It wasn't a great weekend in the criptospace.
Over the weekend, the price of BTCUSD fell to the low $42,000 level — a nearly 30% drop — and its recovery to the $48,000 level was still a roughly 8% drop from Friday. Some people were looking at $42,000, which is a lot better than zero after hackers stole $150 million from BitMart. Last week, someone stole token worth $120 million from BadgerDAO, a decentralized finance platform.
The adage is to buy when there is blood in the streets, and El Salvadoran President Nayib Bukele said he got the phone, yes, the phone, to buy 150 bitcoins for his country, at an average price of $48,670.
Nicholas Colas, co-founder of DataTrek Research, said it was not accidental that the big decline came during the weekend, which he said was likely the result of forced selling. There is no common global regulatory framework for financial leverage associated with virtual currency trading. We have heard of 50: 1 and 100: 1 leverage for trading these assets. He said that it's no wonder you can get a random sale at inopportune times when prices start to move around unexpectedly.
A Federal Reserve rate-hike cycle is going to be a challenging time as a result of the last week's events. Morgan Stanley strategist Michelle Weaver said it is one of four major investment debates that the broker s analysts have identified for the next year.
After the global financial crisis, the digital currency was a response to the Fed's quantitative easing policies and poor sentiment around traditional banking. Some retail customers are choosing to use cryptocurrencies because they want to transact in a decentralized system without banks. She asked if capital is no longer cheap, can preferences for cryptocurrencies based transactions be changed if they are higher cost, higher risk, and less convenient than existing payment systems?
The early reports from South Africa, which reported the existence of the omicron variant of coronaviruses, are encouraging, with relatively low levels of high-level care needed for those who were infected, according to the South Africa Medical Research Council. According to analysts at Goldman, the medical evidence is consistent with a scenario where the virus spreads quickly but immunity against hospitalizations declines only slightly, in which case they see a 2.5 point decline in global growth for the first quarter.
The People's Bank of China said it would reduce reserve requirements by a half-point. Evergrande 3333, a Chinese property developer, warned that it might run out of money as it tries to service $310 billion in debt. Craig Botham, chief China economist at Pantheon Macroeconomics, said the move was nothing but routine except in the sense that central banks must react to a sudden surge in financial risks.
The Chinese internet-services giant Alibaba BABA has reshuffled its e-commerce team and said its deputy chief financial officer will be promoted.
Hedge fund Engine Capital is pushing Kohl's KSS to either sell the company or spin off its e-commerce business, The Wall Street Journal reported.
The special-purpose acquisition company 890 Fifth Avenue Partners shareholders approved the merger, and BuzzFeed is going public Monday.
Electric-vehicle maker Lucid LCID, dropped sharply in premarket trade after disclosures by the Securities and Exchange Commission have requested documents related to its merger with a SPAC.
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U.S stock futures were mixed on Monday, with the S&P 500 ES 00 contract higher as Nasdaq-100 NQ 00 fell as investors digested the news about the spread of coronaviruses and prepared for new inflation data later in the week.
The yield on the 10 year Treasury TMUBMUSD 10 Y was 1.39%.
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An African-American couple has increased their home-price appraisal by $500,000 by having a white friend pretend to be the home's owner and hiding their photos.