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Market Wrap: Bitcoin Loses Steam at $15.9K; Over 600K ETH Yanked From DeFi

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A bitcoin rally to new 2020 highs has been slowed by lower spot volume. Meanwhile, some ether investors are moving capital out of DeFi.

  • Bitcoin (BTC) trading around $15,502 as of 21:00 UTC (4 p.m. ET). Gaining 2.6% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $15,190-$15,934
  • BTC near its 10-day moving average but above the 50-day, a sideways signal for market technicians.

Bitcoin trading on Bitstamp since Nov. 4.
Source: TradingView

Bitcoin’s price rise stalled Friday after making gains over the past 24 hours, most notably going as high as $15,934, according to CoinDesk 20 data. It was trading at $15,502 as of press time. 

“BTC has been bullish for the last four weeks, incredibly rallying from $10,000 to $15,000,” noted Ian Balina, chief executive officer of analysis firm Token Metrics. “This month’s rally is similar to its previous big rally back in 2017 when BTC rallied from $6,000 to almost $20,000 over November and December.”

The last time bitcoin’s price was at these levels was back on Jan. 7, 2018, when its 24-hour low was $15,632, a descent from that day’s $16,861 high during an overall market sell-off, according to the CoinDesk 20. 

btcsince2017

Daily bitcoin trading on Bitstamp since 2017.
Source: TradingView

“The next resistance level is between $16,000 and $17,000,” Balina added. “If it flies by that, it can retest its all-time high and possibly move above $20,000.”

Read More: As Bitcoin Surges, Google Searches Suggest Little FOMO Among Retail 

A bitcoin price push higher will likely require the return of higher-than-average spot volumes. Volumes for Friday were much lower than Thursday, which at $1,569,081,137 was the highest daily average volume day since July 27. On that summer day it hit $1,579,784,44 on major USD/BTC spot exchanges. As of press time, Friday’s spot exchange volume was at $1,064,734,786. 

sixmonthvolumenov6

Bitcoin volumes on major USD/BTC spot exchanges the past six months.
Source: Shuai Hao/CoinDesk Research

Futures open interest for bitcoin Thursday matched a record high from Aug. 17. “Longer-term trends remain very bullish. Bitcoin futures aggregate open interest is at an all-time high at $5.7 billion and perpetual swaps funding rates are trending up,” noted Jason Lau, chief operating officer of San Francisco-based exchange OKCoin. 

skew_btc_futures__aggregated_open_interest-26

Bitcoin futures open interest the past year.
Source: Skew

“The minor pullback today is normal and healthy,” Lau told CoinDesk. “In the past, bitcoin has experienced strong, quick moves and retracted much more. I’d look to see if BTC can settle in and establish a base before making another move upwards.”

Bitcoin’s dominance, a measure of the world’s oldest cryptocurrency’s market cap as a percentage of total crypto assets, is starting to dip. After a steady October and early November rise to 65.5%, it dropped on Friday.

bitcoindomsinceoct

Hourly bitcoin dominance chart since the start of October.
Source: TradingView

Jean-Marc Bonnefous, managing partner of investment firm Tellurian Capital, said bitcoin might be losing some momentum after its stratospheric price rise, adding that some investors make take profits and plow them into alternative cryptocurrencies, or altcoins. 

“BTC has already done quite a bit of work to the upside and will need to take a breather,” Bonnefous said. “At some point the rotation will occur again from BTC to these heavily sold alt tokens.”

Ether locked in DeFi drops

The second-largest cryptocurrency by market capitalization, ether (ETH), was up Friday, trading around $442 and climbing 7% in 24 hours as of 21:00 UTC (4:00 p.m. ET). 

Read More: Vitalik Buterin Sends $1.4M of Ether in Preparation for Ethereum 2.0 Staking

Since Oct. 20, when the amount of ether locked in decentralized finance, or DeFI, was at 9,211,000 ETH, investors have been pulling the cryptocurrency out. Over 642,000 ETH was moved out of DeFi as of press time, down to 8,569,000 ETH, according to data aggregator DeFi Pulse. 

ethdefinov6

Amount of ether locked in DeFi the past month.
Source: DeFi Pulse

The trend follows a rocky past 30 days for ether locked in DeFi, as about one month ago the amount of ether into DeFi was at 8,423,000 ETH. Vishal Shah, an options trader and founder of derivatives venue Alpha5, says ether’s gyrations locked has to do with the ethereal nature of Ethereum’s DeFi products. 

“Most of the ETH locked in DeFi is to accumulate or accrue tokens that don’t have a tenable value,” Shah noted. “And as those values started to fall dramatically, the ‘APY’ [annual percentage yield] that served as the bait for participation in various pools naturally started dwindling.” 

Other markets

Digital assets on the CoinDesk 20 are all green Friday. Notable winners as of 21:00 UTC (4:00 p.m. ET):

Read More: Square Reports Over $1B in Quarterly Bitcoin Revenue for First Time

  • Oil was down 2.8%. Price per barrel of West Texas Intermediate crude: $37.39.
  • Gold was in the green 0.14% and at $1,952 as of press time.
  • U.S. Treasury bond yields all climbed Friday. Yields, which move in the opposite direction as price, were up most on the two-year bond, jumping to 0.159 and in the green 9.6%.
https://www.coindesk.com/coindesk20

The CoinDesk 20: The Assets That Matter Most to the Market



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JPMorgan Acquires Nutmeg Robo-Advisor, Furthering UK Retail Banking

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Before the deal, JPMorgan and Nutmeg had partnered late last year to offer clients an assortment of globally diversified exchange-traded funds (ETFs).

JPMorgan Chase & Co (NYSE: JPM) said Thursday it has closed a deal to purchase Nutmeg, an online investment management service, for an unnamed price. US biggest bank hopes the agreement, which awaits regulatory approval, will complement its launch of a standalone digital bank brand in the UK during the year.

Using the latest technology from Nutmeg will help boost JPMorgan’s retail and institutional push since the company aims at establishing as many branches as it can outside the US.

With over £3.5 billion (4.9 billion) worth of assets under management, the decade-old Nutmeg is one of the UK leading and award-winning robo-advisors. The company offers various investment accounts including Individual Savings Accounts (ISAs), general investment, and pensions accounts.

Additionally, its competitors include Wealthsimple, Moneybox, and Moneyfarm. Before the take-over, Nutmeg had raised over $150 million in investments from Goldman Sachs and the British venture capital firm – Balderton Capital.

JPMorgan CEO Jamie Dimon stated last year that the banking giant would be “much more aggressive” in adding assets by conducting more acquisitions. The bank may also be stepping up to competition from adversary Morgan Stanley (NYSE: MS) which, in recent years, has spent $20 billion in merger agreements with E-trade and Eaton Vance.

Dimon also mentioned leveling up against blue-chip tech firm Alphabet Inc (NASDAQ: GOOGL) and other fintech firms such as PayPal Holdings Inc (NASDAQ: PYPL).

JPMorgan Stock Market and Nutmeg Acquisition

Before the deal, JPMorgan and Nutmeg had partnered late last year to offer clients an assortment of globally diversified exchange-traded funds (ETFs). This is not the first time the bank has partnered with a company then acquired it later. In October 2020, JPMorgan partnered with 55ip, a tax-smart fintech start-up, then bought it a couple of months down the line.

Differing regulatory guidelines in Europe and the UK made it necessary for JPMorgan to purchase the robo-advisor, rather than use investment technology available in the US. However, its US-based investment service You Invest is currently doing well, with assets valued at about $50 billion, as Dimon states.

JPMorgan’s tech initiative marks one among many happening in Britain’s retail banking sector. Banks such as Revolut, Starling, and Monzo manage digital-only checking accounts which have attracted a host of clients. Going by data from Innovate Finance, FinTechs in the UK probably make up the world’s largest markets, having pulled in $4.1 billion investment from venture capitalists as of last year.

JPMorgan Securities served as financial advisor in the JPMorgan-Nutmeg transaction, while Freshfields Bruckhaus Deringer acted as legal counsel. Arma Partners was Nutmeg’s financial advisor and Taylor Wessing was legal counsel.

As of June 17, 2021, at 7:59 p.m. EDT, JPMorgan stock closed at $151.76, down 2.89%. In the after-hours session, it was trading at $151.48, down 0.18% in 24-hours.

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Mythology is my mystery!
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MSFT Stock Still Attractive following Appointment of Microsoft CEO Satya Nadella as Chairman

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The tech giant Microsoft announced yesterday that its CEO Satya Nadella had been named chairman of the board.

Microsoft Corporation (NASDAQ: MSFT) stock is trading today at around $258.06 (+0.26%) following the announcement that Chief executive officer Satya Nadella has been appointed as its new chairman, in place of John Thompson.

Microsoft Corporation stock has always been deemed a finished product and unlikely to produce anything great in the long run because they are already big. Many investors are skeptical about the long-term outlook of Microsoft stock regardless of its advantages as a huge tech company. Microsoft Corporation has however recorded impressive numbers this year as continues to grow despite having a $2 trillion market cap.

Microsoft Corporation’s total revenue saw a $6.7 billion rise year over year in its Q3 fiscal of 2021, with every sector of the tech giant, contributing to this growth. Microsoft’s commercial cloud revenue, Azure, and Dynamics 365 grew 33% year over year to $17.7 billion. The tech company’s cloud computing business, Azure, saw its revenue rise by 50%.

The company paid out $16.1 billion in dividends to shareholders over the trailing 12 months ending March 31, with a dividend yield of 0.9%. Although Microsoft’s dividend yield may look small, its current quarterly dividend of $0.56 is up from $0.36 just five years ago and is currently only paying out 30% of its free cash flow in dividends, to make room for annual dividend increases.

Microsoft, shuffling its leadership also couldn’t have come at a better time. The tech giant announced yesterday that its CEO, Satya Nadella has been named chairman of the board. Nadella who according to a statement from Microsoft was “unanimously elected” to replace John Thompson, has served as the chief executive officer of the tech company since 2014 and has played an integral role in pushing the company to what it is now a trillion-dollar corporation.

Nadella saw the billion-dollar acquisition of LinkedIn, ZeniMax, and Nuance Communications. Thompson, who took over as chairman from the company’s co-founder Bill Gates in 2014, will serve as a lead independent director, according to Microsoft

The appointment of Nadella as Microsoft Chairman comes after the company was subjected to intense criticisms of an unprofessional workplace and sexual harassment allegations after news broke on an affair between its co-founder Bill Gates and an employee back in 2000. Bill Gates’s representatives acknowledged the relationship which reportedly happened while he was chairman of the board.

Microsoft’s board has revealed that it launched an investigation into the matter two years ago but declined to comment on whether its board has decided to let Bill Gates go.

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Apple to Debut Faster Watch with Temperature and Glucose Testing Capabilities, AAPL Stock Slightly Up

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Beyond the company’s move in seeking advancement in its smartwatch, it is also working assiduously to explore new areas, notably in the Apple car pursuits.

American multinational technology company Apple Inc (NASDAQ: AAPL) is set to debut a faster model of Apple Watch as the tech giant seeks to beat competitors in terms of product performance. Per a Bloomberg report citing people close to the company’s plans, the proposed new Apple Watches will also brandish the abilities to check temperatures and user’s blood glucose levels.

The Apple Watch was debuted in 2015 and has grown to become a vital part of the Cupertino-based company’s product suite. While the watches have seen bigger upgrades in times past, the currently scheduled boost will place it at the echelon of smartwatches with unique capabilities in the market. The temperature check feature became a necessity following the advent of the COVID-19 pandemic, and the increased demand for handy temperature checkers.

As against the usual format for checking blood glucose levels, the feature designed into the Apple Watches will not involve pricking fingers for traces of blood. Instead, the Apple technology will analyze the blood without being invasive, according to the Bloomberg report. The new model dubbed the Apple Watch Series 7 also has a faster processor, improved wireless connectivity, and an updated screen. 

The Apple Watch with the temperature capability may not be hitting the market until the next year 2022, while that designed to check blood glucose may take a couple more years before it is available commercially.

Apple stock is currently trading at $127.79 in the pre-market, representing a growth of 0.35% from the previous close.

Beyond Apple Watch, the Company Is Expanding Its Product Suite

One of the major tenets of the top technology companies including Apple is the ability to innovate and match with the competition. Beyond the company’s move in seeking advancement in its smartwatch, it is also working assiduously to explore new areas, notably in the Apple car pursuits.

While the details of the Apple self-driven car production remain sketchy, CEO Tim Cook once confirmed the firm is building its tech in autonomous systems. Per his word;

“We’re focusing on autonomous systems. It’s a core technology that we view as very important. We sort of seeing it as the mother of all AI projects. It’s probably one of the most difficult AI projects actually to work on.”

Many have attributed this comment to the proposed self-driven cars which have been spotted on many occasions being tested by the company on the streets of California. The latest update from the Apple cars involves the potential pursuit of a partnership with either Contemporary Amperex Technology Co. Ltd. (CATL) and BYD Ord Shs A (SHE: 002594) for Lithium Iron phosphate batteries supply, according to an earlier Coinspeaker report.

The deal has neither been confirmed by either Apple or the two companies, however, people close to the matter noted the conditions to set up a plant in the United States set by the former is of disinterest in CATL. The cost considerations and the unrest between Washington and Beijing are the major considerations to pull the deal through.

Apple’s ties with Chinese firms are well engrafted as the assembling of the proposed upgraded main Apple Watch will be done by Luxshare Precision Industry Co Ltd (SHE: 002475). The Apple Watch SE is billed to be assembled by Foxconn Technology Co Ltd (TPE: 2354) alongside Taiwan’s Compal Electronics Inc (TPE: 2324).

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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