bank was said to be studying a new bond-buying program as emergency programs are phased out. Also boosting sentiment on Thursday, ECB Governing Council member Yannis Stournaras said that investors shouldn’t expect premature interest-rate increases from the central bank. Here are some of the biggest European movers today: Iberdrola shares rise as much as 6.8% after an upgrade at BofA, and as Spanish utilities climbed following a report that the Ministry for Ecological Transition may suspend or modify the mechanism that reduces the income received by hydroelectric, nuclear and some renewables in relation to gas prices. Hermes shares climb as much as 3.8%, the most since February, after HSBC says “there isn’t much to worry about” from a possible slowdown in mainland China or questions over trend sustainability in the U.S. Edenred shares gain as much as 5.2%, their best day since Nov. 9, after HSBC upgrades the voucher company to buy from hold, saying that Edenred, along with Experian, offers faster recurring revenue growth than the rest of the business services sector. Valeo shares gain as much as 4.9% and is Thursday’s best performer in the Stoxx 600 Automobiles & Parts index; Citi raised to neutral from sell as broker updated its model ahead of 3Q results. Sika shares rise as much as 4.2% after company confirms 2021 guidance, which Baader said was helpful amid market concerns of sequentially declining margins due to rising raw material prices. Centrica shares rise as much as 3.6% as Morgan Stanley upgrades Centrica to overweight from equalweight, saying the utility provider will add market share as smaller U.K. companies fail due to the spike in wholesale energy prices. Earlier in the session, Asian stocks rallied, boosted by a rebound in Hong Kong-listed technology shares and optimism over the progress made toward a U.S. debt-ceiling accord. The MSCI Asia Pacific Index climbed as much as 1.3%, on track for its biggest jump since Aug. 24. Alibaba, Tencent and Meituan were among the biggest contributors to the benchmark’s advance. Equity gauges in Hong Kong and Taiwan led a broad regional gain, while Japan’s Nikkei 225 also rebounded from its longest losing run since 2009. Thursday’s rally in Asia came after U.S. stocks closed higher overnight on a possible deal to boost the debt ceiling into December. Focus now shifts to the reopening of mainland China markets on Friday following the Golden Week holiday, and also the U.S. nonfarm payrolls report due that day. READ: China Tech Gauge Posts Best Day Since August After Touching Lows “Risk off sentiment has persisted due to a number of negative factors, but worry over some of these issues has been alleviated for the near term,” said Shogo Maekawa, a strategist at JPMorgan Asset Management in Tokyo. “One is that concern over stagflation has abated, with oil prices pulling back.” Sentiment toward risks assets was also supported as a senior U.S. official said President Joe Biden plans to meet virtually with Chinese President Xi Jinping before the end of the year. Of note, holders of Evergrande-guaranteed Jumbo Fortune bonds have yet to receive payment; the holders next step would be to request payment from Evergrande. The maturity of the bond in question was Sunday October 3rd, with a Monday October 4th effective due data, though the bond does have a five-day grace period only in the event that payment failure is due to an administrative/technical error. Australia's S&P/ASX 200 index rose 0.7% to close at 7,256.70. All subgauges finished the day higher, with the exception of energy stocks as Asian peers tumbled with a retreat in crude oil prices.  Collins Foods was among the top performers after the company signed an agreement to become KFC’s corporate franchisee in the Netherlands. Whitehaven tumbled, dropping the most for a session since June 17.  In New Zealand, the S&P/NZX 50 index fell 0.5% to 13,104.61. Oil extended its decline from a seven-year high as U.S. stockpiles grew more than expected, and European natural gas prices tumbled on signals from Russia it may increase supplies to the continent. The yield on the U.S. 10-year Treasury was 1.526%, little changed on the day after erasing a 2.4bp increase; bunds outperformed by ~1.5bp, gilts by less than 1bp; long-end outperformance flattened 2s10s, 5s30s by ~0.5bp each. Treasuries pared losses during European morning as fuel prices ebbed and stocks gained. Bunds and gilts outperform while Treasuries curve flattens with long-end yields slightly richer on the day. WTI oil futures are lower after Russia’s offer to ease Europe’s energy crunch. Negotiations on a short-term increase to U.S. debt-ceiling continue.    In FX, the Bloomberg Dollar Spot Index was little changed and the greenback was weaker against most Group-of-10 peers, though moves were confined to relatively tight ranges. The U.S. jobs report Friday is the key risk for markets this week as a strong print could boost the dollar. Options traders see a strong chance that the euro manages to stay above a key technical support, at least on a closing basis. Risk sensitive currencies such as the Australian and New Zealand dollars as well as Sweden’s krona led G-10 gains, while Norway’s currency was the worst performer as European natural gas and power prices tumbled early Thursday after signals from Russia it may increase supplies to the continent. The pound gained against a broadly weaker dollar as concerns over the U.K. petrol crisis eased and focus turned to Bank of England policy. A warning shot buried deep in the BoE’s policy documents two weeks ago indicating that interest rates could rise as early as this year suddenly is becoming a more distinct possibility. Australia’s 10-year bonds rose for the first time in two weeks as sentiment was bolstered by a short-term deal involving the U.S. debt ceiling. The yen steadied amid a recovery in risk sentiment as stocks edged higher. Bond futures rose as a debt auction encouraged players to cautiously buy the dip. Looking ahead, investors will be looked forward to the release of weekly jobless claims data, likely showing 348,000 Americans filed claims for state unemployment benefits last week compared with 362,000 in the prior week. The ADP National Employment Report on Wednesday showed private payrolls increased by 568,000 jobs last month. Economists polled by Reuters had forecast a rise of 428,000 jobs. This comes ahead of the more comprehensive non-farm payrolls data due on Friday. It is expected to cement the case for the Fed’s slowing of asset purchases. We'll also get the latest August consumer credit print. From central banks, we’ll be getting the minutes from the ECB’s September meeting, and also hear from a range of speakers including the ECB’s President Lagarde, Lane, Elderson, Holzmann, Schnabel, Knot and Villeroy, along with the Fed’s Mester, BoC Governor Macklem and PBoC Governor Yi Gang. Market Snapshot S&P 500 futures up 1% to 4,395.5 STOXX Europe 600 up 1.03% to 455.96 MXAP up 1.2% to 193.71 MXAPJ up 1.8% to 633.78 Nikkei up 0.5% to 27,678.21 Topix down 0.1% to 1,939.62 Hang Seng Index up 3.1% to 24,701.73 Shanghai Composite up 0.9% to 3,568.17 Sensex up 1.2% to 59,872.01 Australia S&P/ASX 200 up 0.7% to 7,256.66 Kospi up 1.8% to 2,959.46 Brent Futures down 1.8% to $79.64/bbl Gold spot up 0.0% to $1,762.96 U.S. Dollar Index little changed at 94.19 German 10Y yield fell 0.6 bps to -0.188% Euro little changed at $1.1563 Top Overnight News from Bloomberg Democrats signaled they would take up Senate Republican leader Mitch McConnell’s offer to raise the U.S. debt ceiling into December, alleviating the immediate risk of a default but raising the prospect of another bruising political fight near the end of the year The European Central Bank is studying a new bond-buying program to prevent any market turmoil when emergency purchases get phased out next year, according to officials familiar with the matter Market expectations for interest-rate hikes “are not in accordance with our new forward guidance,” ECB Governing Council member Yannis Stournaras said in an interview with Bloomberg Television Creditors have yet to receive repayment of a dollar bond they say is guaranteed by China Evergrande Group and one of its units, in what could be the firm’s first major miss on maturing notes since regulators urged the developer to avoid a near-term default Boris Johnson’s plan to overhaul the U.K. economy is a 10-year project he wants to see out as prime minister, according to a senior official. The time frame, which has not been disclosed publicly, illustrates the scale of Johnson’s gamble that British voters will accept a long period of what he regards as shock therapy to redefine Britain The U.K.’s surge in inflation has boosted the cost of investment-grade borrowing in sterling to the most since June 2020. The average yield on the corporate notes climbed just past 2%, according to a Bloomberg index A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks traded positively as the region took impetus from the mostly positive close in the US where the major indices spent the prior session clawing back opening losses, with sentiment supported amid a potential Biden-Xi virtual meeting this year, and hopes of a compromise on the debt ceiling after Senate Republican Leader McConnell offered a short-term debt limit extension to December. The ASX 200 (+0.7%) was led higher by strength in the tech sector and with risk appetite also helped by the announcement to begin easing restrictions in New South Wales from next Monday. The Nikkei 225 (+0.5%) attempted to reclaim the 28k level with advances spearheaded by tech and amid reports Tokyo is to lower its virus warning from the current top level. The Hang Seng (+3.1%) was the biggest gainer owing to strength in tech and property stocks, with Evergrande shareholder Chinese Estates surging in Hong Kong after a proposal from Solar Bright to take it private. Reports also noted that the US and China reportedly reached an agreement in principle for a Biden-Xi virtual meeting before year-end and with yesterday’s talks in Zurich between senior officials said to be more meaningful and constructive than other recent exchanges. Finally, 10yr JGBs retraced some of the prior day’s after-hours rebound with haven demand hampered by the upside in stocks and after the recent choppy mood in T-notes, while the latest enhanced liquidity auction for longer-dated JGBs resulted in a weaker bid-to-cover. Top Asian News Vietnam Faces Worker Exodus From Factory Hub for Gap, Nike, Puma Japan’s New Finance Minister Stresses FX Stability Is Vital Korea Lures Haven Seekers With Bonds Sold at Lowest Spread Africa’s Free-Trade Area to Get $7 Billion in Support From AfDB Bourses in Europe hold onto the gains seen at the cash open (Euro Stoxx 50 +1.5%; Stoxx 600 +1.1%) following on from an upbeat APAC handover, albeit the upside momentum took a pause shortly after the cash open. US equity futures are also firmer across the board but to a slightly lesser extent, with the tech-laden NQ (+1.0%) getting a boost from a pullback in yields and outperforming its ES (+0.7%), RTY (+0.6%) and YM (+0.6%). The constructive tone comes amid some positive vibes out of the States, and on a geopolitical note, with US Senate Minority Leader McConnell offered a short-term debt ceiling extension to December whilst US and China reached an agreement in principle for a Biden-Xi virtual meeting before the end of the year. Euro-bourses portray broad-based gains whilst the UK's FTSE 100 (+1.0%) narrowly lags the Euro Stoxx benchmarks, weighed on by its heavyweight energy and healthcare sectors, which currently reside at the foot of the bunch. Further, BoE's Chief Economist Pill also hit the wires today and suggested that the balance of risks is currently shifting towards great concerns about the inflation outlook, as the current strength of inflation looks set to prove more long-lasting than originally anticipated. Broader sectors initially opened with an anti-defensive bias (ex-energy), although the configuration since then has turned into more of a mixed picture, although Basic Resource and Autos still reside towards the top. Individual movers are somewhat scarce in what is seemingly a macro-driven day thus far. Miners top the charts on the last day of the Chinese Golden Week Holiday, with base metal prices also on the front foot in anticipation of demand from the nation – with Antofagasta (+5.1%), Anglo American (+4.2%) among the top gainers, whist Teamviewer (-8.2%) is again at the foot of the Stoxx 600 in a continuation of the losses seen after its guidance cut yesterday. Ubisoft (-5.1%) are also softer, potentially on a bad reception for its latest Ghost Recon game announcement. Top European News ECB’s Stournaras Reckons Investor Rate-Hike Bets Are Unwarranted Shell Flags Financial Impact of Gas Market Swings, Hurricane Johnson’s Plans for Economy Signal Ambitions for Decade in Power U.K. Grid Bids to Calm Market Saying Winter Gas Supply Is Enough In FX, the latest upturn in broad risk sentiment as the pendulum continues to swing one way then the other on alternate days, has given the Aussie a fillip along with news that COVID-19 restrictions in NSW remain on track for being eased by October 11, according to the state’s new Premier. Aud/Usd is eyeing 0.7300 in response to the above and a softer Greenback, while the Aud/Nzd cross is securing a firmer footing above 1.0500 in wake of a slender rise in AIG’s services index and ahead of the latest RBA FSR. Conversely, the Pound is relatively contained vs the Buck having probed 1.3600 when the DXY backed off further from Wednesday’s w-t-d peak to a 94.102 low and has retreated through 0.8500 against the Euro amidst unsubstantiated reports about less hawkish leaning remarks from a member of the BoE’s MPC. In short, the word is that Broadbent has downplayed the prospects of any fireworks in November via a rate hike, but on the flip-side new chief economist Pill delivered a hawkish assessment of the inflation situation in the UK when responding to a TSC questionnaire (see 10.18BST post on the Headline Feed for bullets and a link to his answers in full). Back to the Dollar index, challenger lay-offs are due and will provide another NFP guide before claims and commentary from Fed’s Mester, while from a technical perspective there is near term support just below 94.000 and resistance a fraction shy of 94.500, at 93.983 (yesterday’s low) and the aforementioned midweek session best (94.448 vs the 94.283 intraday high, so far). NZD - Notwithstanding the negative cross flows noted above, the Kiwi is also taking advantage of more constructive external and general factors to secure a firmer grip of the 0.6900 handle vs its US counterpart, but remains rather deflated post-RBNZ on cautious guidance in terms of further tightening. EUR/CHF/CAD/JPY - All narrowly mixed against their US peer and mostly well within recent ranges as the Euro reclaims 1.1500+ status in the run up to ECB minutes, the Franc consolidates off sub-0.9300 lows following dips in Swiss jobless rates, the Loonie weighs up WTI crude’s further loss of momentum against the Greenback’s retreat between 1.2600-1.2563 parameters awaiting Canada’s Ivey PMIs and a speech from BoC Governor Macklem, and the Yen retains an underlying recovery bid within 111.53-23 confines before a raft of Japanese data. Note, little reaction to comments from Japanese Finance Minister, when asked about recent Jpy weakening, as he simply said that currency stability is important, so is closely watching FX developments, but did not comment on current levels. In commodities, WTI and Brent front month futures are on the backfoot, in part amid the post-Putin losses across the Nat Gas space, with the UK ICE future dropping some 20% in early trade. This has also provided further headwinds to the crude complex, which itself tackles its own bearish omens. WTI underperforms Brent amid reports that the US was mulling a Strategic Petroleum Reserve (SPR) release and did not rule out an export ban. Desks have offered their thoughts on the development. Goldman Sachs says a US SPR release would likely be of up to 60mln barrels, only representing a USD 3/bbl downside to the year-end USD 90/bbl Brent forecast and stated that relief would only be transitory given structural deficits the market will face from 2023 onwards. GS notes that any larger price impact that further hampers US shale activity would lead to elevated US nat gas prices in 2022, and an export ban would lead to significant disruption within the US oil market, likely bullish retail fuel price impact. RBC, meanwhile, believes that these comments were to incentivise OPEC+ to further open the taps after the producers opted to maintain a plan to hike output 400k BPD/m. On that note, sources noted that the OPEC+ decision against a larger supply hike at Monday's meeting was partly driven by concern that demand and prices could weaken – this would be in-fitting with sources back in July, which suggested that demand could weaken early 2022. The downside for crude prices was exacerbated as Brent Dec fell under USD 80/bbl to a low of near 79.00/bbl (vs 81.14/bbl), whilst WTI Nov briefly lost USD 75/bbl (vs high 77.23/bbl). Prices have trimmed some losses since. Metals in comparison have been less interesting; spot gold is flat and only modestly widened its overnight range to the current 1,756-66 range, whilst spot silver remains north of USD 22.50/bbl. Elsewhere, the risk tone has aided copper prices, with LME copper still north of USD 9,000/t, whilst some also cite supply concerns as a key mining road in Peru (second-largest copper producer) was blocked, with the indigenous community planning to continue the blockade indefinitely, according to a local leader. It is also worth noting that Chinese markets will return tomorrow from their Golden Week holiday. US Event Calendar 7:30am: Sept. Challenger Job Cuts YoY, prior -86.4% 8:30am: Oct. Initial Jobless Claims, est. 348,000, prior 362,000; Continuing Claims, est. 2.76m, prior 2.8m 9:45am: Oct. Langer Consumer Comfort, prior 54.7 11:45am: Fed’s Mester Takes Part in Panel on Inflation Dynamics 3pm: Aug. Consumer Credit, est. $17.5b, prior $17b DB's Jim Reid concludes the overnight wrap On the survey, given how fascinating markets are at the moment I think the results of this month’s edition will be especially interesting. However the irony is that when things are busy less people tend to fill it in as they are more pressed for time. So if you can try to spare 3-4 minutes your help would be much appreciated. Many thanks. It was a wild session for markets yesterday, with multiple asset classes swinging between gains and losses as investors sought to grapple with the extent of inflationary pressures and potential shock to growth. However US equities closed out in positive territory and at the highs as the news on the debt ceiling became more positive after Europe went home. Before this equities had lost ground throughout the London afternoon, with the S&P 500 down nearly -1.3% at one point with Europe’s STOXX 600 closing -1.03% lower. Cyclical sectors led the European underperformance, although it was a fairly broad-based decline. However after Europe went home – or closed their laptops in many cases – the positive debt ceiling developments saw risk sentiment improve throughout the rest of New York session. The S&P rallied to finish +0.41% and is now slightly up on the week, as defensive sectors such as utilities (+1.53%) and consumer staples (+1.00%) led the index while US cyclicals fell back like their European counterparts. Small cap stocks didn’t enjoy as much of a boost as the Russell 2000 ended the day -0.60% lower, while the megacap tech NYFANG+ index gained +0.82%. Risk sentiment improved following reports that Senate Minority Leader Mitch McConnell was willing to negotiate with Democrats to resolve the debt ceiling impasse and allow Democrats to raise the ceiling until December. This means President Biden and Congressional Democrats would be able to finish their fiscal spending package – now estimated at around $1.9-2.2 trillion – and include a further debt ceiling raise into one large reconciliation package near year-end. Senate Majority Leader Schumer has not publicly addressed the deal yet, but Democrats have signaled that they’ll accept the deal, although they’ve also indicated they’d still like to pass the longer-term debt ceiling bill under regular order in a bipartisan manner when the time came near year-end. Interestingly, if we did see the ceiling extended until December, this would put another deadline that month, since the government funding extension only went through to December 3, so we could have yet another round of multiple congressional negotiations in just a few weeks’ time. The news of a Republican offer coincided with President Biden’s virtual meeting with industry leaders, where the President implored them to join him in pressuring legislators to raise the debt limit. Treasury Secretary Yellen also attended the meeting, and re-emphasised her estimate for the so-called “drop dead date” to be October 18. Potentially at risk Treasury bills maturing shortly thereafter rallied a few basis points, signaling investors took yesterday afternoon’s debt ceiling developments as positive and credible. This was a far cry from where markets opened the London session as turmoil again gripped the gas market. UK and European natural gas futures both surged around +40% to reach an intraday high shortly after the open. However, energy markets went into reverse following comments from Russian President Putin that the country was set to supply more gas to Europe and help stabilise energy markets, with European futures erasing those earlier gains to actually end the day down -6.75%, with their UK counterpart similarly reversing course to close -6.96% too. The U.K. future traded in a stunning 255 to 408 price range on the day. We shouldn’t get ahead of ourselves here though, since even with the latest reversal, prices are still up by more than five-fold since the start of the year, and this astonishing increase over recent weeks has attracted attention from policymakers across the world as governments look to step in and protect consumers and industry. In the EU, the Energy Commissioner, Kadri Simson, said that the price shock was “hurting our citizens, in particular the most vulnerable households, weakening competitiveness and adding to inflationary pressure. … There is no question that we need to take policy measures”. However, the potential response appeared to differ across the continent. French President Macron said that more energy capacity was required, of which renewables and nuclear would be key elements, while Italian PM Draghi said that joint EU gas purchases had wide support. However, Hungarian PM Orban took the opportunity to blame the European Commission, saying that the Green Deal’s regulations were “indirect taxation”, which shows how these price spikes could create greater resistance to green measures moving forward. Elsewhere, blame was also cast on carbon speculators, with Spanish environment minister Rodriguez saying that “We don’t want to be hostages of external financial investors”, and outside the EU, Serbian President Vucic said that his country could ban power exports if there were further issues, which just shows how energy has the potential to become a big geopolitical issue this winter. Those declines in natural gas prices were echoed across the energy complex, with both Brent Crude (-1.79%) and WTI (-1.90%) oil prices subsiding from their multi-year highs the previous day, just as coal also fell -10.20%. In turn, that served to alleviate some of the concerns about building price pressures and helped measures of longer-term inflation expectations decline across the board. Indeed by the close, the 10yr breakeven in the US had come down -1.4bps, and the equivalent measures in Germany (-4.6bps), Italy (-6.1bps) and the UK (-4.2bps) had likewise seen declines of their own. In spite of those moves for inflation expectations, this proved little consolation for European sovereign bonds as higher real rates put them under continued pressure, even if yields had pared back some of their gains from the morning. Yields on 10yr bunds (+0.6bps), OATs (+0.9bps) and BTPs (+3.2bps) were all at their highest levels in 3 months, whilst those on Polish 10yr debt were up +13.7bps after the central bank there unexpectedly became the latest to raise rates, with the 40bps hike to 0.5% marking the first increase since 2012. However, for the US it was a different story, with yields on 10yr Treasuries down -0.5bps to 1.521%, having peaked at 1.57% earlier in the London morning. There was a late story in Europe that could bear watching in the coming weeks as Bloomberg reported that the ECB is studying a new bond-buying tool that could help ease market volatility if a “taper tantrum”-esque move were to happen when the PEPP purchases end in March. The plan would reportedly target purchases selectively if there were to be a larger selloff in more heavily indebted economies, which differs from the existing programs that buys debt in relation to the size of each member’s economy. Asian stocks overnight have performed strongly, with the Hang Seng (+2.28%), Nikkei (+1.68%) and KOSPI (+1.61%) all advancing after the positive news on the debt-ceiling, as well on news that US President Biden was set to meeting with Chinese President Xi by the end of the year. All the indices were lifted by the IT and consumer discretionary sectors, and the Hang Seng Tech index has rebounded by +3.29% this morning. Separately, Evergrande-related news has been subsiding in recent days, but China Estates, a company controlled by a backer of Evergrande, rose 30% after the company disclosed an offer to take it private for $245mn. Otherwise, US futures are pointing to a positive start later, with those on the S&P 500 (+0.50%) and DAX (+1.19%) both advancing. Turning to Germany, exploratory talks will be commencing today between the centre-left SPD, the Greens and the Liberal FDP, who together would make up a so-called “traffic-light” coalition. That marks a boost for the SPD, who beat the CDU/CSU bloc into first place in the September 26 election, although CDU leader Armin Laschet said that his party were “still ready to hold talks”. However, the CDU/CSU have faced internal tensions after they slumped to their worst-ever election result, whilst a Forsa poll out on Tuesday said that 53% of voters wanted a traffic-light coalition, versus just 22% who favoured the Jamaica option led by the CDU/CSU. So momentum seems clearly behind the traffic light option for now. Looking at yesterday’s data, in the US the ADP’s report at private payrolls came in at an unexpectedly strong +568k (vs. +430k expected), which is the highest in their series for 3 months and comes ahead of tomorrow’s US jobs report. However in Germany, factory orders in August fell by -7.7% (vs. -2.2% expected) amidst various supply issues. To the day ahead now, and data releases include German industrial production and Italian retail sales for August, whilst in the US we’ve got the weekly initial jobless claims and August’s consumer credit.From central banks, we’ll be getting the minutes from the ECB’s September meeting, and also hear from a range of speakers including the ECB’s President Lagarde, Lane, Elderson, Holzmann, Schnabel, Knot and Villeroy, along with the Fed’s Mester, BoC Governor Macklem and PBoC Governor Yi Gang. Tyler Durden Thu, 10/07/2021 - 07:57.....»»

Category: blogSource: zerohedgeOct 7th, 2021

Shiba Inu took 14 months to hit a market value of $12 billion - it took dogecoin 6 times longer to reach that milestone

Move over dogecoin. Spin-off Shiba Inu is on a tear, having gained around 350% in a month - roughly what bitcoin's gained in a year. Jakub Porzycki/NurPhoto via Getty Images It's taken just 14 months for meme-coin Shiba Inu to enter the ranks of the world's top 20 cryptos. Shiba Inu's market value hit $12 billion on Thursday - it took dogecoin six times longer to that same mark. Elon Musk tweeted a picture of his dog Floki on Monday that triggered a massive rally in the dogecoin rival this week. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Move over dogecoin. Spin-off Shiba Inu is on a tear, having gained around 350% in a month - roughly what bitcoin has gained in a year.The price of the dogecoin-inspired cryptocurrency has risen by over 300% in a week, pushing it into the top 20 biggest coins by market capitalization, with a value of $12 billion, according to Coinmarketcap.And it's done this in the space of the 14 months since its inception in August 2020. It took dogecoin 88 months from its launch to reach that same size - six times as long as Shiba Inu. The most recent catalyst for Shiba Inu-fever was Tesla CEO and crypto enthusiast Elon Musk tweeting about his puppy, Floki. On Monday, Musk tweeted a cute picture of his real-life Shiba Inu, with the caption "Floki Frunkpuppy". Floki Frunkpuppy tweet Elon Musk Twitter Since then, the coin, created by someone who goes by the pseudonym Ryoshi, has soared from $0.00001348 to around $0.00003068 on Thursday, up another 41% over the 24 hours to 6:32 am ET. This week has seen crypto bulls pile in again after a few weeks of volatility and pullbacks. Number one crypto coin bitcoin has regained a market cap of $1 trillion for the first time since May this year. Shiba Inu now ranks above the likes of polygon, stellar and gaming token axie infinity, which, this week, had almost doubled in value in the space of a month.But not all market-watchers believe the surge in Shiba Inu was solely down to Elon Musk's tweet. "There's no evidence that the tweet explicitly showed support of the SHIB token the same way he did in the past by posting memes for dogecoin," Eliézer Ndinga, research lead at 21Shares said. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 7th, 2021