Bitcoin

Powell’s speech, Bitcoin, retail sales

Published

9 months ago

16 July, 2024

Investing.com — Comments from Fed Chief Jerome Powell cemented expectations that the Federal Reserve will start cutting interest rates in September. Investors will look to retail sales data for confirmation of a slowing economy, while there are more bank earnings to digest later in the session. Meanwhile, bitcoin gained as traders see a Trump presidential victory as more likely following the assassination attempt.

1. Consolidate a rate cut in September

Confidence is growing that the government will agree to an interest rate cut in September, following the president’s reasonably moderate comments on Monday.

In what could be his last public comments before the Fed goes into a blackout ahead of its July 30-31 policy meeting, Powell remained cautious but suggested that recent inflation data is trending in the right direction for the inflation rate to return to the Fed’s 2% target.

“In the second quarter, we actually made some more progress” in taming inflation, Powell said at an event at the Economic Club of Washington. “We had three better readings, and if you average them, that’s a pretty good place.”

Powell also said he does not see the U.S. economy facing major economic turmoil or a full-blown recession.

The comments were enough for markets to shift rate expectations again, with traders anticipating 68 basis points of easing this year. A September rate cut is now fully priced in, the CME FedWatch tool showed.

2. Futures fall ahead of retail sales data

U.S. stock futures retreated from record highs on Tuesday as investors looked for more clues about the health of the U.S. economy in the form of retail sales and bank profits.

At 4:10 a.m. ET (8:10 a.m. GMT), the contract was 40 points, or 0.1%, lower, down 9 points, or 0.2%, and down 22 points, or 0.2%.

Major indexes closed higher on Monday, with the blue chip closing at a new record high, as investors were buoyed by the perceived increased likelihood of a Republican president, which could pave the way for investor-friendly tax and fiscal policies.

There is more profit-taking to be done on Tuesday, particularly from the banking sector, but much focus will also be on the release of US data for June.

The expectation is for a 0.3% drop on a monthly basis, as consumers are facing high interest rates and high prices.

3. Trump selects Vance as running mate

Donald Trump returned to the spotlight on Monday, receiving a warm welcome on the first day of the Republican National Convention in Milwaukee, just days after surviving an assassination attempt in Pennsylvania on Saturday.

Trump has officially been nominated as the party’s 2024 presidential candidate and has announced US Senator JD Vance as his running mate.

The four-day convention will culminate with Trump’s prime-time address on Thursday, when he will formally accept the party’s nomination to face President Joe Biden in a rematch of their 2020 race.

The attack reinforced expectations of a Trump victory in the November election, especially after Biden’s poor performance in the first debate between the two last month.

President Biden gave an interview to NBC on Monday, dismissing concerns about his mental health and indicating he had no intention of dropping his reelection bid.

The race between Trump and Biden remains tight, according to public opinion polls, although Trump leads in several swing states that are likely to decide the election.

4. More bank earnings

The banking sector will remain in focus on Tuesday, with companies including Bank of America (NYSE:), Morgan Stanley (NYSE:) and Charles Schwab (NYSE:) scheduled to report their quarterly earnings before the open.

Goldman Sachs (NYSE:) said Monday that its profit more than doubled in the second quarter due to strong debt underwriting and fixed-income trading, but fell from a stellar first quarter when profits were the highest since 2021.

The resilience of the U.S. economy has given corporate executives the confidence to pursue acquisitions, debt sales and equity offerings.

“We expect equity investors to focus on the second-quarter earnings season through the rest of this month through early August,” analysts at Yardeni Research said in a note.

“If earnings come in better than expected (as we project), then the bull market should broaden as investors continue to discount cuts in the federal funds rate later this year, as they did on Thursday and Friday. The breadth of positive three-month forward earnings growth rates across companies continues to widen.”

5. Bitcoin in demand

price surged on Tuesday, adding to gains from the previous session, boosted by the prospect of friendlier cryptocurrency regulations in the US if Donald Trump is to win a second term in the 2024 presidential race.

As of 04:10 ET (08:10 GMT), Bitcoin was up 0.3% at $63,115, gaining nearly 9% this week and nearly 50% year-to-date.

Speculation over Trump helped the token rally, overcoming concerns over selling pressure from distributions from now-defunct cryptocurrency exchange Mt Gox, which saw Bitcoin fall to $54,000 in early July.

Bitcoin’s rally came after a failed assassination attempt on Trump over the weekend, which was seen as a major boost to the former president’s popularity.

Trump has maintained a largely supportive stance towards the cryptocurrency industry, recently stating that the future of Bitcoin should be built in the US and not abroad.

This contrasts with a series of crackdowns on the industry by the SEC and the Department of Justice in recent years.

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Bitcoin

What to watch for in the markets

Published

9 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

9 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.

Fuente

Bitcoin

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

Published

9 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

9 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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