Bitcoin

Trump picks VP, Dow closes at record high, bitcoin is ‘digital gold’

Published

6 months ago

16 July, 2024

SatoshiTimes Staff

Traders work on the floor of the New York Stock Exchange (NYSE) on April 5, 2024 in New York City.

Spencer Platt | Getty Images News | Getty Images

This report is from today’s CNBC Daily Open, our newsletter covering international markets. The CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

Record high
O Dow Jones Industrial Average closed at an all-time high after former President Donald Trump survived an assassination attempt. S&P 500 Index reached an intraday high and Nasdaq Composite rose 0.4%. The prospect of Trump’s reelection is seen as positive for small caps, Russell 2000 gained 1.8%, reaching its highest level since 2022 and recording a fourth consecutive positive day. The yield on the 10-year bond Treasury went up like investors analyzed comments by Federal Reserve Chairman Jerome Powell. US Oil Prices refused.

Trump’s pick for vice president
Donald Trump has chose Senator J.D. Vance of Ohio as his vice presidential running mate for the 2024 election. Trump announced his decision on Truth Social, praising Vance as the most suitable candidate after considering several others. Biden’s campaign quickly criticized the choice, accusing Vance of enabling Trump’s “extreme MAGA agenda” and claiming that both would prioritize tax cuts for the wealthy while raising taxes on the middle class. They also suggested that billionaires and corporations favor Vance, anticipating policies that would benefit them at the expense of the average American. You can track live updates here as Trump officially becomes the Republican presidential nominee.

The Fed may not wait
Powell said that central bank will not wait until inflation hits its 2% target to cut interest rates. Because of the delayed effects of monetary policy, “if you wait until inflation falls to 2%, you’ve probably waited too long, because the tightening that you’re doing, or the level of tightening that you have, is still having effects that are likely to drive inflation below 2%,” Powell said.

Bitcoin ‘digital gold’
BlackRock CEO Larry Fink, initially a bitcoin skeptic, now sees cryptocurrency as “digital gold” and a potential safe haven for investors worried about political instability and rising government debt. Fink believes bitcoin can offer uncorrelated returns and act as a hedge against currency devaluation caused by excessive deficits. “I think it’s an instrument that you invest in when you’re most scared. It’s an instrument for when you think countries are devaluing their currencies because of excessive deficits, and some countries are,” Fink told CNBC’s “Scream in the street.”

Goldman beats estimates
Goldman Sachs exceeded profit and revenue expectations for the second quarter, driven by stronger-than-expected fixed-income results and lower loan-loss provisions. But Goldman’s well-known investment banking business disappointed compared with rivals; investment-banking fees rose 21% compared with a jump of more than 50% for both JP Morgan It is Citigroup. Goldman CFO Denis Coleman said the bank was still No. 1 in terms of market share for mergers and the comparison was in line with its best relative performance a year ago. Expectations were high for Goldman Sachs, with Wall Street deals in the midst of a recovery after a dismal 2023. Gold man‘s shares rose 2%

[PRO] Retail Puppy Love
TeslaThe recent rally was driven by ‘retail puppy love‘ could soon end, Wells Fargo warns. Analyst Colin Langan reiterated an underweight rating, contrasting with the bullish sentiment on Wall Street. Initially bearish this year, Tesla shares have lagged peers but have surged 78% since April after accelerated product launch announcements.

Not only did Trump Media to see shares rise 30% after the assassination attempt on former President Donald Trump, cryptocurrency also gained a boost. This increase appears as a platform for political betting Predict suggests that Trump is likely to win the November election by a wide margin following the attempt on his life. The cryptocurrency connection? Trump recently raised $12 million at a fundraising event hosted by tech venture capitalists David Sacks and Chamath Palihapitiya, where he criticized Democrats’ attempts to regulate the cryptocurrency industry.

At this point, financial markets are broadly supportive of Trump’s deal.

“The market, I mean, will prefer Trump. He’s more pro-free market, anti-regulation, pro-growth,” said Wharton School finance professor Jeremy Siegel. CNBC’s “Squawk Box” on Monday.

But this growth comes at a price.

“About growth, if we have a red scan“I think it’s more likely that we’ll get more tax cuts — more than the 2017 tax cuts extended past their current expiration at the end of 2025. So that would certainly be a relative boon to growth, albeit with larger deficits,” Michael Feroli, chief U.S. economist at JPMorgan, told CNBC.

“The deficit is not on a good trajectory even with current policy, and if we extend all the tax cuts, which is likely to happen in any scenario but perhaps a little longer in a red wave, we are looking at a pretty distressing situation for issuance.”

Goldman Sachs suggests a Trump’s second term could sustain recent small-cap rally. O Russell 2000 gained 6% last week and 1.8% on Monday.

“The big wild card, on trade and immigration policy, there are a lot of unknowns, and if you go back to 2019, the first trade war, it had a chilling effect on business sentiment and maybe some of that can be offset by deregulation,” Feroli said. “We’re really heading into an environment of widespread uncertainty if you look at policy next year.”

Christopher Harvey, head of equity strategy at Wells Fargo Securities, told CNBC: “As the polls go up for Trump, you get a little bit more certainty, yes, we can argue about whether we’re going to have tariffs or not, but the likelihood of Trump has been good for the market. So that certainty is a little bit of a positive and that’s why you’ve seen the market go up.”

“Regulation is decreasing, who is that good for? That’s good for the banks, that’s good for capital markets, M&A, IPOs and that’s where I think you can make money in this market.”

— CNBC’s MacKenzie Sigalos, Alex Harring, Yun Li, Hugh Son, Sarah Min, April Roach and Jesse Pound contributed to this report.

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Bitcoin

What to watch for in the markets

Published

6 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

6 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

6 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

6 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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Cryptocurrency Charts by TradingView.

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