Bitcoin had a rocky weekend. Blame it on hash rates and death crosses.
Bitcoin has been around since Friday lost about $ 3,000, or nearly 9%, to about $ 32,500. Bitcoin traded below this level on June 9, but it hasn’t closed below $ 33,000 since January.
China is the number one problem. The “hash rate”, which is essentially the amount of computing power used to mine Bitcoin, falls how China cracks down on miners. China wants electricity for other things. China is responsible for much of the world’s bitcoin hashing.
Less mining means fewer coins, of course, and fewer coins could be a good thing for pricing in the long run. But for now, the specter of government interference outweighs supply / demand considerations.
Bitcoin’s fall on Saturday created a trading pattern that market technicians call “Death crossThis means that Bitcoin’s 50-day moving average has fallen below its 200-day moving average. A death cross can signal that the buying momentum is coming from a stock, market, or cryptocurrency.
With the declines on Monday, Bitcoin is off its 52-week high from April. about 50% down nearly $ 65,000.
What’s next is, frankly, everyone’s guess. Bitcoin is volatile and the lack of fundamentals makes it difficult to predict what’s next.
We’re not even going to try, except to say, buckle up.
*** Visit Barron’s on Tuesday lunchtime when corporate and philanthropic leaders consider initiatives to reduce the wealth gap. Viewers hear from executives from the Ford Foundation, BofA Securities and
Amazon’s Prime Day 2021 is here
Prime Day runs from today through Tuesday with 2 million deals for Amazon Prime buyers in 20 countries, but is being postponed in Canada and India. It’s the first time the event takes place in June. Last year’s Prime Day in October got Christmas shopping going.
The annual action is usually a Non-event for Amazon investors because of the e-commerce giant does not disclose financial details about the event, sales milestones only.
Amazon says its second-quarter revenue forecast of $ 110 billion to $ 116 billion, up 30% from last year, includes forecasts for Prime Day. Last year Amazon called “the two greatest days of all time for third party vendors“Instead of the biggest shopping event in the company’s history as before.
The lack of microchips can be too less discounts on personal electronics such as Sony PS5s, Nintendo Switches, and high-end computers, retail experts said Market observation.
While retailers overall saw a rebound in their sales, Amazon’s $ 26 billion in pandemic profits was more than the amount for the past three years combined. First quarter earnings tripled to $ 8.1 billion.
What’s next: The success of Prime Days has led Amazon’s rivals to offer membership-free promotions such as:
Deals for Days (until Wednesday), Targets Deal Days (until Tuesday) and
Larger offers (until Tuesday).
—Eric J. Savitz and Janet H. Cho
Americans are 65% vaccinated
On Sunday, Virginia became the 16th state, as well as the District of Columbia and Guam meeting President Joe Biden’s goal of vaccinating 70% of adults with at least one vaccination. A total of, 65.4% of American adults Partially vaccinated, according to the Centers for Disease Control and Prevention.
The US administered more than 300 million vaccinations in less than 150 days, Biden said on Friday, days after confirming 600,000 U.S. coronavirus deaths.
According to the CDC, 149.6 million Americans are fully vaccinated. or nearly 56% of adults and 77% of people 65 and over.
Confirmed coronavirus cases averages around 12,000 per day, according to the CDC, 95% less than 252,000 in early January. Hospital stays on average about 2,000 per day and deaths about 286 per day, the lowest since March 27, 2020.
The coronavirus death toll in Brazil was second only to the United States, according to Johns Hopkins University. Brazil has fully vaccinated 11% of its population. India, where only 3.6% of the population is fully vaccinated, has reported more than 386,000 deaths, the third highest number.
What’s next: The Israeli Ministry of Health ordered on Sunday that all visitors to a performance last week after the recent outbreaks of the Delta variant there must be quarantined for 14 days, including people who have been vaccinated or have recovered from Covid-19. Israel lifted all of its coronavirus restrictions on June 1.
–Janet H. Cho
With FTSE Russell Rebalancing, meme stocks come and go
FTSE Russell will rebalance its U.S. stock indices after the market closes this Friday, an annual exercise that will impact benchmarks, which Bloomberg says are linked to $ 10.6 trillion in investor wealth, and a potential boost for stocks that have caught the attention of retailers this year.
The stock required a market cap of over $ 7.3 billion on that day.
GameStop had a market cap of $ 11.2 billion on ranking day, while AMC Entertainment had $ 4.3 billion Paths diverge for the two most famous retail meme stocks.
On June 28th, all Russell 2000 funds will have to sell GameStop as it leaves the small-cap universe while Russell 1000 funds will buy it.
were added while five stocks were removed.
What’s next: Three times as much money is invested in passive funds that track the Russell 1000 indices, which huge companies like. belong
than those who track the Russell 2000 indices. Historically, stocks that moved from the small-cap 2000 to the large-cap 1000 will lag their old index for the next year.
Expansion into transaction banking in the UK
said monday It would launch transaction banking operations in the UK and provide cash management and treasury services to corporate clients to increase its presence and diversify its operations in the country.
The US financial services group launched its online retail bank Marcus in the UK in 2018.
said it last week closed a deal to buy UK online wealth management platform Nutmeg 700 million pounds.
What’s next: Regardless of Brexit, the US investment banking giants seem to think that the UK market still offers serious growth opportunities, if only as a basis for further European expansion.
UK retailer Morrisons rejects $ 7.6 billion takeover bid for US private equity
Shares in UK retail group Morrisons rose more than 30% on Monday after the group said it turned down an offer by U.S. private equity firm Clayton, Dubilier & Rice to raise the company’s equity at £ 5.52 billion would rate.
who was with her suitor forced by British regulations to confirm the offer after media leaks last week, said its board of directors declined a 230 pence-a-share “very conditional no-obligation proposal” on June 17th.
Morrisons is the fourth largest retailer in the UK, with 100,000 employees.
The company’s share price rose nearly 235 pence on Monday, suggesting markets are expecting the U.S. private equity firm to do so improve its offer, or another suitor to start a bidding war.
What’s next: The Morrisons management team does not appear to be fundamentally opposed to a sale. According to the UK takeover rules, Clayton, Dubilier Rice now has until July 17th to submit a firm offer.
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