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Tesla’s stock falls, putting it in danger of its first decline in six sessions.
Shares of Tesla Inc. fell Tuesday, putting the electric-vehicle giant’s stock in danger of snapping its longest winning streak in more than three months.
The stock $TSLA slipped 0.5% in morning trading. It had run up 13.5% amid a five-session winning streak to close Monday at its highest price since April 4.
The streak has been the stock’s longest since the eight-day stretch that ended Feb. 9.
Analyst Colin Rusch at Oppenheimer said with EV production “clearly accelerating” in recent months, he sees Tesla investing in innovations to enable scaling, increased simplicity and the derisking of its supply chain.
“These efforts, notably around lithium refining, vehicle simplicity, materials optimization, and software learning cycles, continue to be well ahead of peers,” Rusch wrote in a note to clients.
“However, we believe the key near-term question for [Tesla] shares remains automotive [gross margin] as the company continues to grow share of global [light-duty vehicles].”
Rusch reiterated the perform rating he’s had on the stock since he downgraded it from outperform on Dec. 19, 2022.
The stock’s pullback on Tuesday comes amid weakness in the broader stock market, as both the S&P 500 SPX and the Nasdaq Composite COMP shed 0.4%.
Year to date, Tesla’s stock has soared 52.6%, while the Global X Autonomous & Electric Vehicles exchange-traded fund DRIV has rallied 18.3%, the Nasdaq has gone up 21.1% and the S&P 500 has gained 8.7%.
@thefakhirin
Highlight key for investors :
1️⃣ President Biden faces challenges in the debt-ceiling fight. All options have risks, including a possible recession and global financial chaos. Progressives are unhappy with his talks with Republicans.
2️⃣ Small-time real estate investors may face a housing bust. Rising interest rates are putting pressure on them, and foreclosures are expected.
3️⃣ Ukrainian-backed troops crossed into Russia in a surprise attack. Russia is responding, and civilians are being evacuated.
4️⃣ JPMorgan is investing over $200 million in carbon removal, aiming to neutralize its environmental impact.
5️⃣ Meta (formerly Facebook) was fined $1.3 billion for privacy rule violations in the EU. The ruling puts pressure on the U.S. government for a data transfer deal.
6️⃣ Global semiconductor shortage continues to impact various industries, leading to supply chain disruptions and increased product prices.
7️⃣ Online retailers are cracking down on returns due to high costs and markdowns.
8️⃣ Renewable energy investments are on the rise as governments and businesses aim to reduce carbon emissions and transition to cleaner sources of power.
etoro MoonFund | @thefakhirin
Brazil isytihar darurat kesihatan haiwan 180 hari
Kerajaan Brazil semalam mengisytiharkan darurat kesihatan haiwan selama 180 hari selepas negara itu mengesan kes pertama virus influenza burung pada haiwan liar.
Jangkitan sub jenis selesema burung H5N1 pada burung liar tidak mencetuskan larangan perdagangan haiwan ternakan komersial.satu kes selesema burung di sesebuah ladang pada kebiasaannya menyebabkan keseluruhan kawanan haiwan itu dibunuh dan menyebabkan sekatan perdagangan daripada negara pengimport
Brazil adalah pengeksport daging ayam terbesar dunia dengan nilai jualan berjumlah AS$9.7 bilion (RM44.1 bilion) tahun lalu.
@thefakhirin
Sirim Bhd melantik Datuk Khairol Anuar Mohamad Tawi sebagai pengerusinya yang baharu bagi tempoh dua tahun, berkuat kuasa 20 Mei 2023.
Dalam satu kenyataan hari ini, ia berkata pelantikan ini dibuat bagi menggantikan Tan Sri Dr Ahmad Tajuddin Ali yang telah tamat tempoh perkhidmatannya.
Khairol Anuar, seorang usahawan teknologi memulakan kerjayanya di Jabatan Telekom Malaysia pada tahun 1983 setelah tamat pengajian tinggi.
Beliau kemudiannya menubuhkan KAT Technologies Sdn Bhd pada tahun 1994 dan menjadi Pengerusi Eksekutifnya selepas 14 tahun berkhidmat di pelbagai jawatan di Kumpulan Sapura.
@thefakhirin
Meta didenda RM5.9 bilion langgar undang-undang data EU
#Corporate | Syarikat induk Facebook, Meta dikenakan denda sebanyak 1.2 bilion euro (RM5.9 bilion) kerana melanggar undang-undang data Kesatuan Eropah (EU), lapor agensi berita Jerman (dpa) memetik pihak berkuasa perlindungan data Ireland DPC pada Isnin.
Kes ini berkaitan dengan keterlibatan Facebook dalam pengawasan massa oleh agensi perisikan Anglo-Amerika, yang didedahkan oleh pemberi maklumat AS, Edward Snowden.
Firma itu telah melanggar Peraturan Perlindungan Data Am EU, menurut DPC.
DPC ialah pihak berkuasa bebas yang bertanggungjawab menegakkan hak asasi individu di EU bagi melindungi data peribadi mereka.
Tiada kenyataan dikeluarkan pemilik Meta, Mark Zuckerberg setakat ini.
@thefakhirin
Stock Market News: Target talks inflation, crime, Tesla jumps, debt ceiling talks
Stocks rally as investors monitor ongoing debt ceiling talks
Speaker McCarthy offers optimism that the U.S. will not default
Target posts solid earning as CEO warns of rising crime, theft
Elon Musk shines at Tesla's Annual Shareholders meeting
Mortgage demand falls with the 30-year fixed rate at 6.35%
@thefakhirin
Credit Suisse - Gold Price Forecast: XAU/USD see a significant break higher on a weekly close above $2,075
Gold is still stalling, but strategists at Credit Suisse stay biased towards an eventual move to new record highs above $2,070/75.
Support aligns at $1,969/66
Post the current ranging phase, we believe the market will eventually move to new record highs, supported by lower US Real Yields.
With this in mind, above $2,075 on a weekly closing basis would be seen to mark a significant break higher, opening up a move to our first core upside objective at $2,330/2360.
Technically.. XRP on pivot side..
Support : $0.42
Resistance : $0.48
Target : $0.50 in near term.
Open Binance Acc here: https://accounts.binance.me/register?ref=SWZYSV17
Ripple to buy Swiss crypto custody provider Metaco for $250M
Читать полностью…
Hello Guys! The Fakhirin will take over this channel. So, i try to share some opinion on Stock Market, Gold Market, Crypto Market... Stay tuned!
Love 🤩
In the past few months, cryptos have benefited greatly from increasing interest on the part of large companies and large financial investment-institutions.
However, state institutions such as regulators or central banks are of course still critical of the hustle and bustle on the crypto market. A constant allegation is that digital currencies can be used for illegal purposes due to high anonymity in the payment process.
1.) Turkey banned payments with cryptocurrencies from April 30th. However, the ban is unlikely to lead to any major turbulence, as Turkey is not big enough for crypto trading overall.
2.) There are rumors that the US Treasury Department may take action against the use of cryptocurrencies for money laundering.
3.) The main reason why there is such a drop in prices: A power outage in China's Xinjiang region caused half of the Bitcoin mining network went offline. This blackout occurred due to maintenance work after the massive floods and safety issues in power plants in China. China's Xinjiang Province supplies a large part of the Bitcoin miners. With this failure, the BTC price collapsed significantly, which led to a further price correction.
@fxbank
Most company Earnings releases from April 19th 2021:
19/4 Monday:
$KO (Coca-Cola)
$IBM (IBM)
$UAL (United Airlines Holdings Inc) $HEXO (HEXO Corp)
20/4 Tuesday:
$JNJ (Johnson & Johnson)
$PFE (Pfizer)
$ABT (Abbott Laboratories)
$LMT (Lockheed Martin Corporation)
$HOG (Harley-Davidson Inc)
$TRV (Travelers)
$NFLX (Netflix, Inc.)
$ISRG (Intuitive Surgical Inc)
$IBKR (Interactive Brokers Group)
21/4 Wednesday:
$VZ (Verizon)
$ASML (ASML Holding NV)
$ERIC-A.ST (Ericsson, Telefonab. L M ser. A)
$NEE (NextEra Energy Inc)
$HAL (Halliburton Co) $ANTM (Anthem Inc)
$LRCX (Lam Research Corp)
$CMG (Chipotle Mexican Grill Inc)
$WHR (Whirlpool Corp)
$SAVE (Spirit Airlines)
$LVS (Las Vegas Sands Corp)
$DISCA (Discovery Communications Inc)
22/4 Thursday:
$T (AT&T Inc)
$AAL (American Airlines Group Inc)
$FCX (Freeport-McMoRan Inc)
$LUV (Southwest Airlines Co)
$TSCO (Tractor Supply Co)
$BX (BlackStone Group LP)
$SNAP (Snapchat Inc)
$INTC (Intel)
$MAT (Mattel Inc)
23/4 Friday:
$AXP (American Express CO)
$HON (Honeywell International Inc)
@fxbank
Coinbase’s IPO — a direct listing
The IPO will be a direct listing (Wednesday April 14th 2021), meaning there are no underwriters setting a target price or book building process which values the stock at a certain price. The company will simply list its share on the stock exchange. Because there are no underwriters, meaning no one is assuming the risk in connection to reselling the stock shares or performing stabilising transactions, there is the potential for high volatility of the stock price immediately after its listing.
$COIN (Coinbase Global Inc) will be selling 114 million shares directly to the public according to its SEC filing. Aside from that, there is no fixed or determined amount of shares that will be for sale as other shareholders may or may not sell their shares.
The company will not be paying dividends on its stock, nor does it plan to pay dividends to shareholders in the future. Coinbase writes that it intends “to retain all available funds and any future earnings for use in the operation of our business and do not anticipate paying any dividends on our capital stock in the foreseeable future.”
@fxbank
Tim Cook talks about Apple’s autonomous car.
In a recent interview with Apple’s CEO Tim Cook, he dropped some hints about the much-anticipated autonomous Apple Car.
Launched in 2014 and after several obstacles and risk of failure, Apple’s Project Titan is kept under secret on which technologies it has been developing and how it is going to be its final design: is Apple planning to produce the technology inside an autonomous electric car, or it will develop the car itself?
The autonomy itself is a core technology. If you sort of step back, the car, in a lot of ways, is a robot. An autonomous car is a robot. And so there are lots of things you can do with autonomy. And we’ll see what Apple does, Cook said in an interview.
According to him, Project Titan might integrate hardware, software and services, finding an intersection point of those. Nevertheless, he declined to comment if Apple was working on a car itself or just the technology within a car.
Last January, it was reported that $AAPL (Apple) was close to signing a deal with Korean group Hyundai Motor Co, and its affiliate Kia Motors, to build an Apple-branded self-driving vehicle at the Kia plant in Georgia, however, a deal was never reached, and talks fell apart.
Project Titan has been led since 2018 by a former senior executive of engineering at $TSLA (Tesla Motors, Inc.) . In 2019, Apple acquired autonomous vehicle startup Drive.ai to boost its engineering ranks. An autonomous vehicle from Apple could position against Tesla, which is rolling out its own self-driving features.
@fxbank
Uniswap’s Groundbreaking Decision: Expanding Business to Polkadot via ‘Moonbeam’ Parachain
The leading decentralized exchange (DEX) protocol, Uniswap, has announced its decision to expand its operations onto the Polkadot network via the “Moonbeam” parachain in a momentous move that promises to revolutionize the decentralized finance (DeFi) scene. This strategic choice could usher in a new era of cross-chain liquidity, improving the DeFi ecosystem’s effectiveness and scalability.
Uniswap hopes to take advantage of the special features and interoperability provided by Polkadot by utilizing the Moonbeam parachain, thereby providing seamless connectivity with other blockchains within the Polkadot ecosystem. The announcement has sent shockwaves throughout the crypto community, with industry experts applauding Uniswap’s pioneering decision. This strategic move is expected to bring about a myriad of benefits, including increased liquidity, reduced transaction costs, enhanced scalability, and improved overall user experience within the DeFi space.
With Uniswap’s connection with Polkadot through Moonbeam, users can transact assets between blockchains without difficulty. The limits now imposed by segregated blockchains are eliminated by this interoperability, enabling users to access a larger pool of assets and trading opportunities.
Decentralized apps (DApps) and smart contracts can be created more easily because of the developer-friendly environment offered by the Moonbeam parachain, based on the Polkadot network. When Uniswap uses the Moonbeam parachain, it has access to Polkadot’s robust infrastructure, security features, and scalability solutions, all of which strengthen and improve the DeFi ecosystem.
The move further emphasizes the rising significance of cross-chain solutions and interoperability within the blockchain sector. Bridging the gap between various blockchains is becoming increasingly crucial for realizing the full promise of decentralized finance as the crypto industry continues to develop and mature. Adding Polkadot to Uniswap establishes a precedent for other DeFi protocols and initiatives, inspiring them to investigate cross-chain partnerships and capitalize on interoperability.
Users can anticipate the exciting potential for smooth asset transfers, effective cross-chain liquidity provision, and cutting-edge financial products thanks to Uniswap’s participation in the Polkadot network. The adoption of cutting-edge protocols on well-known blockchain networks like Polkadot lays the door for a more integrated and vibrant ecosystem as the DeFi market expands and changes.
Finally, Uniswap’s plan to expand its company to Polkadot via the Moonbeam parachain is a huge step forward in the evolution of decentralized finance. Uniswap is leading a new wave of innovation in the DeFi industry by embracing interoperability and cross-chain liquidity. The partnership between Uniswap, Polkadot, and Moonbeam has the potential to reshape the future of decentralized finance, unlocking unmatched opportunities for users and catapulting the industry to greater heights as the market eagerly awaits the implementation of this ground-breaking move.
ZyCrypto | @thefakhirin
Apple announces multibillion-dollar deal with Broadcom for U.S.-made chips.
👉 $AAPL (Apple) announced a new multibillion-dollar deal with $AVGO (Broadcom Inc) to develop 5G radio frequency components in the U.S.
👉 “We’re thrilled to make commitments that harness the ingenuity, creativity, and innovative spirit of American manufacturing,” Apple CEO Tim Cook said in a release.
👉 The 5G radio components developed by Broadcom, a technology and advanced manufacturing company, will include FBAR filters and other wireless connectivity components, according to the release. These components are different from the 5G modems that are made by $QCOM (Qualcomm Inc) .
👉 Apple said its deal with Broadcom is part of its 2021 commitment to invest $430 billion in the U.S. economy. The deal marks the latest phase of partnership between the two companies, as Broadcom announced it would sell $15 billion of wireless components to Apple in 2020.
👉 The company said the deal with Broadcom will also allow it to invest in “critical automation projects and upskilling” with engineers and other technicians. Apple already supports more than 1,100 jobs in Broadcom’s Fort Collins FBAR filter manufacturing facility, according to the release.
@thefakhirin
BP Healthcare eyes stake in Pharmaniaga - The Edge
BP Healthcare Group, founded by Datuk Beh Chun Chuan, said the group has expressed its interest in financially troubled Pharmaniaga Bhd.
In an email reply, Beh said :
BP Healthcare has “registered our interest”, when The Edge asked if the company has put in a proposal in a bid to turn around Pharmaniaga.
“The reason for the interest in Pharmaniaga is because 'we are in the healthcare business',” he said.
@thefakhirin
AKSB perlu jawab tular ahli lembaga pengarah dapat sagu hati raya RM10,000
Ahli Majlis Pimpinan Parti Keadilan Rakyat Kelantan, Dr Rosli Allani Abdul Kadir berkata
"Sehari dua ini berlegar surat yang dikatakan dari pengurusan AKSB mengenai bonus raya baru-baru ini sebanyak RM10,000 kepada ahli lembaga pengarah sedangkan staf AKSB diberi imbuhan sebanyak RM200 seorang sahaja.
"Jika benar sebagaimana disebut, bermakna tiada langkah positif daripada kenyataan bekas Menteri Alam Sekitar dan Air (Datuk Seri Tuan Ibrahim Tuan Man) yang menjadi asas perubahan pentadbiran AKSB dalam membaiki perkhidmatan sekiranya ganjaran yang diperoleh tidak sepadan dengan hasil kerja mereka.
"Ini dikhuatiri boleh merencatkan proses Kerajaan Pusat untuk membantu kerajaan negeri dalam membaiki perkhidmatan air kiranya tadbir urus dan tata kelola yang baik tidak diamalkan secara tuntas oleh pihak pengurusan mereka," katanya menerusi satu kenyataan di sini, hari ini.
Bharian | @thefakhirin
Wall Street ends mixed as investors await debt ceiling talks
Wall Street finished mixed on Monday, with the Nasdaq helped by gains in Alphabet and Meta Platforms, while the S&P 500 ended near flat as investors refrained from big bets ahead of a fresh round of talks about raising the US debt ceiling.
US President Joe Biden and top congressional Republican Kevin McCarthy were set to meet on Monday to discuss raising the federal debt ceiling, just 10 days before the US could face an unprecedented default.
"Investors are basically saying, 'We're giving at least a 60:40 likelihood that they will come to an agreement in time,'" said Sam Stovall, chief investment strategist at CFRA Research.
"An agreement could simply be the extension, kicking it down the road to decide on a debt ceiling when they also discuss the budgets in September."
@thefakhirin
GALA Games burns over $600M millions worth of GALA tokens .
GALA Games burned almost 21 billion GALA tokens after completing its V2 token airdrop .
@thefakhirin
Chainlink whales begin accumulation as LINK enters opportunity zone
Chainlink, the token of the decentralized blockchain oracle network, has likely hit the bottom in the current market cycle. LINK’s average trading returns have consistently declined, with 63.26% of holders sitting on unrealized losses
A large percentage of Chainlink holders are sitting on unrealized losses. LINK price has likely hit bottom in the current market cycle.
The MVRV ratio suggests that Chainlink is in the opportunity “buy” zone since LINK is currently undervalued.
A high volume of development activity is correlated with an increase in the project’s utility, adoption and price. However, the LINK price moved in the opposite direction, with the asset in the opportunity “buy” zone, making it likely that the altcoin has hit its cycle bottom and is ready for recovery.
Open Binance Acc here: https://accounts.binance.me/register?ref=SWZYSV17
The deal marks the first major acquisition for Ripple. More than half of the $250 million acquisition was paid for in cash, and the rest in equity, Ripple said.
"Bringing on Metaco is monumental for our growing product suite and expanding global footprint," Ripple CEO Brad Garlinghouse said in a statement.
PayPal Discloses Nearly $1B of Crypto Assets on Balance Sheet
PayPal disclosed nearly $1 billion in cryptocurrencies on its balance sheet in a 10-Q filing with the SEC.
The company indicated that it holds $943 million worth of customer assets in bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) on its balance sheet.
A 10-Q filing is a quarterly financial performance report mandated by the SEC to disclose financial information.
From the end of last year, the company reported an increase of $339 million in customer crypto assets.
“We maintain the internal recordkeeping of our customers’ crypto assets, including the amount and type of crypto asset owned by each of our customers,” PayPal said in its 10-Q.
The company does not hold cryptocurrencies outside of its customer assets on its balance sheet.
#WORLD #POLITICS
Japan's promised economic stimulus must be big enough to exceed the economy's output gap of about 15 trillion yen (US$100 billion), a senior ruling party official said on Sunday.
"The gap in Japan's gross domestic product (GDP) is now around 15 trillion yen. It's not enough to just fill this gap," said Yoshitaka Shindo, executive acting chairperson of the ruling Liberal Democratic Party's (LDP) policy research council.
"Both quality and size is important," Shindo said of the package, being crafted by Prime Minister Fumio Kishida's administration to cushion the blow from rising fuel and raw material prices.
The LDP handed its proposal to Kishida, the party leader, last week, Shindo told a programme on public broadcaster NHK.
The remarks add to growing calls among ruling party officials for hefty spending to ease the strain from rising inflation on households.
On monetary policy, Shindo said while the Bank of Japan must eventually exit ultra-easy policy, doing so now would be premature as Japan's economy and wage growth remain weak.
"No country uses monetary policy to manipulate currency rates," Shindo said, brushing aside the view the BOJ should raise interest rates to moderate the yen's steep drop to 32-year lows.
Japan intervened in the foreign exchange market on Friday to buy yen for the second time in a month after its currency weakened to near 152 to the dollar, due in part to the widening gap between US and Japanese interest rates.
"What's important is to achieve price stability. For this to happen, we must have higher wages."
The government is expected to announce the stimulus package by the end of this month, as the weak yen adds to households' pain by inflating the cost of already expensive food and fuel.
The government and LDP-led coalition are considering state outlays of more than 20 trillion yen (US$140 billion) to fund the package, Kyodo news agency reported on Friday.
The package could grow beyond that, given spending by municipal governments, with a significant portion to be financed by debt issuance, Kyodo said.
(US$1 = 147.6400 yen)
NVIDEA Corporation
- Market cap 378 bilion
-It can easily achieve 1 trilion in this decade
The most important is that first quarter revenue for fiscal 2022 is tracking above its previously outlook, with outhperformance in each of its market platforms
Others big news is that they announced a data center CPU, what is market, they have not been hitting yet. The new CPU have name GRACE. It is ARM based CPU. The most CPU right now are based on the x86 platform. The ARM platform is expected to dominate in the upcomming years
These two news are driving the stock price into ATH. And could threat other semiconductor companies more than before $INTC (Intel) $QCOM (Qualcomm Inc)
But there are other products, which causing, that good to hold this company next 5 - 10 years :
Self driving solutions - Omniverse.
It is the first technology platform that enables global 3D design teams working across multiple software suites to collaborate in real time in a shared virtual space. It means, that if there is a lot of engineer teams, which are using different softwares, it can be difficult to collaborate, but with OMNIVERSE they can use different platforms, but they are able to see the progress those other engeneer are doing. There is a lot of places, where platform like this can help speed up the overal development. Not just self driving cars.
NVDA is collecting data needed for self driving by simulation with real sensors.
Nvidia released :
📛 " ATLIN " the single system on the chip - roadmap of drive solution povered by GRACE next CPU,
📛 AMPERE next GPU,
📛 BLUE FIELD - current GPU, so NVDIA is hitting all types of market now, with those 3 chips.
They do not produce ATLAN right now, the current version of Atlan is OREN - it is the main platform driving self drive sollutions.
NVIDIA will in this year able to provide complete sollutions for self driving car to all car manufactures, so they do not need to create they own system.
Let's introduce some smaller platforms Nvidia is developing:
▪️Nvidia and Global producer markers is doing market launch industry- standard enterprice server platforms for AI.
▪️They also creating -
🔸Superpod - super cumputing powered by multiple GPU -
🔸 Next generation of data processing unit - BPU Other small sollutions -
🔸 MERLIN - training and interface platform for small companies like e-commerce or advertisment company, video company -
🔸 JARVIS - interactive conversational AI framework - 🔸MORFEUS - cyber security sollutions -
🔸CLARA - helps the pharmaceutical companies to find sollutions faster
@fxbank
Binance Will Open Trading for Coinbase Stock Token (COIN)
@fxbank
Bitcoin bull market top to be beyond $60K as miners and whales drive BTC price higher
Bitcoin has recorded a 101% return in Q1 this year, outperforming many traditional assets.
Institutional demand continues to be a massive driver for the Bitcoin price.
Miners have stopped selling the leading cryptocurrency, and Bitcoin whale addresses have been increasing.
Bitcoin has outperformed many traditional assets in the first quarter of 2021, as institutional investors have flocked to the cryptocurrency as a hedge against inflation.
Bitcoin outperformed traditional assets in Q1
The world’s largest cryptocurrency has witnessed a parabolic price run in the past few months, as many governments worldwide have been easing the effects of the pandemic with new fiscal stimulus packages.
The leading digital currency has recorded a 101% return in Q1 of 2021, outperforming traditional investments like oil, the Dow Jones, S&P 500, and the Nasdaq.
Institutional investors have embraced the new asset class as MicroStrategy continued on its Bitcoin buying spree, scooping up another $15 million in Bitcoin. On the other side of the world, Hong Kong-listed company Meitu also bought the dip, purchasing $10 million in Bitcoin last week.
Bitcoin price action favors the bulls
Bitcoin’s price action seems to be favoring the bulls, as its price has rallied toward $61,000 over the weekend, despite having consolidated slightly in the $59,700 range at the time of writing.
Despite Bitcoin being rejected multiple times around the $61,000 region, trade Byzantine General proposed a few factors that suggest Bitcoin has yet to see its cycle top.
The futures market has been influencing the Bitcoin price, as the funding rate has remained high. Traders who have committed to long positions have less incentive to hold, and bets on Bitcoin’s price to increase have been “crowded.”
While a lot of the Bitcoin demand comes from the Grayscale Bitcoin Trust, holdings have flattened out in the past few months and have continued on a decline in March. While the fund is currently closed, there is no buying from one of the main drivers of demand in the space.
Grayscale’s premium has recently gone negative, as the fund’s dominance declined while Canadian Bitcoin exchange-traded funds (ETFs) have continued to grow. However, Grayscale will release a large amount of BTC locked in its product in April, which could create a higher demand for Bitcoin.
Miners stopped selling, whales are accumulating
Miners have stopped selling the leading cryptocurrency, which reflects the low outflow of Bitcoin entering the market. Additionally, miners have started to accumulate the pioneer cryptocurrency, which is a bullish indicator for BTC.
Glassnode co-founder Rafael Schultze-Kraft found that old hands are extremely strong, indicating that HODLers are showing conviction and have confidence in the leading cryptocurrency.
Behavioral analytics firm Santiment recorded an increase in the number of Bitcoin whales – holders of more than 100,000 BTC. Whale addresses have increased from 0.76% from 11 weeks ago to 2.20% on April 11. In contrast, addresses with 1,000 to 100,000 Bitcoin have been in decline.
Retail mania is not here yet
According to Byzantine General, Google search volume suggests that the Bitcoin rally was not driven by the retail market. Although search volume for the leading cryptocurrency is high, they are not back at all-time high levels.
Further, web traffic to exchanges has been increasing as well, but not at all-time high levels. With institutional demand continuing to grow, this bull run could be a lot different from the one seen in 2017.
The trader expects the leading cryptocurrency's price to rally higher, suggesting that Bitcoin at the $60,000 level would not be a cycle top. Interestingly, he suggests this bull run could be different from the usual 4-year cycle structure
@fxbank
Ethereum could go to $10K in 2021 and outperform Bitcoin, says veteran trader
According to professional trader Scott Melker, Ethereum’s “tremendous upside potential” could overshadow Bitcoin this year.
Ethereum is likely to outperform Bitcoin, at least in the short term, said veteran trader Scott Melker.
Alt szn is upon us
Melker sees this period of Bitcoin’s price consolidation as particularly bullish for the second largest cryptocurrency, that recently reached new all time highs. Melker sees Ether’s outstanding performance as the main catalyst of the recent altcoin market bull run.
He also revealed he has been largely switching his dollar-cost averaging strategy from Bitcoin to Ether in the last few months, in order to take advantage of Ethereum’s “tremendous upside potential”.
“It's like investing in the Internet in the early 1990s to me.”, Melker said.
According to Melker, Etherum could reach the $10K price target within the end of 2021.
“ I don't see why that's crazy. It's basically just under a five X from here. [...] Bitcoin did almost three times that last year.”
Cointelegraph X @fxbank
