Bitcoin Plummets From All-Time High; Tech Drags Down Indexes

Published

12 months ago

6 May, 2024

Blocksight Staff

Bitcoin Plummets From All-Time High; Tech Drags Down Indexes

Equity Indexes Wrap: Mag Seven (Minus Nvidia) Weighs on Indexes; Discount Retailers, Energy Gain

March 05, 2024 04:13 PM EST

The Dow

Walmart (WMT) gained 1.2% after competitor Target reported better-than-expected earnings.

Intel (INTC) led the index lower, falling 5.4%. It was followed by tech peers Salesforce (CRM), down 5%, and Microsoft (MSFT), down 3%. Amazon (AMZN) shed 2%.

Apple (AAPL) fell 2.8% after a report suggested iPhone sales in China fell 24% year-over-year in the first six weeks of the year.

The S&P 500

Target (TGT) soared 12% after its quarterly earnings topped Wall Street estimates.

Dialysis provider DaVita (DVA) gained 7.1% after data showed Novo Nordisk’s (NVO) Ozempic was a less effective treatment for kidney disease than analysts had expected.

Regional bank stocks advanced. Citizens Financial Group (CFG) rose 5.2%, Zions Bancorp (ZION) advanced 4.5%, and Comerica (CMA) gained 3.8%.

Nvidia (NVDA) was the only stock in the Magnificent Seven to rise on Tuesday. It rallied the last 30 minutes of the session to close 0.9% higher.

Albemarle (ALB) plummeted 17.9% after it announced a $1.75 billion depositary shares offering as it seeks to weather a prolonged slump in lithium demand and prices.

Meta Platforms (META) slipped 1.5% amid widespread Facebook, Instagram, and Threads outages.

Advanced Micro Devices (AMD) ticked down 0.1% after the Commerce Department said the chip maker would still need a license to sell to China a semiconductor that was specially designed to meet U.S. export controls.

The Nasdaq 100

Energy stocks advanced as investors shunned growth in favor of value. Baker Hughes (BKR) added 2.5% and Diamondback Energy (FANG) rose 0.7%.

Dollar Tree (DLTR) gained 1.8% after Guggenheim raised its price target to $170 from $155 and reiterated its buy rating.

The index’s highest-flying tech stocks were some of its largest losers on Tuesday. MongoDB (MDB), up more than 80% in the past year, fell 7.7% while CrowdStrike Holdings (CRWD), which has seen its share price more than double in the last 12 months, tumbled 5.2%.

Tesla (TSLA) fell 3.9% after a suspected arson forced it to halt production at its Berlin factory.

Starbucks (SBUX) dipped in the market sell-off even though a coalition of unions representing its workers withdrew its board nominees, citing progress in negotiations.

GitLab Stock Plunges After Issuing Disappointing FY Earnings Guidance

March 05, 2024 03:30 PM EST

GitLab (GTLB) shares plunged Tuesday after the software infrastructure company disappointed investors with weak full-year earnings guidance.

The San Francisco-based company, which operates an open-source repository development platform for coders, said it expects full-year fiscal 2025 adjusted earnings of between 19 and 23 cents per share, with the high end of that forecast coming in significantly below Wall Street’s modeling of 35 cents a share.

For the fiscal 2024 fourth quarter, ending Jan. 31, the company disclosed adjusted earnings of 15 cents per share on revenue of $163.8 million, surpassing analysts’ expectations of 8 cents a share on sales of $157.9 million.

Source: TradingView.com.

GitLab shares have carved out a textbook inverse head and shoulders pattern over the past 18 months—a chart formation that often signals a market bottom. However, the price looks set to break down below the pattern’s neckline after the company’s disappointing earnings outlook.

Investors should keep an eye on the $57.50 level, which may find support from a trendline connecting the formation’s head and right shoulder. A close below the right shoulder would invalidate the pattern and could lead to a retest of the stock’s record low at $26.24 set in May last year.

GitLab shares were down 20.5% at $59.21 with about half an hour left in the session.

–Timothy Smith

Albemarle Tumbles on $1.75 Billion Depositary Shares Offering

March 05, 2024 02:43 PM EST

Shares of lithium miner Albemarle (ALB) plummeted Tuesday after the company said it would sell $1.75 billion of depositary shares in a public offering as it seeks to weather a prolonged slump in lithium prices.

Each depositary share will represent a 1/20th interest in a share of preferred stock, and holders of the depositary shares will be entitled to a proportional interest in the rights of preferred stockholders. The terms of the listing also give the offering’s underwriters a 30-day option to purchase up to an additional $262.5 million of depositary shares.

Albemarle said it would use the proceeds for general business purposes, which could include funding the construction and expansion of operations in Australia and China.

Albemarle, one of the world’s largest lithium miners, has struggled with lower lithium prices over the last year amid a slowdown in demand for electric vehicles, which often contain lithium-ion batteries. Prices began plunging in November 2022 as EV demand flagged under the weight of higher interest rates, leading carmakers to scale back their EV ambitions.

On Tuesday, lithium carbonate traded in China at about 108,500 yuan ($15,076) per metric ton, down about 70% from a year ago. And experts see few signs of improvement. Goldman Sachs analysts on Tuesday forecast lithium prices would fall 25% in the next 12 months, suggesting they see lithium slipping as low as $10,000.

SoFi Slumps on Plan To Sell Up To $862.5 Million in Convertible Bonds

March 05, 2024 01:34 PM EST

Shares of SoFi Technologies (SOFI) tumbled 13% Tuesday, after the online financial services provider said it was planning to sell up to $862.5 million in convertible bonds.

Convertible bonds are a fixed-income corporate debt security that pay interest but can also be converted into a predetermined number of common stock or equity shares. SoFi’s share price drop reflects the potential dilution to existing shareholders if the bonds are converted into stock, although SoFi said it will use part of the proceeds to pay for capped call transactions to limit that dilution.

Essentially, it means SoFi will be buying a form of call options on its own stock.

SoFi said it would be offering $750 million in convertible senior notes due in March 2029. In addition, initial investors will have the option to purchase another $112.5 million within a period of 13 days from when the notes are first issued.

SoFi shares were down 14.3% at $7.35 Tuesday afternoon, and are about 26% lower this year.

–Bill McColl

Dialysis Stocks Soar After Ozempic Kidney Disease Data Disappoints

March 05, 2024 12:50 PM EST

Shares of dialysis companies surged Tuesday after Novo Nordisk (NVO) reported results from a trial of Ozempic as a kidney disease treatment that fell short of some analysts’ expectations.

Novo Nordisk said on Tuesday that Ozempic reduced kidney disease progression and the odds of cardiovascular or kidney death by 24%. The trial, called FLOW, compared outcomes for 3,533 people with type 2 diabetes and chronic kidney disease, who were either given 1 mg injections of Ozempic or a placebo. The trial was ended last October, a year ahead of schedule after preliminary data demonstrated the drug’s efficacy.

The results add to a growing body of evidence that GLP-1 agonists, like Novo’s Ozempic and Wegovy and Eli Lilly’s (LLY) Mounjaro, have uses beyond diabetes treatment and weight loss. In August, Novo published data showing Wegovy reduced patients’ risk of major cardiovascular events by 20%.

The results, however, weren’t quite what analysts and investors were expecting. Novo Nordisk shares were down more than 2.7% Tuesday afternoon, while dialysis providers soared. DaVita (DVA) climbed 7% to $134, while Fresenius Medical Care (FMS) rose more than 11% to nearly $21.

Apple Stock Slips as China iPhone Sales Plunge 24% in First Six Weeks of Year

March 05, 2024 12:18 PM EST

Apple’s (AAPL) sales of iPhones in China, its biggest overseas market, fell by 24% over the first six weeks of this year, according to market research firm Counterpoint.

The data follows Apple’s disclosure last month that its Greater China sales during the fiscal first quarter fell 13%.

The iPhone maker’s market share in China fell to 16% in the first weeks of 2024, falling to fourth place from second place in 2023, when it had a 19% share. Chinese retail giants JD.com, TMall, and Pinduoduo are offering steep discounts on Apple’s iPhone 15 just five months after launch to generate demand.

Apple shares were down 2.7% midday Tuesday. They have lost about 11% of their value so far this year.

–Fatima Attarwala

Tesla Stock Slides as Arson Halts Production at Berlin Plant

March 05, 2024 10:46 AM EST

Tesla (TSLA) shares slid in early trading on Tuesday after the electric vehicle maker was forced to halt production at its Berlin factory following an arson attack on a nearby electricity pylon.

The fire, which occurred in a field near Tesla’s Gigafactory Berlin-Brandenburg in Grünheide, cut off power to the plant and the surrounding area. The factory was evacuated and workers were sent home.

The attack comes amid local opposition to Tesla’s efforts to expand the factory, its only assembly plant in Europe. Tesla last July filed applications with local authorities to expand the plant, with plans to add a battery testing center and water treatment facilities. Tesla hopes the plant will eventually produce 1 million cars a year, about double its current output.

But it has run into resistance from locals and environmental activists. Late last month, Grünheide residents voted against Tesla’s planned expansion in a non-binding vote. And last week nearly 100 activists set up camp in a forest near the factory that Tesla intends to fell as part of its expansion.

Residents and activists have also expressed concern about the factory’s water consumption and its potential to contaminate the region’s groundwater.

Tesla shares were down about 4.7% at $179.38 as of 10:45 a.m. ET Tuesday. They have lost nearly 28% of their value so far this year.

Target Stock Surges on Q4 Earnings Beat

March 05, 2024 10:12 AM EST

Target (TGT) shares surged in early trading Tuesday as the company posted stronger-than-expected earnings for the fourth quarter of fiscal 2023.

The retail giant reported net income of $1.38 billion, up 57.8% from the fourth quarter of 2022 and well above Target’s own guidance and analyst estimates compiled by Visible Alpha. Earnings per share (EPS) at $2.98 also surpassed estimates as revenue rose 1.7% from a year ago to $31.9 billion, beating projections.

The company said that the higher profit came in part as a result of lower costs and improved inventory management, and outlined plans to introduce a new membership program as part of its Target Circle rewards program.

Shares of Target were up 12.2% at $168.87 Tuesday morning. They’ve gained close to 18% so far this year.

–Aaron McDade

Stocks Making the Biggest Moves Premarket

March 05, 2024 09:18 AM EST

Gains:

Target Corp. (TGT): Shares of the retailer jumped 8% after it reported fiscal fourth-quarter earnings of $2.98 a share, beating Wall Street’s consensus estimate of $2.41.

Coinbase Global Inc. (COIN): Shares of the cryptocurrency exchange gained 2% as the price of Bitcoin rose above $68,000 to trade just shy of an all-time high.

Newmont Corp. (NEM): Shares of the gold miner ticked up 1% as the price of gold continued to climb after hitting a record high yesterday.

Losses:

Gitlab Inc. (GTLB): Shares of the coding collaboration platform tumbled 22% after it forecast full-year fiscal 2025 earnings of between 19 and 23 cents per share, far less than the 35 cents per share analysts were expecting.

Tesla Inc. (TSLA): Shares of the electric vehicle maker fell about 3% after it stopped production at its plant outside Berlin amid a suspected arson attack that cut off power to the factory.

Apple Inc. (AAPL): Shares of the tech giant slid about 2% amid reports iPhone sales in China were 24% lower in the first six weeks of the year than in 2023.

Stock Futures Slip in Premarket Trading

March 05, 2024 08:41 AM EST

Futures contracts connected to the Dow Jones Industrial Average were down about 0.3% in early trading on Tuesday.

S&P 500 futures were also off about 0.3%.

Nasdaq 100 futures traded 0.5% lower about an hour before markets opened.

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Ether Drops Further After ETF Launch

Published

9 months ago

23 July, 2024

Blocksight Staff

Bitcoin Surpasses $66,000 Thanks to Strong ETF Flows

Key points

Spot ether ETFs began trading in the U.S. today, with the funds initially having more than $10 billion in collective assets under management.
Analysts expect the launch of spot ether ETFs to have a net negative impact on the underlying price of ether in the near term, due to expected outflows from the pre-existing Grayscale Ethereum Trust.
Spot Bitcoin ETFs continue to see strong inflows, with BlackRock’s IBIT alone seeing more than $500 million in inflows on Monday.
Franklin Templeton, a spot ETF issuer on bitcoin and ether, has invested in a project that intends to bring Ethereum technology to Bitcoin.

Nine-point ether exchange-traded funds (ETFs)) started trading on the stock market on Tuesday, but all the optimism ahead of their approval did not translate into gains for the cryptocurrency markets.

Ether (ETH), the native cryptocurrency of the Ethereum blockchain, dropped less than 1% around the $3,400 level as of 1:30 PM ET, while Bitcoin (BTC) fell more than 2% to around $66,000.

Ether ETFs’ Debut Isn’t as Flashy as Bitcoin ETFs’

Spot ether ETFs began trading at just over $10 billion assets under management (AUM)), according to Bloomberg Intelligence analyst James Seyffart, most of that money is in the current Grayscale Ethereum Trust (ETHE) which has now been converted into an ETF.

“In the long term, Grayscale will simultaneously have the highest and lowest fees in the market. The asset manager’s decision to keep its ETHE fee at 2.5% could lead to outflows from the fund,” Kaiko Research said in a note on Monday.

Outflows from ETHE, if they occur, would be similar to those faced by Grayscale’s Bitcoin Trust (GBTC) after spot bitcoin ETFs began trading in January of this year, most likely due to high fees for the two original funds. Grayscale’s existing fund charges 2.5% fees, while a new “mini” ether ETF will charge 0.15% and commissions for other ETFs are set at 0.25% or less.

Such outflows could impact the price of ether and market sentiment.

“There could be a pullback shortly after the launch of Ethereum spot ETFs, i.e. outflows from Grayscale Ether Trust could dampen market sentiment in the short term,” Jupiter Zheng, a partner at Hashkey Capital’s liquid fund, told The Block.

But Grayscale remains optimistic.

“Compared to the splashy debut of spot bitcoin ETPs in January, the launch of ethereum ETPs has been relatively muted,” said Zach Pandl, Grayscale’s head of research, adding that investors may be “undervaluing” ether ETFs that are “coming to the U.S. market in tandem with a shift in U.S. cryptocurrency policy and the adoption of tokenization by major financial institutions.”

Bitcoin ETF Inflows Continue to Rise

As for bitcoin, there is clearly no lack of demand for spot ETFs, such as BlackRock’s iShares Bitcoin Trust (IBITS) recorded its sixth-largest day of inflows in its short history on Monday, at $526.7 million, according to data from Farside Investors. Daily inflows for the overall spot bitcoin ETF market also hit their highest level since June 5.

In particular, asset manager Franklin Templeton, which has issued both bitcoin and ether ETFs, appears to have decided to cover its back when it comes to Ethereum by investing in Bitlayer, a way to implement Ethereum technology on a second-layer Bitcoin network, according to CoinDesk.

Fuente

News

Spot Ether ETFs Start Trading Today: Here’s What You Need to Know

Published

9 months ago

23 July, 2024

Blocksight Staff

Spot Ether ETFs Start Trading Today: Here's What You Need to Know

Key points

Spot ether ETFs will begin trading on U.S. exchanges on Tuesday. Nine ETFs will trade on Cboe BZX, Nasdaq and NYSE Arca.
Ether ETFs offer investors exposure to the price of their underlying assets.
Commissions on these new ETFs generally range from 0.15% to 0.25%.
These ETFs do not provide exposure to Ethereum staking.

The U.S. Securities and Exchange Commission (SEC) has officially approved nine ether spots (ETH)exchange-traded funds (ETFs) for trading on U.S. exchanges. Trading for these new cryptocurrency investment vehicles begins today. Here’s everything you need to know.

What new ether ETFs are starting to trade today?

Spot ether ETFs starting trading today can be found at Quotation, NYSE Arkand Cboe BZX. Here’s a breakdown of each ETF you can find on these three exchanges, along with the fund tickers:

Cboe BZX will list the Invesco Galaxy Ethereum ETF (QETH), the 21Shares Core Ethereum ETF (CETH), the Fidelity Ethereum Fund (FETH), the Franklin Ethereum ETF (EZET) and the VanEck Ethereum ETF (ETHV).

Nasdaq will have the iShares Ethereum Trust ETF (ETHA) created by BlackRock, which also operates the largest spot bitcoin ETF under the ticker IBIT.

NYSE Arca will list the Bitwise Ethereum ETF (ETHW) and the Grayscale Ethereum Trust (ETHE). The Grayscale Ethereum Mini Trust (ETH), which will begin trading on the same exchange.

How does an ether ETF work?

Spot ether ETFs are intended to offer exposure to the price of ether held by the funds. Ether is the underlying cryptocurrency of the Ethereal network, the second largest crypto network by market capitalization.

ETF buyers are buying shares of funds that hold ether on behalf of their shareholders. Different spot ether ETFs use different data sources when it comes to setting the price of ether. Grayscale Ethereum Trust, for example, uses the CoinDesk Ether Price Index.

None of the ETFs launching today include pointed etherwhich represents a potential opportunity cost associated with choosing an ETF over other options such as self-custody or a traditional cryptocurrency exchange.

Ether staking currently has an annual return of 3.32%, according to the Compass Staking Yield Reference Index Ethereum. However, it is possible that the SEC will eventually approve Ether staking held by ETFs.

How can I trade Ether ETFs?

ETFs can simplify the trading process for investors. In the case of cryptocurrencies, instead of taking full custody of the ether and taking care of your own private keysSpot ether ETFs allow investors to purchase the cryptocurrency underlying the Ethereum network through traditional brokerage accounts.

Today, not all brokers may offer their clients spot ETFs on cryptocurrencies.

What are the fees for ether ETFs?

The fees associated with each individual spot ether ETF were previously revealed In the S-1 OR S-3 (depending on the specific ETF) deposit associated with the offerings. These fees are 0.25% or less for all but one.

The Grayscale Ethereum Trust, which converts to an ETF, has a fee of 2.5%. The Grayscale Mini Ethereum Trust has the lowest fee at 0.15%. These fees are charged on an annual basis for the provider’s management of the fund and are in line with what was previously seen with spot bitcoin ETFs.

Brokers may also charge their own fees for cryptocurrency trading.

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News

Kamala Harris Odds Surge Amid $81M Fundraise. What Does It Mean for Bitcoin and Cryptocurrencies?

Published

9 months ago

23 July, 2024

Blocksight Staff

Kamala Harris Odds Surge Amid $81M Fundraise. What Does It Mean for Bitcoin and Cryptocurrencies?

Market odds and memecoins related to US Vice President Kamala Harris have soared as the latest round of donations tied to the Democratic campaign raised $81 million in 24 hours, bolstering sentiment among some traders.

The odds of Harris being declared the Democratic nominee have risen further to 90% on cryptocurrency betting app Polymarket, up from 80% on Monday and setting a new high.

Previously, in early July, bettors were only betting on 8%, but that changed on Saturday when incumbent President Joe Biden announced he would no longer run in the November election. Biden then approved Harris as a candidate.

Polymarket traders placed $28.6 million in bets in favor of Harris, the data showsThe second favorite is Michelle Obama.

Somewhere else, Memecoin KAMA based on Solanaa political meme token modeled after Harris, has jumped 62% to set a new all-time high of 2 cents at a market cap of $27 million. The token is up a whopping 4,000% from its June 18 low of $0.00061, buoyed primarily by the possibility of Harris becoming president.

As such, Harris has yet to publicly comment on cryptocurrencies or her strategy for the growing market. On the other hand, Republican candidate Donald Trump has expressed support for the cryptocurrency market and is expected to appear at the Bitcoin 2024 conference on Saturday.

However, some expect Harris or the Democratic Party to mention the sector in the coming weeks, which could impact price action.

“While he has not yet received the official nomination, there is consensus that last night’s development is in line with current Democratic strategy,” cryptocurrency trading firm Wintermute said in a Monday note emailed to CoinDesk. “Keep an eye on Democrats’ comments on this issue in the coming days.

“The prevailing assumption is that Harris will win the nomination and any deviation from this expectation could cause market volatility,” the firm added.

Fuente

News

Top 30x Cryptocurrency and Coin Presales Today: Artemis Coin at #1, Others Are: BlockDAG, 99Bitcoin, eTukTuk, and WienerAI

Published

9 months ago

23 July, 2024

Blocksight Staff

Top 30x Cryptocurrency and Coin Presales Today: Artemis Coin at #1, Others Are: BlockDAG, 99Bitcoin, eTukTuk, and WienerAI

The cryptocurrency market has seen a lot of growth and imagination lately, with new ventures popping up regularly. A critical pattern in this space is the rise of crypto pre-sales, which give backers the opportunity to get involved with promising projects early on. Artemis is a standout option for crypto investors looking to expand their portfolios amid the many pre-sales currently underway.

Cryptocurrency presales, commonly referred to as initial coin offerings (ICOs), allow blockchain ventures to raise capital by offering their local tokens to early backers before they become available on open exchanges. Investors can take advantage of these presales by purchasing tokens at a lower price. If the project is successful and the token’s value increases, investors stand to receive significant returns.

>>> Explore the best cryptocurrency pre-sales to buy now <<

The Ultimate List of the Top 5 Cryptocurrency Pre-Sales to Invest In

Artemis: The aim of Artemis (ARTMS) will become the cryptocurrency equivalent of eBay or Amazon. The upcoming Phase 4 will see the launch of the Artemis Framework, which will serve as a stage for digital money exchanges where buyers, sellers, specialized organizations and those seeking administration can participate in coherent exchanges.
DAG Block: uses Directed Acyclic Graph technology to increase blockchain scalability.
99bitcoin: operates as a crypto learning platform
WienerAI uses AI-powered trading bots for precise market analysis.
eTukTuk focuses on environmentally sustainable transportation options, such as electric vehicle charging infrastructure.

We have determined that Artemis is the best new cryptocurrency presale for investment after conducting extensive research. It presents itself as the unrivaled cryptocurrency presale choice currently open.

>> Visit the best cryptocurrency pre-sale to invest in now <<

Top 5 Crypto Pre-Sales and Best Cryptocurrencies for Investment Today

Artemis (ARTMS) is attempting to establish itself as the cryptocurrency version of eBay or Amazon. The Artemis Crypto System, which will act as a platform for cryptocurrency transactions, will be launched in Phase 4. Buyers, sellers, service providers, and requesters will all benefit from seamless trading with this system. Customers will be able to purchase things, such as mobile phones using digital money, as well as sell products such as involved bicycles and get paid in cryptocurrency. Additionally, crypto money can be used to pay for administrations such as clinical consultations, legitimate care, and freelance work. Artemis Coin will act as the main currency of the ecosystem, with Bitcoin and other well-known cryptocurrencies from various blockchain networks backing it.

Artemis Coin has increased in price from 0.00055 to 0.00101 from 0.00094. Artemis may be attractive to individuals looking to recoup losses in Bitcoin, as predicted by cryptocurrency analysts. At this point, it seems to present an interesting presale opportunity.

>>> Visit the best cryptocurrency pre-sale to invest in now <<

The world of digital currency pre-sales is an exciting and exciting opportunity that could open the door to game-changing blockchain projects. Projects in this article, like Artemis Coin, offer the opportunity to shape the future of various industries and the potential for significant returns as the industry develops.

However, it is imperative to approach these investments with caution, thorough research, portfolio diversification, and awareness of the risks. You can explore the digital currency pre-sale scene with greater certainty and increase your chances of identifying and profiting from the most promising venture opportunities by following the advice and methods in this article.

>>> Join the best cryptocurrency pre-sale to invest in now <<

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