Dalelorenzo's GDI Blog
14Jun/210

US stocks trade higher as reopening optimism returns following week of losses

Stock Market

US capitals transactions higher as reopening hope returns following week of loss. Bitcoin recovered moderately from a immoral weekend selloff, but is still roughly 50% lower from April's all-time high. Golden premiums climbed, buoyed by the rout in cryptocurrencies. See more narratives on Insider's business sheet.

US broths sell higher on Monday as reopening optimism returned following the second straight week of losses.

"A brace of financial data the coming week on a wide variety of economic indicators wander from manufacturing, dwelling premiums, personal income, and consumer confidence will provide plenty of information on the health of the American economy for investors to contemplate, " John Stoltzfus from Oppenheimer Holdings said in a indicate on Monday.

Adding to the optimism, daily coronavirus illness in the US have fallen to their lowest in roughly 11 months, discovering continued progress in battling the pandemic.

The benchmark 10 -year Treasury note slipped by -0. 017% to 1.615% Monday comparison with Friday's 1.629%.

On Friday, US furnishes closed mixed. The tech-heavy Nasdaq, despite finishing lower, managed to end a four-week losing streak, gaining exactly more than 0.1% for the five-day period.

Optimism towards an improving US economy increased following the Thursday release of the Conference Board's Leading Economic Index. The April LEI data showed a 17% year-over-year improvement , as well as a 1.6% month-over-month improvement.

Here's where US indicators stood at the 9:30 a.m. ET market open on Monday 😛 TAGENDS& P 500: 4,179.28, up 0.56% Dow Jones industrial median: 34,351.92, up 0.42%( 144.08 moments) Nasdaq composite: 13,557.50, up 0.71%

Bitcoin regained its loss, rising by 13.31% to $$ 38,417 as of Monday morning - but is still roughly 50% lower from April's all-time high.

HSBC chief Noel Quinn on Monday said that his bank has no schemes of kick-starting a cryptocurrency desk nor offering these to purchasers, Reuters first reported. The CEO of Europe's largest bank quoth the volatility of cryptocurrencies as the reason, as well as a lack of transparency around digital assets.

"Given the volatility, we are not into bitcoin as an resource class, if our buyers want to be there then of course they are, but we are not promoting it as an resource class within our prosperity administration business, " Quinn said.

Meanwhile, Galaxy Digital CEO Mike Novogratz told Goldman Sachs in a recent interview that dogecoin is a temporary fad that's likely to lose momentum because institutions aren't investing in it.

Novogratz is bullish on cryptocurrencies in general but is less provoked about dogecoin, unlike billionaire Mark Cuban.

Oil prices descended. West Texas Intermediate crude rose as much as 1.29%, to $64.40 per cask. Brent crude, oil's international mark, clambered 1.32%, to $67.32 per barrel.

Gold rose 0.4%, to $1,881.83 per ounce, buoyed by an immense selloff in cryptocurrencies. The precious metal, according to Sophie Griffiths, an consultant at Oanda, is on track to book increases of over 6% across May in its best monthly concert since December.

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14Jun/210

Bitcoin rebounds 15% to top $38,000 after vicious weekend rout

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Bitcoin rallied as much as 15% to trade above $38,000 on Monday. The comeback "re coming in" the ends of an 18% bitcoin sell-off on Sunday as global cryptocurrencies faced risk-off sentiment. At weekend lows, the crypto grocery "ve lost" virtually$ 1 trillion in grocery detonator since May 12. Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Bitcoin rebounded as much as 15% on Monday to trade around $38,683 per silver after a fiendish sell-off over the weekend. The cryptocurrency slipped 18% to $33,674 at intraday lows on Sunday.

The crypto space has faced a tough few weeks of risk-off sentiment make the total industry market cap to fall over the weekend to $1.57 trillion from record highs of $2.56 trillion on May 12, according to data from CoinMarketCap.com.

Mark Cuban called the sell-off the "Great Unwind" in a tweet on Sunday, reasoning crypto traders were was necessary to unwind their leveraged commerces amid descending tolls in the space.

"Traders borrow to buy Eth, exercised eth to borrow alt/ stable copper, employed that to LP a high APY Pair, took the SLPs and staked them to maxout crop. The time Eth descends to their Tragic Number, they had to Unwind. Unstake, Remove Liqudity, Repay, " Cuban wrote.

Some bitcoin professionals feel the recent downturn may be over, however. Pankaj Balani, the CEO of Delta Exchange, a crypto derivatives exchange, told Insider that he guesses "most of the leverage is out of the system now and bitcoin should start to form a cornerstone here."

On the other hand, Paul Krugman, a noted economist and Nobel Laureate, published an op-ed designation "Technobabble, Libertarian Derp and Bitcoin" last week where he equated the crypto furor to "a natural Ponzi scheme."

Krugman was roundly taunted by the crypto parish for his comments, with bitcoiners noted the economist had previously said the fax machine was going to have as much impact on the economy as the internet.

"By 2005 or so, it will become clear that the Internet's impact on their own economies has been no greater than fax machines machine's, " Krugman wrote in a 1998 Red Herring article.

In other bearish word, JP Morgan psychoanalysts said during a note to patients on Monday that it was "too early to call the end of the recent bitcoin downtrend."

The JPMorgan team said there is "a significant risk of further de-risking given continued crumble in our lookback date impetu signal and given the absence of buying in either the bitcoin fund space or the adjusted bitcoin futures space."

Despite the coming expenditure of crypto resources, over the weekend bitcoiners celebrated Bitcoin Pizza Day.

The holiday pays homage to Laszlo Hanyecz, who paid for two pizzas consuming 10,000 bitcoins in the first-ever transaction using the money 11 years ago.

At the time the 10,000 bitcoins were worth approximately $41 , now they are worth more than $ 3.8 billion.

Read more: 'Wolf of All Street' crypto trader Scott Melker breaks down his programme for making money employing' HODLing' and 100 X trade opportunities - and shares 5 under-the-radar clues he recalls could explode

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26Mar/210

Crypto social network BitClout arrives with a bevy of high profile investors, and skeptics

While much of the recent wave of relentless hype around NFTs — or non-fungible tokens — has been most visibly manifested in high-dollar art auctions or digital trading cards sales, there’s also been a relentless string of chatter among bullish investors who see a future that ties the tokens to the future of social media and creator monetization.

Much of the most spirited conversations have centered on a pre-launch project called BitClout, a social crypto-exchange where users can buy and sell tokens based on people’s reputations. The app, which launches out of private beta tomorrow morning, has already courted plenty of controversy inside the crypto community, but it’s also amassed quite a war chest as investors pump tens of millions into its proprietary currency.

Early backers of the platform’s BitClout currency include a who’s who of Silicon Valley investors including Sequoia Capital and Andreessen Horowitz, the startup’s founder tells TechCrunch. Other investors include Chamath Palihapitiya’s Social Capital, Coinbase Ventures, Winklevoss Capital and Reddit co-founder Alexis Ohanian. A report in Decrypt notes that a single wallet connected to BitClout has received more than $165 million worth of Bitcoin deposits suggesting that huge sums have already poured into the network ahead of its public launch.

BitClout falls into an exploding category of crypto companies that are focusing on tokenized versions of social currency. Others working on building out these individual tokens include Roll and Rally, which aim to allow creators to directly monetize their internet presence and allow their fans to bet on them. Users who believe in a budding artist can invest in their social currency and could earn returns as the creator became more famous and their coins accrued more value.

Why Terry Crews is launching a social currency

“If you look at people’s existing relationships with social media companies, it’s this very adversarial thing where all the content they produce is not really theirs but it belongs to the corporation that doesn’t share the monetization with them,” BitClout’s founder, who refers to themselves pseudonymously as “diamondhands,” tells TechCrunch. (There’s been some speculation on their identity as a former founder in the cryptocurrency space, but in a call with TechCrunch, they would not confirm their identity.)

The BitClout platform revolves around the BitClout currency. At the moment users can deposit Bitcoin into the platform which is instantly converted to BitClout tokens and can then be spent on individual creators inside the network. When a creator gets more popular as more users buy their coin, it gets more expensive to buy denominations of their coin. Creators can also opt in to receive a certain percentage of transactions deposited into their own BitClout wallets so that they continue to benefit from their own success.

The company’s biggest point of controversy hinges on what has been opt-in and what has been opt-out for the early group of accounts on the platform. Most other social currency offerings are strictly opt-in. Users come to the platform in search of a way to create tokens that allow them to monetize a fanbase and build a social fabric across multiple platforms. The thought being that if the platforms own the audience then you are at their mercy.

BitClout has taken an aggressive growth strategy here, turning that model on its head. The startup has pre-populated the BitClout network with 15,000 accounts after scraping information from popular public Twitter profiles. This means that BitClout users can buy shares of Kim Kardashian’s social coin or Elon Musk’s without those individuals ever having signed up for a profile or agreeing to it. This hasn’t been well-received by all of those who unwittingly had accounts set up on their behalf including many crypto-savvy users who got scooped up in the initial wave of seeding.

The startup’s founder says that this effort was largely an effort to prevent handle squatting and user impersonation but he believes that as the platform opens, a sizable pre-purchase of creator coins reserved for the owners of these accounts will entice those users to verify their handles to claim the funds.

Perhaps BitClout’s most eyebrow raising quirk is that the platform is launching with a way to invest into the platform and convert bitcoin into BitClout, but at launch there’s no way to cash out funds. The project’s founder says that it’s only a matter of time before this is resolved, and points to Coinbase and the Winkelvoss twin’s status as coin holders as a sign of future exchange support to come, but the company has no specifics to share at launch.

While the founders and investors behind the project see a bright future for social currencies on the blockchain, many in the decentralized community have been less impressed with BitClout’s early efforts to achieve viral adoption among creators in a permission-less manner.

“BitClout will make a great case study on how badly crypto projects can mess up incentive engineering when they try to monetize social networks.” Jay Graber, a decentralized platform researcher involved in Twitter’s bluesky effort, said in a tweet. “Trust and reputation are key, and if you create a sketchy platform and mess with people’s reputations without their consent it is not going to go well.”

If BitClout comes out of the gate and manages to convert enough of its pre-seeded early adopter list that there is value in joining its closed ecosystem version of a social token then it may have strong early momentum in an explosive new space that many creators are finding valuable. The concepts explored by others in the social currency space are sound, but this particular execution of it is a high-risk one. The network launches tomorrow morning so we’ll see soon enough.

If the question is #bitclout the answer is yes.

— Jordan Belfort (@wolfofwallst) March 20, 2021


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18Mar/210

Bitcoin drops from record-high of nearly $50,000 after a week of increased attention on Wall Street

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Bitcoin fell from its record high of virtually $50,000 on Monday after a week-long flurry of increased attention.The token traded around 1.6% lower at $47,845 after affecting its latest all-time high-pitched of $49,716 on Sunday.Rising rates and market reign will lead to increased regulatory investigation, one crypto expert said.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Bitcoin slithered on Monday from its latest all-time high-pitched as investors made profit from its record-breaking rally last week.

The digital asset plunged 1.6% to $47,845, after posting a record of $49,716 on Sunday. Meanwhile, ethereum declined 0.6% to $1,789.

Bitcoin lured more attention on Wall Street last week as a tumult of revises propagandized the clue to the near- $50,000 recognize.

Tesla announced a $1.5 billion bitcoin asset, Mastercard is preparing to open its network to crypto, Bank of New York Mellon plans to start transacting bitcoin for its clients, and an investing arm of Morgan Stanley said it's considering a stake in bitcoin.

"Bitcoin is increasingly going mainstream and the vote of confidence by major companies could have positive effects on the cryptocurrency that will last far beyond the knee-jerk reactions seen in the past week, " said Milan Cutkovic, grocery reporter at AxiCorp.

Read more: Deutsche Bank says 'the time is now' to get optimistic on the aerospace sector and handpicks 7 assets to buy - including one with an upside of over 40%

Combining growing institutional demand with ultra-low interest rates, bitcoin could touch further highs during the first quarter of 2021.

One analyst thinks it could shoot higher than $ 50,000 this week. But that may require another financial institution to announce it will furnish crypto custodial services for their affluent private purchasers, said Jeffrey Halley, a elderly sell psychoanalyst at OANDA.

"I prefer to concentrate on fundamentals although with cryptos, " Halley said, adding that he can't buy a chocolate exercising cryptocurrency with an animal's face on it. "Therefore, I shall wait for Elon Musk's Twitter account to tell me what to do, because nothing is more fundamental than that, and it is always right."

But with increasing reign and appreciate, comes increasing regulatory scrutiny.

"Bitcoin and other cryptocurrencies will come under the spotlight from watchdogs like never before and this can be expected to create volatility in the market, " said Nigel Green, CEO and founder of investing firm deVere Group.

Read more: Tom Finke recounts how he went from running a $345 billion money administrator to joining in the SPAC boom as a sponsor - and shares 3 characteristics investors should look for in an ideal blank-check company

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