Bitcoin

Burberry, Bitcoin, Trump Media and Robert Walters

Published

11 months ago

15 July, 2024

Burberry, Bitcoin, Trump Media and Robert Walters

Shares in the luxury brand plunged 11% after it announced the replacement of its chief executive and suspended its dividend after warning that annual profits would fall short of expectations.

The company, best known for its trench coats, said Joshua Schulman, former head of US brand Michael Kors, would take over as chief executive.

Schulman replaces Jonathan Akeroyd, who is leaving Burberry “with immediate effect by mutual agreement with the board,” the company said.

The announcement came as Burberry issued a trading update for the three months to the end of June, warning that the market was “proving more challenging than expected”.

The fashion brand said it was suspending its dividend as it was on track to post an operating loss in the first half of its fiscal year.

The luxury retailer revealed a 21% drop in like-for-like store sales in its first-quarter trading update, leaving revenues down 22% to £458 million ($594.9 million).

Richard Hunter, head of markets at Interactive Investor, said: “If current trading levels persist, the group could make an operating loss in the first half of the year, adding to what has been a significantly difficult time for the company.

“The group’s appeal has been dampened by weakening consumer demand, particularly in countries such as China, with sales in the Asia-Pacific region down 23% in the first quarter. Even before the share price fell by as much as 12% at the opening as investors tried to digest the news, the shares had fallen 58% in the last year and today’s announcement will have a seismic impact on the group’s short-term fortunes.”

Bitcoin’s price has soared in a move that some analysts have linked to the assassination attempt on Donald Trump on Saturday.

The Republican is seen as the most pro-crypto candidate, having hosted industry executives at his Florida resort Mar-a-Lago. His campaign has also accepted cryptocurrency payments, a first for a major US political party.

The story continues

“I will ensure that the future of bitcoin is made in the United States and not taken overseas,” Trump said during an event in Washington DC last month. “I will support the right to self-custody.”

The former president has committed to speaking at the Bitcoin 2024 conference in Nashville, Tennessee on July 27.

Trump, who was injured in a shooting at a Pennsylvania rally on Saturday, saw his chances of winning November’s presidential election rise by about 10 points to 70% on the Polymarket platform, which allows users to bet cryptocurrencies on the outcome of almost anything.

Read more: Live Cryptocurrency Prices

Rania Gule, market analyst at XS.com, said: “I believe US political news is driving gains in cryptocurrencies as it is a ‘speculation-driven’ area.

“If re-elected, Trump may pursue less stringent regulatory policies toward cryptocurrencies, potentially improving regulatory conditions and encouraging more investment.

“Its policies regarding international relations and foreign trade also have a significant impact on the market, as tensions or stability in international relations can lead to fluctuations in cryptocurrency markets.”

Shares of Trump Media soared nearly 70% in premarket trading as investors increased bets on Donald Trump winning the US presidential race following the attempt on his life over the weekend.

Markets appear to be speculating that the assassination attempt makes it more likely that Trump will win the November presidential election, and that this would benefit TMTG, despite its financial difficulties so far.

Charu Chanana, market strategist at Saxo Capital Markets, said: “With markets pricing in a greater possibility of Trump 2.0, the US dollar is likely to see some tailwinds, while the Mexican peso and Chinese yuan could suffer. Trump negotiations could come back into focus.”

Read more: Stocks that are trending today

Markets expect a Trump presidency to mean looser fiscal policy and higher tariffs on foreign goods.

Mark McCormick, global head of FX and emerging markets strategy at Toronto Dominion Bank, said: “For us, the news reinforces that Trump is the favorite,” he said. “We remain bullish on the U.S. dollar for the second half and early 2025.”

The Trump Media & Technology Group describes its mission as ending Big Tech’s assault on free speech, opening up the internet and giving people back their voices.

Robert Walters (RWA.L)

Recruiter Robert Walters has warned he does not expect the jobs market to recover until next year after a slowdown in hiring across the world.

The recruitment consultancy said it cut its headcount by 5% during the second quarter, with headcount falling to 3,625, a 15% drop from the same period last year.

Net fee income fell 12% to £84.8m at constant currency during the three months to the end of June, while gross profit fell 14% to £166.1m.

Global recruiters have struggled to find momentum as clients delay hiring and candidates are reluctant to change jobs in the current uncertain economic climate, with elections in some countries weighing further on the market.

“Our near-term planning now assumes that any material improvement in confidence levels will be gradual and unlikely to occur before 2025,” said CEO Toby Fowlston.

“While current market conditions suggest a wider range of potential full-year outcomes than has been seen historically, I have great confidence in our experienced leadership team, which has successfully navigated many challenging market cycles,” he added.

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Bitcoin Jumps as Markets See Increased Chances of Trump Victory

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Bitcoin surges as traders bet on Donald Trump election victory after shooting

SatoshiTimes Staff

We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

What to watch for in the markets

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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