US stocks may be set for a low start to a big week of gains, but Bitcoin and other cryptocurrencies have been far from quiet.
Bitcoin BTCUSD Prices,
it fell over the weekend, reaching $ 51,907 at one point – down about 20% from a recent high of $ 64,829 in February. The reference crypto recovered part of the land on Sunday evening and was trading at 56 341 USD at the beginning of the month.
Some see the withdrawal as a break, including the former Goldman Sachs GS,
hedge fund manager Raoul Pal. The crypto bull said in a tweet that he always feels “relieved” after large long leverage liquidations on the crypto, adding that it “cleans the market”.
In ours call of the day, Miller Tabak & Co. market strategist Matt Maley said investors could not draw any conclusions from the weekend’s action, but that this week’s normal trading schedule was crucial.
“I said that it is important for the short-term case that Bitcoin had in the middle of 60 USD[000]it’s until the end of the week. That didn’t happen and now it’s trading below, so that’s not good either, “he said.
However, Maley noted that the weekend’s trading was “very thin” and, historically, was not an excellent indicator of how Bitcoin will trade next week. He added that the catalyst for much of the decline appears to be “a very vague discussion” about a US crackdown on bitcoin.
He acknowledged that the long-term fundamental argument around bitcoin offers investors “almost no perspective” on how the asset will trade in the short term at some point.
Therefore, two key technical levels should be closely monitored by investors, he said, including Thursday’s closing high of $ 63,400. “Any significant approach above this level should be very optimistic,” Maley said. The other is the lowest value of the cryptocurrency at the end of March, of 52,000 dollars. Any significant closing below this level would “raise a big warning sign about the short-term potential” for bitcoin.
markets
US YM00 futures,
ES00,
NQ00,
fell earlier Monday after DJIA Dow Jones Industrial Average,
and S&P 500 SPX,
indices closed at record highs on friday. 10-year US Treasury yield BX: TMUBMUSD10Y
decreased to 1.56%. European equities rose, while Asian equities rose optimistically about the global recovery.
Buzz
Dr. Anthony Fauci, the main American infectious disease expert, said on Sunday that he would be “very surprised” if the COVID-19 vaccine from Johnson & Johnson’s JNJ,
it was not resumed in some form until Friday.
The first quarter earnings season will pick up pace this week with beverage company Coca-Cola KO,
technology giant IBM IBM,
and United Airlines UAL,
all Monday reports and Johnson & Johnson, the Netflix NFLX streaming platform,
and consumer goods company Procter & Gamble PG,
is due to report on Tuesday.
The audio-based social network Clubhouse has closed a round of funding that estimates the company at about $ 4 billion.
Quarantine-free travel bubbles opened up between Australia and New Zealand on Monday to help thousands of families kept apart during the COVID-19 pandemic.
A separatist group of 12 English, Spanish and Italian clubs split European football on Sunday, announcing the formation of a largely closed Super League. The move is partly led by US Arsenal owners Liverpool and Manchester United. Shares at the Italian club Juventus JUVE,
increased 12% in early trading, while Manchester United shares were 4% higher in premarket trading.
Random readings
“Louie Louie” guitarist Mike Mitchell dies at the age of 77.
Gnome boundaries: UK garden centers run out of gnomes after the Suez Canal blockade.
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