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Bitcoin sinks below $60,000 to a 2-week low as enthusiasm following launch of futures ETF subsides

Some investors cashed in on the cryptocurrency's all-time high prices that followed the debut of the first bitcoin futures ETF. Bitcoin balloon. Andriy Onufriyenko Andriy Onufriyenko Bitcoin fell on Wednesday after riding a wave of enthusiasm since last week following the launch of a futures ETF. The cryptocurrency traded below $60,000, lowest intraday price in two weeks, Bloomberg said. Bitcoin is still up more than 30% in the last month. Bitcoin slipped below $60,000 on Wednesday - its lowest price in two weeks - as investors cash in on the cryptocurrency's recent rallies to all-time highs. Investors pushed bitcoin to new all-time highs his month, driven by excitement over the first bitcoin-linked exchange-traded funds launched last week by ProShares. The ProShares Bitcoin Strategy ETF brought in more than half a billion dollars in assets on its launch day alone, and was the fastest ETF to accumulate $1 billion in assets under management. Investors pushed bitcoin's price to an all-time high around $67,000 following the launch. Since then, investors have started to take gains, Coindesk reported. Bitcoin traded at $58,770.34 at 8:24 a.m. ET. That's the lowest intraday price in two weeks, according to Bloomberg. Bitcoin's total liquidations surpassed $700 million Tuesday, the highest level since September, according to data from bybt.com. Despite the liquidations, the cryptocurrency is still up 36% over the past 30 days. The launch of the bitcoin-linked funds has prompted analysts to estimate the cryptocurrency's price could surge past $100,000 on increasing investor demand. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 27th, 2021

Ether hits record high above $4,600 after CME unveils micro-futures launch and metaverse momentum grows

Ether hit a new record above $4,600 on Wednesday, driven by enthusiasm over ether futures and the metaverse. Ether Westend61 Ether hit a new record above $4,600 on Wednesday, driven by enthusiasm over ether futures and the metaverse. The Chicago Mercantile Exchange said on Tuesday micro ether futures would start trading December 6. Facebook has announced plans to create a metaverse, while exchange Binance this week backed a rival start-up. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Ethereum's ether token shot to a new record high on Wednesday, driven by a burst of buying after the world's largest derivatives exchange said it would launch a new futures contract, and as momentum continued to build around metaverses that could likely be built on its network.The coin climbed by as much as 7.5% to a high of $4,642 early on Wednesday, bringing gains over the last seven days to around 18.5%. It is second to bitcoin in terms of market capitalization, with a value of around $544 billion. "Ethereum's rally has most likely been driven by the Chicago Mercantile Exchange's announcement of micro ether futures," said Eliézer Ndinga, research lead from 21Shares, an exchange traded product provider. The Chicago Mercantile Exchange announced on Tuesday it will launch a micro ether futures contract that will start trading on December 6. The CME already offers an ether futures contract backed by 50 ether that launched in February this year. The micro futures will be backed by 1/10 of an ether, according to the exchange."Smaller-sized futures contracts will broaden access to cash-settled ether futures to an extensive array of professional investors and raise awareness of ethereum as an asset class," Ndinga said. Another factor propelling the coin is the momentum in the metaverse space, a virtual gaming reality that allows players to use avatars or unique non-fungible token characters to take part in challenges to win crypto tokens. The various existing metaverses are hosted on the ethereum network thanks to its ability to run various decentralized finance applications, as well as other peer-to-peer protocols. Ndinga said 68% of the DeFi market is on the ethereum network."Virtual-reality applications have been in the spotlight as investors seek alternatives to Facebook," he said. Ethereum-based metaverse gaming platform Sandbox said it had raised $93 million in a funding round on Tuesday. Likewise, Decentraland where players can build, own and monetize their virtual experience has become a major player in the space. Both platforms host 22% of the virtual reality global market, Ndinga said. Facebook has said it plans to gain a foothold in the metaverse and last week said it would change its parent company name to Meta as a sign of its commitment to its virtual reality plans. Binance, an exchange, also said Tuesday it would invest in the metaverse.Read the original article on Business Insider.....»»

Category: personnelSource: nytNov 3rd, 2021

What You Should Know About Bitcoin ETFs

The bitcoin ETFs will spur billions of dollars managed by pension funds, retirement and tax-saving accounts and other large investors into the sector, resulting in ample liquidity. After long years of wait, the cryptocurrency industry finally got ETFs to attract money from investors who want exposure to bitcoin price via the stock market. This is especially true as the launch of bitcoin ETFs will spur billions of dollars managed by pension funds, retirement and tax-saving accounts and other large investors into the sector, resulting in ample liquidity.Investors can now easily buy bitcoin on crypto exchanges like Coinbase COIN, and on platforms such as PayPal PYPL and Square SQ. With the introduction of ETFs, this is the first time that investors will get exposure to the crypto market in their brokerage accounts, leading to increased investment in the booming cryptocurrency with a growing number of retail investors. It provides investors a way to buy and trade in the digital currency without any worry of custodian issues.According to Antony Portno, the founder of Traders of Crypto, “the approval of bitcoin ETFs undoubtedly further boosts the credibility of bitcoin as a global investment.”ProShares Bitcoin ETF: Best Launch EverThe first-ever bitcoin ETF — ProShares Bitcoin Strategy ETF BITO — went live on Oct 19 and has attracted more than billion dollars of capital in just two days. This makes BITO the fastest ETF to reach the $1 billion milestone in history. Currently, the ETF has AUM of $1.2 billion (read: The First US Bitcoin ETF is Here!).This fund does not invest directly in bitcoin but seeks to provide capital appreciation primarily through managed exposure to bitcoin futures contracts. It comes with an expense ratio of 0.95%. Investors should note that futures-based products are not as efficient as the physically-backed products in general as derivatives add another layer of complexity. Due to rollover costs, these ETFs may not closely track the spot price of the cryptocurrency.The Chicago Mercantile Exchange, which regulates futures trading, sets limits on the number of futures contacts issuers can own per month. If an issuer hits the limit, it may be forced to buy contracts for more months in the future, potentially creating contango, or when prices of futures exceed spot prices.Other ETFsThe second ETF in the space — Valkyrie Bitcoin Strategy ETF BTF — launched on Oct 22 has accumulated $51.1 million in its asset base. This fund also invests in bitcoin futures contracts and has the same expense ratio as that of ProShares (read: Bitcoin & Blockchain ETFs: What Investors Should Know).The third product in the space is expected to be from VanEck named VanEck Bitcoin Strategy ETF XBTF. This ETF has got approval from the SEC and was scheduled to launch early this week. However, the launch has been delayed. This product will also provide investors exposure to the world’s biggest cryptocurrency by allowing them to trade shares that represent contracts betting on the price of Bitcoin. XBTF is 30 bps cheaper than the ProShares product and could thus become a strong contender in the bitcoin market.The enthusiasm over ETFs has pushed the cryptocurrency to new all-time highs to above $66,000 last week. According to a recent survey by Gemini, Bitcoin and other digital assets are becoming an increasingly valuable part of peoples' investing strategies. About 21 million Americans already own crypto, and that number is set to more than double to 51 million next year (read: Bitcoin Tops $60K: Time to Invest in Related ETFs?).The solid trend is likely to continue given that the regulatory risks for bitcoin ETFs have reduced. There are several ETFs in the pipeline that are awaiting regulatory approvals. These are as follows: Ark 21Shares Bitcoin Futures Strategy, Bitwise Bitcoin Strategy ETF, AdvisorShares Managed Bitcoin ETF, Galaxy Bitcoin Strategy ETF, Invesco Bitcoin Strategy ETF, Global X Bitcoin Trust, ARK 21Shares Bitcoin ETF, One River Carbon Neutral Bitcoin Trust, Teucrium Bitcoin Futures Fund, Galaxy Bitcoin ETF, Kryptoin Bitcoin ETF Trust, Wise Origin Bitcoin Trust, First Trust SkyBridge Bitcoin ETF Trust, WisdomTree Bitcoin Trust, NYDIG Bitcoin ETF,  Valkyrie Bitcoin Fund, Valkyrie Digital and VanEck Bitcoin Trust. With these ETFs getting approvals, the crypto market will become increasingly crowded.Further, Grayscale, the world's largest digital currency manager, plans to convert its Grayscale Bitcoin Trust into a spot bitcoin ETF. Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PayPal Holdings, Inc. (PYPL): Free Stock Analysis Report Square, Inc. (SQ): Free Stock Analysis Report Coinbase Global, Inc. (COIN): Free Stock Analysis Report ProShares Bitcoin Strategy ETF (BITO): ETF Research Reports Valkyrie Bitcoin Strategy ETF (BTF): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksOct 28th, 2021

Ether"s surge is crushing bitcoin"s gain this year with a performance gap of more than 400 percentage points

Virtual land deals on ethereum's network and Facebook's metaverse commitment have helped drive up ether's price up in November. Bitcoin vs. EthereumAlain Pitton/NurPhoto via Getty Images and Dado Ruvic/Reuters Ether has surged by 530% during 2021, a stronger gain than bitcoin's doubling in price.  The performance gap of more than 400 percentage points is the widest since 2015, according to Bloomberg data.  Ether's run in November has been strong on a number of business developments surrounding the ethereum network.  Ether is set to log a winning month for November and its advance of more than 500% during 2021 is running high above that of rival cryptocurrency bitcoin.  The token of the ethereum network popped up as much as 6% to trade above $4,700 on Tuesday. It was on track to rise by more than 8% for November, during which it first crossed above $4,600. That move was driven in part by growth prospects for the blockchain platform from a sharper focus on the metaverse as Facebook, now named Meta, ramped up its commitment to expand in the online, 3-D space. Ether also stood out on a year-to-date basis, rising by about 530% compared with bitcoin's increase of roughly 101%. The performance gap of more than 400 percentage points between the cryptocurrencies was the widest since 2015, when the ethereum network was launched, according to data from Bloomberg. Institutional investors pushed $23 million into ethereum products last week, logging the fifth consecutive week of inflows, according to a CoinShares update on Monday. Ether has benefitted from a series of developments this month. CME Group, the world's largest derivatives exchange, was preparing to launch micro ether futures on December 6. Sandbox, a metaverse gaming platform backed by ethereum, has been drawing in millions of dollars in funding including from Japanese heavyweight Softbank. Virtual land deals worth millions of dollars on Sandbox and ethereum-based platforms have also bolstered ether. The cryptocurrency still lags behind bitcoin in terms of market capitalization. It was valued at around $550 billion on Tuesday compared with bitcoin's valuation of $1.1 trillion. But investors are watching to see if ether will take bitcoin's market cap crown. Crypto hedge fund manager Rahul Rai told Insider he believes ether will outgrow bitcoin before the middle of 2022 in what experts call "the flippening".Bitcoin during Tuesday's session was down nearly 1% at $57,731. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 30th, 2021

The cryptocurrency market has shrunk by $500 billion since bitcoin hit an all-time high, as investors have cashed in on the rally

The cryptocurrency market has lost $500 billion in value in the week since bitcoin hit an all-time high, as investors have cashed in on recent gains. Bitcoin balloonAndriy Onufriyenko The crypto market has lost $500 billion since bitcoin hit record highs a week ago. Bitcoin was heading for its biggest weekly fall in six months on Friday, having slid by 13%. Concern about US crypto taxes and a lukewarm launch of a new ETF has fed into the selling pressure. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The cryptocurrency market has lost $500 billion since bitcoin hit an all-time high last week, as investors have cashed in on the recent rally that took it to as much as $69,000.Bitcoin has since fallen 18%, having fallen near $55,000 at one point on Friday. It's lost 13% in the last seven days alone, putting it on course for its biggest weekly slide in six months.  "If the downtrend continues, the 14 day relative strength index will register an oversold reading for the first time since May when BTC fell below $30,000," Will Morris, Sales Trader at UK based digital asset broker GlobalBlock said. In technical analysis, if the relative strength index, which goes from 0 to 100, falls to 30 or below, this would indicate an asset has been oversold and would, in theory, be due for a bounce.The Cryptocurrency Market Fear and Greed index - an informal measure of investor sentiment - has dropped to its lowest since early October, and, at 34, signals "fear", Morris said. A reading above around 60 would point to "greed. "The amount of BTC and ETH on exchanges continues to fall to lower levels and whales continue to accumulate," Morris said in an emailed response. The VanEck bitcoin strategy exchange traded fund (XBTF) is the third publicly traded bitcoin futures ETF. At its market debut on Tuesday, the fund logged trading volume worth $4.8 million, compared with the roughly $1 billion that ProShares' ETF drew on the day of its launch in late October, according to CoinDesk.In addition, the new $1 trillion US infrastructure bill, which passed into law on Monday, now requires crypto brokers to report any transactions above a certain level to the tax authorities, but offered little clarity over what constitutes a "broker".Ethereum's ether token has also lost around 18% since touching a high of almost $4,9000 last Wednesday. It was last trading around $4,162, down around 1.4% on the day, and down nearly 10% on the week, marking its biggest seven-day drop since early September. With bitcoin under pressure, smaller altcoins have dropped in value too. Dogecoin has lost 11% on the week, while shiba inu has fallen 15%, according to Coinmarketcap. The solana and cardano tokens have also both dropped by around 9.5%. "Many market participants are taking advantage of the situation and rushing to stock up on cryptocurrencies from the top-10 list on a drawdown, as indicated by various indicators," Johnny Lyu, CEO of cryptocurrency exchange KuCoin, said.  "It is therefore too early to talk about a general market transition into a bearish phase, since institutional investors are maintaining their cryptocurrency portfolio positions," he said. Read the original article on Business Insider.....»»

Category: personnelSource: nytNov 19th, 2021

SIGN UP FOR OUR LIVE EVENT ON NOVEMBER 17: The future of crypto and its path to mass adoption

Join us live on November 17 as four experts discuss the investing opportunities and challenges that arise as bitcoin and altcoins go mainstream. Caitlin Long; Christopher Giancarlo; Beniamin Mincu; Grayscale; Insider Bitcoin and smaller altcoins continue to advance from the fringes into the mainstream of finance.  As adoption grows, investment opportunities will grow — and so will regulatory roadblocks.  Join us on November 17 at 1 p.m. ET for a live event on the future of crypto adoption and the role regulation will play. You can sign up here if you're a subscriber.  Cryptocurrencies continue to advance from the fringes into the mainstream of global finance and investing.But for the uninitiated, crypto investing is a complicated minefield. And even for those who are familiar, the legitimacy of the various options out there is a major concern. That's where regulation comes in, both as a green light that could pave the way for wider crypto adoption, and as a threat that could pull the plug on several crypto projects. There's no shortage of demand for regulated investment avenues. For proof, look no further than the recent launch of ProShares' Bitcoin Strategy exchange-traded fund. On its first trading day, the futures-linked fund quickly pulled in $1 billion in assets at the fastest pace on record for an ETF. And after the second launch of an ETF by Valkyrie last week, firms like VanEck and WisdomTree are waiting for the coveted green light from regulators to launch their own. What do these product launches signal about the future of crypto, including the thousands of altcoins that are jostling for relevance and investor cash? How can regulation do more good for investors than harm? What kinds of opportunities will open up once the Securities and Exchange Commission approves various spot ETFs in its pipeline? And, what are the risks to investors if the SEC and other regulators take a harder stance to protect investors?  Please join us for a live virtual conversation on these topics and more, moderated by Insider's Laila Maidan, reporter, and Akin Oyedele, senior editor for investing. The hour-long chat is scheduled for November 17 at 1 p.m. ET, (10 a.m. PT). The experts will also be taking audience questions.Our guests include: Christopher Giancarlo, former chairman of the Commodity Futures Trading CommissionCaitlin Long, founder and CEO at Avanti Financial GroupBeniamin Mincu, founder and CEO of Elrond NetworkMichael Sonnenshein, CEO of Grayscale InvestmentsYou can sign up here if you're a subscriber.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 16th, 2021

VanEck’s bitcoin futures ETF will launch on Tuesday - after the SEC rejected the company’s spot ETF application

Asset manager VanEck's bitcoin-futures exchange-traded fund will start trading on Cboe's exchange with the ticker symbol XBTF. Blue bitcoin Yuichiro Chino VanEck's first bitcoin futures ETF will begin trading on Tuesday, Cboe said in a notification. The VanEck Bitcoin Strategy ETF will be listed on the Chicago Board Options Exchange under the ticker symbol XBTF. The SEC last week rejected VanEck's application to launch a spot bitcoin exchange-traded fund. Asset manager VanEck's bitcoin futures exchange traded fund (ETF) will start trading Tuesday, the Chicago Board Options Exchange (Cboe) said in a notification.Last month, VanEck said the fund would start trading after October 23 on the Cboe BZX Exchange. It will be listed under the ticker symbol XBTF, and gives investors exposure to bitcoin without holding the coin.The Securities and Exchange Commission pushed back its deadline to make a decision on the fund several times after Cboe first filed for the bitcoin futures ETF in March. The VanEck launch follows a blockbuster launch for ProShares' bitcoin futures product (BITO), which saw 24 million shares change hands on its first day of trading in October - the second-biggest ETF debut in history. That and the launch of Valkyrie's bitcoin futures ETF (BTF) the same month is viewed as a pivotal moment for crypto assets.The news comes after the SEC rejected the application for a long-awaited spot bitcoin ETF from VanEck on Friday, citing exchange rules linked to preventing fraud and manipulation. "While a 'physically backed' bitcoin ETF remains a key goal, we are very pleased to be providing investors with this important tool as they build their digital asset portfolios," Kyle DaCruz, VanEck's director of digital assets, said in a company launch statement Monday.The VanEck product will only invest in cash-settled bitcoin futures traded on exchanges registered with the Commodity Futures Trading Commission, such as the CME Group, according to its SEC filing.Last week, Bitwise Asset Management withdrew its application for a bitcoin futures ETF, saying it made the decision because of the high cost and likely underperformance of the fund. The crypto index fund manager's CEO Matt Hougan said he believes bitcoin futures ETFs will generally underperform spot bitcoin, and most long-term investors are better served by spot exposure.VanEck is still waiting on the SEC to approve or reject the ethereum-based ETF that it filed in May. The company could not be reached for comment when contacted by Insider. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 15th, 2021

Bitcoin nears $70,000, while ether eyes $5,000 as the rally extends into a fourth day, aided by a weaker dollar and upbeat investor sentiment

Ether and bitcoin rallied on Tuesday to record highs off the back of a weaker dollar, taproot upgrade and positive investor sentiment. Ether NurPhoto Ether and bitcoin both rallied for a fourth day on Tuesday to record highs, topping $4,800 and $68,500, respectively. The coin's momentum spilled over into Tuesday thanks to a lower dollar and an upcoming network upgrade. Crypto fans including the Winklevoss twins and El Salvador's Nayib Bukele, hit Twitter to cheer on the rally. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Ether and bitcoin rallied for a fourth day on Tuesday to record highs off the back of a weaker dollar, an upcoming upgrade and positive investor sentiment. Ether was up 1.6% in 24 hours, having risen earlier to hit a high of $4,842.54 on Coinbase, while bitcoin was last up 3% after reaching a new peak of almost $68,600. Ether has climbed 9% over the last four days, while bitcoin has risen about 8%. "​​Both digital Dutch tulips, bitcoin and ether, have hit record highs this morning as the street continues to buy on a positive technical picture (and) a lower dollar," Jeffrey Halley senior analyst at OANDA, a research and trading firm, said in a note to clients Tuesday. The dollar was largely down against major currencies like the Canadian dollar, Japanese yen, pound and euro. A weaker dollar can offer a boost to assets denominated in the US currency, such as crypto, gold or copper, for example.Another factor that has propelled both bitcoin and ether has been new buyers jumping into the market. Coinbase, one of the largest exchanges, was the most downloaded app in the US last week, according to GlobalBlock. "The positive performance of the digital currency is fueled primarily by an organic buy-up from both retail and institutional investors," Vasja Zupan, president of Matrix Exchange, an Abu Dhabi exchange, said. He also attributed the rise to the fact that bitcoin's upcoming "taproot" upgrade that is set to reduce gas fees for transactions and make the network more scalable is due later this week, according to developers."Bitcoin has robust fundamentals that will not only help maintain its current uptrend, but place it on a trajectory to reach new price peaks several times over by year-end," Zupan continued. Ether's gains have also been propelled by technical developments, as well as demand. An upgrade to the network has raised the burn rate for tokens and more financial products backed by the coin look set to launch.Bloomberg analysts predicted last week that the first ethereum futures-based exchange traded fund could launch by the beginning of next year. Meanwhile, Bakkt, a digital asset manager, told Insider over the weekend it planned to let its clients buy, hold and sell ether through its app by the end of the year. Not all investors are bullish on ether. "With ethereum now in uncharted water, price action may get increasingly volatile and as such should be treated with caution," Nick Cawley, strategist at Daily FX said in a note to clients Monday.However, Cawley felt that bitcoin had solidified in an uptrend."The daily bitcoin chart remains positive with the recent bullish channel being reclaimed over the weekend," Cawley explained. As bitcoin rallied, crypto fans Tyler and Cameron Winklevoss, the founders of the Gemini exchange, helped fuel yesterday's price rises. "68k down. Next stop $69,420," Cameron Winklevoss said on Twitter Tuesday. "68k. Next stop 70k," Tyler Winklevoss said on Twitter Tuesday. Nayib Bukele, the President of El Salvador, also cheered on bitcoin's gains."Buy #Bitcoin and save the puppies!" Bukele said on Twitter Tuesday referring to the fact that some of his country's bitcoin profits were going towards building a state-of-the-art veterinary hospital.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 9th, 2021

Top-Performing ETFs of Last Week

Wall Street was at the record high lately despite the Fed's announcement of QE tapering. Wall Street was at the record high lately with key large-cap indexes like the S&P 500, the Dow Jones and the Nasdaq at the all-time high levels. The small-cap Russell 2000 index too notched that high last week. Upbeat corporate earnings – both large and small caps, stronger-than-expected jobs data and Pfizer pill study aided the markets last week.Meanwhile, the Fed said that it will gradually slow the pace of those purchases by about $15 billion per month, as part of a plan to bring its so-called quantitative easing program to a total stop by the middle of next year. The taper will start “later this month” and will continue at the $15 billion clip through December, although the change of the pace can happen should the need be (read: Fed to Start QE Taper: Is It Time for Cyclical Sector ETFs?).Against this backdrop, below we highlight a few ETF areas that gained handsomely in the past week.ETFs in Focus Simplify Volt Robocar Disruption and Tech ETF VCAR – Up 17.3%This ETF is active and does not track a benchmark. The Simplify Volt RoboCar Disruption and Tech ETF seeks to concentrate in those few disruptive companies poised to dominate autonomous driving and then enhance the concentrated exposures with options. The fund charges 95 bps in fees. The fund is a beneficiary of Tesla’s surge (read: ETFs Riding on Tesla's Surge).Volt Crypto Industry Revolution and Tech ETF BTCR – Up 15.9%This ETF is active and does not track a benchmark. The Volt Crypto Industry Revolution and Tech ETF concentrates a majority of its investments in companies with exposure to Bitcoin and its supporting infrastructure. The fund charges 85 bps in fees. The fund has gained bitcoin’s mainstream acceptance. October saw the launch of the first bitcoin futures ETFs which has been acting as a tailwind for the cryptocurrency and the related ETFs (read: Crypto & Clean Energy Top in October: Best ETFs Up At Least 25%).Barclays Women IN Leadership ETF WIL – Up 15.1%The underlying Barclays Women in Leadership Total Return USD Index provides investors with exposure to US based companies that satisfy one or both of the gender diversity criteria of having a female chief executive officer or having at least 25% female members on the board of directors and that satisfy certain market capitalization, liquidity & other selection criteria & concentration limits. The fund charges 45 bps in fees.Alpha Architect ETF Trust Viridi Cleaner Energy RIGZ – Up 14.3%This ETF is active and does not track a benchmark. The Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF is an actively managed exchange-traded fund focused on the cryptocurrency mining industry. The fund charges 90 bps in fees. This is a beneficiary of the latest semiconductor rally, launch of the bitcoin futures ETFs and global awareness for the increased deployment of cleaner energy.Bitwise Crypto Industry Innovators ETF BITQ – Up 12.4%The underlying Bitwise Crypto Innovators 30 Index measures the performance of companies involved in servicing the cryptocurrency markets, including crypto mining firms, crypto mining equipment suppliers, crypto financial services companies, or other financial institutions servicing primarily crypto-related clientele. Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Barclays Women in Leadership ETN (WIL): ETF Research Reports Simplify Volt Robocar Disruption and Tech ETF (VCAR): ETF Research Reports Bitwise Crypto Industry Innovators ETF (BITQ): ETF Research Reports Viridi Cleaner Energy CryptoMining & Semiconductor ETF (RIGZ): ETF Research Reports Volt Crypto Industry Revolution and Tech ETF (BTCR): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 8th, 2021

Ether hits fresh record high and bitcoin surges, sending total crypto market cap to $3 trillion for the first time

Ether hit an all-time high above $4,760 on Monday, while bitcoin topped $66,000 as it headed towards October's record. Bitcoin and Ethereum NurPhoto / Getty Images Ether hit a new all-time high above $4,770 on Monday, while bitcoin neared October's record of almost $67,000. More ether is being burned and hopes are building for an ether-based ETF. The gains for ether and bitcoin helped drive the combined crypto market cap to break $3 trillion for the first time. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Ether hit record highs on Monday, thanks to a higher burn rate of tokens and fresh burst of new money flowing into the market that lifted bitcoin towards its recent all-time peak, bringing the total value of the cryptocurrency market to $3 trillion for the first time.Bitcoin was last up 6.5% over the past 24 hours to around $65,884, by 06:40 a.m., while ether was up 2.9%, having risen earlier by as much as 4.6% to a high of $4,762 on Coinbase.The rise in ether has been underpinned by the rapid burn rate of tokens on the network, with 800,000 ether burned over the last three months, according to Freddie Evans, Sales Trader at UK based digital asset broker GlobalBlock. "The price of ether is increasing with help from the continuing burning reducing supply and anticipation for eths move to proof of stake in the new year moving ether to a far less energy-intensive system expected to reduce ethereum's energy usage by 99%," Evans said. Momentum building behind the launch of an ether backed exchange traded fund could have also propelled the coin. Bloomberg analysts last week predicted the first ethereum futures - based exchange traded fund could launch in the first quarter of 2022. Bakkt, digital asset manager, also told Insider Saturday that they would allow its clients to buy, hold and sell ether via its app by the end of the year. Ether, the second biggest coin by market cap behind bitcoin, has risen by 36% over the month, thanks to the growing popularity of applications such as non-fungible tokens and the development of the metaverse, while bitcoin has risen by 24% over the month. New buyers have been jumping into the space, lifting the broader market, Evans added. Coinbase, one of the largest exchanges, was the most downloaded app in the US last week. "We expect movements like we see now during a bull run; with global interest in crypto seeming to expand exponentially, prices have responded accordingly," Evans said. With ether and bitcoin hovering around record highs, the total value of the market has now crossed $3 trillion for the first time on record, roughly the size of the entire UK economy.Community has always been a big part of the crypto space and Tyler and Cameron Winklevoss, who co-founded the crypto exchange Gemini, chimed in as the prices rallied on Monday. Evans said he believed this may have added to the upward move in bitcoin. "Bitcoin feels like it's gonna have a 7 in front of it soon," Cameron Winklevoss said on Twitter early Monday. "Bitcoin flirting with (an) all-time high. Time to go parabolic," twin Tyler said on Twitter Monday morning. The surge in ether is feeding expectations that it will soon vault past bitcoin in terms of total market size - an event known as "the flippening". Some market watchers think this could happen in the coming months. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 8th, 2021

A Gen Z crypto millionaire says ether could overtake bitcoin as the No 1 crypto before mid-2022 - and could "power the rails" of global finance

Rahul Rai, a 24-year-old crypto hedge fund founder, believes ether could overtake bitcoin in the next six or so months. Rahul Rai, co-head of Market Neutral at BlockTower Capital. Rahul Rai Rahul Rai, a 24-year-old hedge fund founder, believes ether could overtake bitcoin in the next six or so months. The ethereum token has the potential to "power the rails of all global finance" through DeFi use, he told Insider. Ether has climbed to new highs recently, and there is around $100 billion in total value locked on the network. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Crypto hedge fund manager Rahul Rai believes the market will see ether overtake bitcoin in terms of market capitalization before the middle of next year, in what experts call "the flippening". The native token of the ethereum network hit record highs above $4,600 this week, after CME Group, the world's largest derivatives exchange, said it would launch micro ether futures in early December.Ether's rise was propelled by a series of developments that underscored the growing momentum in the digital market beyond pure cryptocurrencies.Facebook recently said it would rebrand itself as Meta, in a nod to its commitment to expanding its activities in the metaverse, while metaverse gaming platform Sandbox raised $3 million in a day. Even K-pop sensations BTS are set to launch digital photocards in the form of non-fungible tokens (NFTs), thanks to a collaboration unveiled this week between their agency and South Korea's biggest cryptocurrency operator.The ethereum network now has around $100 billion total value locked onto it, according to The Block data. Yet ethereum is still very much second to bitcoin in terms of market value. This might not be the case for very much longer, according to Rai, the co-head of market neutral at BlockTower Capital."I definitely think there's a really good chance for ether to surpass bitcoin. I wouldn't be surprised if it happened within the cycle," the 24-year-old told Insider."Very tough to predict when this cycle will end. My take is mid-next year," he continued. Bitcoin is the number one crypto with a market capitalization of over $1 trillion, while ether is in second place with a market cap of $535 billion - meaning it's edging closer to its rival. Two years ago, bitcoin accounted for almost 67% of the entire crypto market, but its portion has dropped to 45%. Meanwhile, ether's market share has risen from 8.5% to nearly 20%.This year, bitcoin has hit record highs near $70,000, powered by major investors including the cryptocurrency in their portfolios as a means of diversifying their holdings and as a hedge against inflation."Bitcoin is a store of value, it's digital gold. And so its market cap, at most, is going to be somewhere around gold - maybe larger, because it has some properties that are better than gold. But that's roughly the benchmark you're going to use to cap its market size," Rai said.Gold's market cap is currently around $11 trillion, according to CompaniesMarketCap data. Rai, who sold his crypto hedge fund Gamma Point Capital for $35 million this year, said the versatility of the ethereum network would be the key attraction for developers and investors alike.Ethereum is a layer one network that allows payments, lending, trading and staking. It enables peer-to-peer activity without a broker or bank as an intermediary. Unlike bitcoin's network, the blockchain is programmable, meaning it can run other applications such as smart contracts, NFTs and even the metaverse. "Ethereum is trying to power the rails of all of global finance in the future, and that is a much bigger market, if it does succeed," Rai said."If it does succeed, and if the thesis plays out, then the market value is going to capture trillions of dollars in global activity, and that's a much bigger market than (what) bitcoin's going up (toward)," he added.Read the original article on Business Insider.....»»

Category: personnelSource: nytNov 7th, 2021

A tale of two altcoins: Shiba inu"s star fades, while solana shines, as investors favor real-use tokens

Investors have shunned meme tokens like shiba inu in favor of cryptocurrencies with more real-life use cases, such as solana and ether. Shiba inu and sol id-work/ Getty Images and Skorzewiak/ Shutterstock Shiba inu fell by as much as 40% over the last week, while DeFi token solana has climbed 21%. Investors have started turning away from meme coins to those that have real use cases. This week, investors were unnerved by a scam in a Squid Game-themed token and by shiba inu whale activity. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Shiba inu lost some of its recent appeal this week, falling by as much as 40% over the week in the seven days to Friday. Investors have shunned meme tokens in favor of cryptocurrencies with more real-life use cases, such as solana and ether.The dogecoin-inspired meme coin was down around 5% on the day to $0.00005164, having touched a low this week of $0.00004130 on the Coinbase exchange, marking a drop of almost 40% week-on-week.The coin's rapid rise, coupled with developments elsewhere in the crypto space that have lured investors into more established tokens, unleashed a wave of profit-taking, particularly in light of the fact that most shiba inu in circulation is concentrated in very few hands - meaning there is a strong chance of even deeper losses."There are a load of shib coins out there to sell and whales with big bags to offload. The fact that a few whales hold much of the supply can actually make it easy to push prices up, but of course small-time traders will never know when whales will sell," Ali Beikverdi, CEO and co-founder of bitHolla, an exchange software company said. By way of example, shiba inu holders were unnerved earlier this week when the second biggest shib address started moving $2.3 billion worth of the coin from its wallet. That wallet only accounts for 7% of shiba inu in circulation, while the largest holds 41%, according to Coinmarketcap data.Added to that, a blistering rally in a "Squid Game" token - inspired by the hit Korean series on Netflix - ended in that coin crashing to 0 from closer to $3,000 in hours. This event rekindled concern over the potential for scams in the crypto market."Indeed, investors don't like to lose money. What happened with the Squid Game token caused a high level of discomfort amongst investors," Ryan Wilkinson, Head of Product at Blockasset.co, an NFT marketplace built on the solana network said. Meanwhile, investors have flocked to coins with real use cases, such as those linked to decentralized finance and non-fungible tokens, like ether, solana and avalanche.Solana's sol token has gained 21% so far this week and hit record highs above $250, while avalanche's avax has risen 18% this week and ether - the second most-traded cryptocurrency after bitcoin - has gained 1.6%."Solana is undoubtedly one of the hottest blockchains today, as its usability and eco-friendliness are reverberating across the blockchain industry," Wilkinson said. "The number of decentralized finance (DeFi) applications and non-fungible tokens (NFT) being floated atop the blockchain is the ultimate source of boosted demand for sol," he said.Ether benefitted from the announcement of the launch of micro futures by CME - the biggest derivatives exchange - as well as the growing momentum around NFTs and the metaverse, much of which runs on ethereum. Regardless of the scandals and scams that seem to follow meme cryptos and social tokens, at times, some market watchers believe these more speculative coins will persist. "Meme tokens will have a big part in the cryptocurrency space," Marcus Sotiriou, sales trader at digital asset broker GlobalBlock, said. "We've had evidence with coins like DOGE and SHIB that this is the case. In a world where we are all connected by social media, these communities can be very powerful, and they take advantage of network effects." Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 5th, 2021

Inflows to bitcoin ETFs slow after record-breaking surge driven by first futures ETFs, Coinshares says

Bitcoin investment products hauled in the majority of inflows into cryptocurrency vehicles last week, at $269 million. A visual representation of the digital Cryptocurrency, Bitcoin Chesnot/Getty Images Inflows into bitcoin ETFs were $53 million last week, slowing from a record haul in the previous week, said CoinShares. A record $1.2 billion was pushed into bitcoin-futures ETFs with the launch of such vehicles from ProShares and Valkyrie. Inflows into digital-asset investment products are 30% higher from the year-earlier period. Institutional investors pushed more than $50 million into bitcoin exchange-traded funds last week, a slowdown from the more than $1 billion that was poured into such vehicles upon their arrival into the marketplace. The ProShares Bitcoin Strategy ETF followed by the Valkyrie's Bitcoin Strategy ETF that launched toward the end of October marked total inflows of $1.24 billion, but that record-breaking haul "was not repeated" last week with only $53 million going into bitcoin ETFs, said digital asset management firm CoinShares in an update published Monday. CoinShares said other European and Canadian-based bitcoin exchange-traded products logged inflows last week. Since the first two US-based bitcoin-futures ETFs were introduced, trading in VanEck's Bitcoin Strategy ETF has started. The bitcoin-futures ETFs notch a notable development for the cryptocurrency market whose valuation this year has swelled to more than $2.5 trillion. The bitcoin-futures ETFs invest in contracts used to speculate on future prices for bitcoin and don't require buyers to hold an account at a cryptocurrency exchange or to have a crypto wallet.While there was a slowdown in the weekly inflows into those products, bitcoin products raked in the majority of inflows into cryptocurrency vehicles last week, at $269 million. Those investments drove bitcoin inflows in October to $2 billion. At the same time, inflows into digital asset products were $288 million last week. The amount led total inflows so far this year to a record $8.7 billion, which is 30% higher than the total for 2020, said CoinShares. Bitcoin during Tuesday's session rose more than 4% to trade at $63,485. It logged a fresh record high above $67,000 two weeks ago. Read the original article on Business Insider.....»»

Category: personnelSource: nytNov 2nd, 2021

Bitcoin Jumps, Ether Hits Record High On Deflationary Issuance, Futures News

Bitcoin Jumps, Ether Hits Record High On Deflationary Issuance, Futures News A day after headlines on Stablecoin regulation were expected to shake confidence (but in fact do the opposite), cryptos are extending 'Uptober' gains overnight, pushing the total crypto market cap above $2.6 trillion... Source ...with Bitcoin spiking $1500 this morning, back above $63,000 (and up over $105% YTD)... Source: Bloomberg As it appears 'Whales' have been buying the dip in bitcoin: Conclusions: The ratio between the two groups; whales and other fishes gives a measurement of supply dynamics. Thus, can help visualize the supply shortage coins held by whales can cause and it's affect on price. Along with that, a more sensitive macro top indication. — Dor Shahar (@dorinvesting) November 1, 2021 But Ethereum is making the headlines as it spikes above... Source: Bloomberg To a new record high... Source: Bloomberg While catalysts for the move are numerous, some are pointing to the fact that the Ethereum network has seen its first consecutive week of negative supply issuance as bubbling markets drive persistently high transaction fees. As CoinTelegraph reports, with the highly anticipated London upgrade introducing a burn mechanism into Ethereum’s fee market in early August, a small quantity of Ether (ETH) has since been destroyed with every transaction executed on the network. With gas prices sustaining at high levels, Ethereum has seen seven consecutive days of deflationary issuance for the network, meaning that more ETH has been removed from supply than created through mining. In order for Ethereum to consistently produce deflationary blocks, gas prices must consistently remain roughly above 150 gwei. EthHub co-founder Anthony Sassano commented that deflationary Ethereum was not expected until “the merge” — when the Ethereum blockchain is set to merge with Ethereum 2.0’s Beacon Chain, which is currently expected to occur during the first half of 2022. According to the Ultrasound.Money fee burning tracker, around 15,000 ETH ($65 million at current prices) is being burnt daily. When factoring in the rate of new ETH being created, Watch the Burn reports a weekly net issuance of minus 8,034 ETH (roughly $34 million) at the time of writing. Ethereum is likely also buoyed by news that CME will expand its crypto offerings to Micro Ether Futures (sized at one tenth of one ether). CME launched ether futures in February and more than 675,500 contracts have traded to date and micro ether futures are scheduled to launch on Dec. 6, pending regulatory review. For now, ETH is outperforming BTC having found support at around 0.06x... Source: Bloomberg Finally, as Goldman recently noted, the local backdrop looks supportive for Ethereum as "it has tracked inflation markets particularly closely, likely reflecting the pro-cyclical nature as "network based" asset." And, as Rzymelka notes, "the latest spike in inflation breakevens suggests upside risk if the leading relationship of recent episodes was to hold." All of which suggest significant further upside for Ethereum. Tyler Durden Tue, 11/02/2021 - 08:40.....»»

Category: worldSource: nytNov 2nd, 2021

4 Top-Performing ETF Areas of Last Week

Big three U.S. indexes including the S&P 500, the Dow Jones, the Nasdaq Composite and the Russell 2000 made last week a winning one for investors. Big three U.S. indexes including the S&P 500 (up 1.33%), the Dow Jones (0.40%), the Nasdaq Composite (up 2.70%) and the Russell 2000 (up 4.2%) made last week a winning one for investors. Crypto-related investments and clean energy ETFs hogged attention last week.The month was great from the bitcoin context as the investing world welcome the first U.S.-listed bitcoin futures ETF – ProShares Bitcoin Strategy ETF (BITO). The ETF started trading on Oct 19, making the world’s biggest cryptocurrency available in a tax-efficient wrapper to investors via any brokerage account (read: What You Should Know About Bitcoin ETFs).Plus, Valkyrie Investments’s bitcoin futures exchange-traded fund also won the green signal of the U.S. Securities and Exchange Commission. The fund (BTF) started trading from Oct 22. VanEck will join ProShares in launching a bitcoin futures exchange-traded fund (XBTF).No wonder, crypto-related companies which focus on the blockchain technology were in the positive zone last week. Another winning area was clean energy thanks to the 26th Conference of Parties (COP26) at Glasgow. This summit aims to lower emissions of greenhouse gas and tackle global warming.Added to this, there was downbeat U.S. GDP growth report. The American economy grew an annualized 2% in Q3 of 2021, falling shy of market forecasts of 2.7% and slowing sharply from 6.7% in Q2. It is the weakest growth of pandemic recovery as government support is fading and a surge in Delta-variant related COVID-19 cases and global supply chain issues hurt consumption and production in the period (read: 5 ETFs to Win Despite Downbeat U.S. GDP Growth).Against this backdrop, below we highlight a few ETF areas that gained handsomely in the past week.Robocar Disruption         Simplify Volt Robocar Disruption and Tech ETF VCAR – Up 23.6%Electric vehicle maker Tesla became a one-trillion company and jumped 8.7% last week. The rally came after the news of the biggest-ever order from Hertz. The rally was also driven by the news that the company's Model 3 become the first electric vehicle to top monthly sales of new cars in Europe, beating stalwarts like the Renault Clio and Volkswagen Golf. Tesla sold 24,591 units of Model 3 in Europe in September, representing year-over-year growth of 58%. The fund VCAR invests about 20% of its weight in Tesla. No wonder, the fund surged massively last week (read: 6 ETFs to Ride on Tesla's Trillion-Dollar Market Cap).HydrogenHydrogen is often touted as the fuel of the future as the world transitions away from fossil fuels. Even big oil companies are investing millions in green hydrogen projects, but the technology is not cost effective currently (read: Market Outlook & Thematic ETF Ideas for Q4).With COP-26 taking place in October and delegates from about 200 countries to be announcing how they will reduce emissions by 2030, alternative energy had every reason to rally.Global X Hydrogen ETF HYDR – Up 14.1%ETF Series Solutions Defiance Next Gen H2 ETF (HDRO) – Up 11.6%Direxion Hydrogen ETF (HJEN) – Up 11.0%SolarThis is yet another beneficiary of COP-26. Investors took positions in solar energy ahead of the outcome of the meeting.  Notably, India and the United Kingdom will launch a project that aims to create a solar grid connecting countries in different parts of the world at the upcoming U.N. climate talks in Glasgow, Scotland.Solar Invesco ETF TAN – Up 12.1%Proshares S&P Kensho Cleantech ETF (CTEX) – Up 11.4%Global X Solar ETF (RAYS) – Up 10.6%Wilderhill Clean Energy Invesco ETF (PBW) – Up 10.5%Alps Clean Energy ETF (ACES) – Up 10.4%BlockchainEverything in the world is getting digitized. Most of the sectors including energy, water utilities and real estate are becoming digitally transformed. Bitcoin hit an all-time high of $66,000 in October as it received the mainstream acceptance, which helped the blockchain funds.Global X Blockchain ETF BKCH – Up 10.3%Bitwise Crypto Industry Innovators ETF (BITQ) – Up 10.1%Vaneck Digital Transformation ETF (DAPP) – Up 8.7% Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Invesco Solar ETF (TAN): ETF Research Reports Global X Blockchain ETF (BKCH): ETF Research Reports Global X Hydrogen ETF (HYDR): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 1st, 2021

Bitcoin bull Michael Saylor says MicroStrategy will continue to use cash, debt, or equity to keep adding to its trove of bitcoin

MicroStrategy's stash of bitcoin is now worth around $7 billion after an additional 9,000 coins were added in the quarter ended Sept. 30. MicroStrategy CEO Michael Saylor. Joe Raedle/Getty Images MicroStrategy will keep buying bitcoin with either cash flows, debt or equity, said CEO Michael Saylor in a CNBC interview. Saylor said the 'killer use-case' for bitcoin is a storer of value in the face of rising inflation. MicroStrategy's bitcoin stockpile is now worth around $7 billion. MicroStrategy will continue stockpiling bitcoin for years to come, and while the cryptocurrency's price is volatile, "it's going up forever," CEO Michael Saylor told CNBC on Monday. The bitcoin bull outlined his bullish outlook on the digital asset after a MicroStrategy regulatory filing last week showed the company bought 9,000 bitcoin in the quarter ended Sept. 30. The data analytics company's bitcoin count stood at 114,042, and the stash was worth nearly $7 billion on Monday as bitcoin traded around $61,220. Bitcoin in October notched a fresh record high above $67,000, coinciding with the launch of the first bitcoin-futures exchange-traded fund, the ProShares Bitcoin Strategy ETF. MicroStrategy "will continue to acquire [bitcoin] quarter by quarter, time to time, either with cash flows or with debt or with equity, just depending upon market circumstances and what looks most accretive to our shareholders," he said. As for bitcoin's price, "our view is it'll be volatile because it's plugged into the entire crypto market and it's new, but it's going up forever," said Saylor."I've got a long-term view. I think for the decade, bitcoin is going to be the strongest, hardest, most technically forward storer of value in the economy," he added, calling that the "killer use-case" as inflation rates for consumer and industrial goods soar Another factor favoring bitcoin is that the regulatory landscape in the US has provided significant "clarity" over the last three months, he said. "You can see support in Congress and the Senate, and you can see a very progressive administration. And most of the fears around the China crackdown are past us now. And with the bitcoin mining industry relocating to the US, I think it's a very bullish outlook for the next 12 months," he said. "I don't think things could have gone better in the past quarter." Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 1st, 2021

October to See 3 Bitcoin Futures ETFs? Let"s Explore (Revised)

October 2021 will be long-remembered in the investing world for the launch of bitcoin futures ETFs. October 2021 will be long-remembered in the investing world for the launch of bitcoin futures ETFs. ProShares Bitcoin Strategy ETF BITO, the first US listed bitcoin ETF has started trading on Oct 19, making the world’s biggest cryptocurrency available in a tax-efficient wrapper to investors via any brokerage account.VanEck will join ProShares in launching a bitcoin futures exchange-traded fund (XBTF). Plus, Valkyrie Investments’s bitcoin futures exchange-traded fund also won the green signal of the U.S. Securities and Exchange Commission. The fund (BTF) started trading from Oct 22.These are great success from the issuers’ point of view. Despite the humongous success witnessed lately, regulatory concerns have always been a hurdle for bitcoin. There have been repeated attempts in the past by ETF issuers to bring an exchange-traded-product on the cryptocurrency. But none received the SEC nod up until October 2021. The SEC was seemingly looking for more proof of safety in this trade (read: Bitcoin Matches SPY ETF in 1H: What Lies in 2H of 2021?).More Futures-Based ETF Launches Ahead?SEC Chair Gary Gensler indicated his preference for futures tracking ETFs, created under the existing 1940 Investment Company Act, which provide considerable investor protection. Futures-based products are however not as efficient as physically-based products in general since derivatives add another layer of complexity, with the need to rollover. They also are not very good at tracking spot prices (read: Bitcoin & Blockchain ETFs: What Investors Should Know).The likelihood the ETF’s listing appeared to push up the price of bitcoin over the past week. Bitcoin hit a record level of $66K on ETF news. Several companies, including Invesco have applied to bring about similar ETFs that could follow ProShares into the market in the weeks ahead.In the absence of an ETF before, investors used to track products like the Grayscale Bitcoin Trust (GBTC) that can trade at a significant discount or premium to their NAV. But these are only available to qualified wealthy investors or in over-the-counter markets.Any More Downsides in the Cards?Environmental concerns may be a downside risk for the fund. Per a CNBC article, questions regarding the bitcoin’s impact on the environment could be another issue for the cryptocurrency. “Bitcoin mining equipment requires lots of electricity to run, and bitcoin’s energy consumption has risen considerably over the years in tandem with its price. While bitcoin’s critics have long warned of its huge carbon footprint, Tesla CEO Elon Musk brought the issue back to the fore this year,” the article noted.ETFs in Focus If you are still unsure about investing in BITO, XBTF and BTF and want to wait for more futures-based ETF launches, stocks that are related to bitcoin mining or trading may entice you as they play an indirect role in betting on this crypto asset.Coinbase Global Inc. COIN is a U.S. company that operates a cryptocurrency exchange platform without an official physical headquarter. Coinbase has exposure to funds like VanEck Vectors Digital Transformation ETF DAPP, Simplify Volt Fintech Disruption ETF (VFIN) and Renaissance IPO ETF (IPO). Blockchain ETFs like Amplify Transformational Data Sharing ETF BLOK should also be watched by investors interested in bitcoin.Then there is crypto innovators ETF namely Bitwise Crypto Industry Innovators ETF BITQ. The underlying Bitwise Crypto Innovators 30 Index measures the performance of companies involved in servicing the cryptocurrency markets, including crypto mining firms, crypto mining equipment suppliers, crypto financial services companies, or other financial institutions servicing primarily crypto-related clientele.(We are reissuing this article to correct a mistake. The original article, issued on Oct 27, 2021, which incorrectly mentioned the ticker code of Valkyrie ETF, should no longer be relied upon.) Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amplify Transformational Data Sharing ETF (BLOK): ETF Research Reports Coinbase Global, Inc. (COIN): Free Stock Analysis Report VanEck Digital Transformation ETF (DAPP): ETF Research Reports Bitwise Crypto Industry Innovators ETF (BITQ): ETF Research Reports ProShares Bitcoin Strategy ETF (BITO): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksOct 28th, 2021

October to See 3 Bitcoin Futures ETFs? Let"s Explore

October 2021 will be long-remembered in the investing world for the launch of bitcoin futures ETFs. October 2021 will be long-remembered in the investing world for the launch of bitcoin futures ETFs. ProShares Bitcoin Strategy ETF BITO, the first US listed bitcoin ETF has started trading on Oct 19, making the world’s biggest cryptocurrency available in a tax-efficient wrapper to investors via any brokerage account.VanEck will join ProShares in launching a bitcoin futures exchange-traded fund (XBTF). Plus, Valkyrie Investments’s bitcoin futures exchange-traded fund also won the green signal of the U.S. Securities and Exchange Commission. The fund (BTFD) started trading from Oct 22.These are great success from the issuers’ point of view. Despite the humongous success witnessed lately, regulatory concerns have always been a hurdle for bitcoin. There have been repeated attempts in the past by ETF issuers to bring an exchange-traded-product on the cryptocurrency. But none received the SEC nod up until October 2021. The SEC was seemingly looking for more proof of safety in this trade (read: Bitcoin Matches SPY ETF in 1H: What Lies in 2H of 2021?).More Futures-Based ETF Launches Ahead?SEC Chair Gary Gensler indicated his preference for futures tracking ETFs, created under the existing 1940 Investment Company Act, which provide considerable investor protection. Futures-based products are however not as efficient as physically-based products in general since derivatives add another layer of complexity, with the need to rollover. They also are not very good at tracking spot prices (read: Bitcoin & Blockchain ETFs: What Investors Should Know).The likelihood the ETF’s listing appeared to push up the price of bitcoin over the past week. Bitcoin hit a record level of $66K on ETF news. Several companies, including Invesco have applied to bring about similar ETFs that could follow ProShares into the market in the weeks ahead.In the absence of an ETF before, investors used to track products like the Grayscale Bitcoin Trust (GBTC) that can trade at a significant discount or premium to their NAV. But these are only available to qualified wealthy investors or in over-the-counter markets.Any More Downsides in the Cards?Environmental concerns may be a downside risk for the fund. Per a CNBC article, questions regarding the bitcoin’s impact on the environment could be another issue for the cryptocurrency. “Bitcoin mining equipment requires lots of electricity to run, and bitcoin’s energy consumption has risen considerably over the years in tandem with its price. While bitcoin’s critics have long warned of its huge carbon footprint, Tesla CEO Elon Musk brought the issue back to the fore this year,” the article noted.ETFs in Focus If you are still unsure about investing in BITO, XBTF and BTFD and want to wait for more futures-based ETF launches, stocks that are related to bitcoin mining or trading may entice you as they play an indirect role in betting on this crypto asset.Coinbase Global Inc. COIN is a U.S. company that operates a cryptocurrency exchange platform without an official physical headquarter. Coinbase has exposure to funds like VanEck Vectors Digital Transformation ETF DAPP, Simplify Volt Fintech Disruption ETF (VFIN) and Renaissance IPO ETF (IPO). Blockchain ETFs like Amplify Transformational Data Sharing ETF BLOK should also be watched by investors interested in bitcoin.Then there is crypto innovators ETF namely Bitwise Crypto Industry Innovators ETF BITQ. The underlying Bitwise Crypto Innovators 30 Index measures the performance of companies involved in servicing the cryptocurrency markets, including crypto mining firms, crypto mining equipment suppliers, crypto financial services companies, or other financial institutions servicing primarily crypto-related clientele. Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amplify Transformational Data Sharing ETF (BLOK): ETF Research Reports Coinbase Global, Inc. (COIN): Free Stock Analysis Report VanEck Digital Transformation ETF (DAPP): ETF Research Reports Bitwise Crypto Industry Innovators ETF (BITQ): ETF Research Reports ProShares Bitcoin Strategy ETF (BITO): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksOct 27th, 2021

SIGN UP FOR OUR LIVE EVENT ON NOVEMBER 17: The future of crypto and its path to mass adoption - CLONE

Join us live on November 17 for a webinar on the investing opportunities and challenges that arise as bitcoin and altcoins become more mainstream. Bitcoin and smaller altcoins continue to advance from the fringes into the mainstream of global finance. Caitlin Long; Christopher Giancarlo; Insider Bitcoin and smaller altcoins continue to advance from the fringes into the mainstream of finance. As adoption grows, investment opportunities will grow - and so will regulatory roadblocks. Join us on November 17 at 1 p.m. ET for a live event on the future of crypto adoption and the role regulation will play. You can sign up here if you're a subscriber. Cryptocurrencies continue to advance from the fringes into the mainstream of global finance and investing.But for the uninitiated, crypto investing is a complicated minefield. And even for those who are familiar, the legitimacy of the various options out there is a major concern. That's where regulation comes in, both as a green light that could pave the way for wider crypto adoption, and as a threat that could pull the plug on several crypto projects. There's no shortage of demand for regulated investment avenues. For proof, look no further than the recent launch of ProShares' Bitcoin Strategy exchange-traded fund. On its first trading day, the futures-linked fund quickly pulled in $1 billion in assets at the fastest pace on record for an ETF. And after the second launch of an ETF by Valkyrie last week, firms like VanEck and WisdomTree are waiting for the coveted green light from regulators to launch their own. What do these product launches signal about the future of crypto, including the thousands of altcoins that are jostling for relevance and investor cash? How can regulation do more good for investors than harm? What kinds of opportunities will open up once the Securities and Exchange Commission approves various spot ETFs in its pipeline? And, what are the risks to investors if the SEC and other regulators take a harder stance to protect investors? Please join us for a live virtual conversation on these topics and more, moderated by Insider's Laila Hmaidan, reporter, and Akin Oyedele, senior editor for investing. The hour-long chat is scheduled for November 17 at 1 p.m. ET, (10 a.m. PT). The experts will also be taking audience questions.Our guests include: Christopher Giancarlo, former chairman of the Commodity Futures Trading CommissionCaitlin Long, founder and CEO at Avanti Financial GroupYou can sign up here if you're a subscriber.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 27th, 2021

Futures Slip From All Time High Amid Fresh China, Growth, Valuation Concerns

Futures Slip From All Time High Amid Fresh China, Growth, Valuation Concerns One day after US equity futures hit an all time high, rising to a record 4,590, risk sentiment has reversed and overnight index futures fluctuated and stocks in Europe retreated from a near-record on Wednesday after a flare up in U.S.-China tensions, signs of further regulatory crackdowns from Beijing, a decline in commodity prices, renewed concerns about economic growth and a rise in short-dated U.S. Treasury yields doused the equity market rally on Wednesday. At 7:45 a.m. ET, Dow e-minis were up 27 points, or 0.07%, S&P 500 e-minis were down 2.50 points, or -0.06%, and Nasdaq 100 e-minis were down 15.5 points, or 0.09%. Bonds and the dollar gained and bitcoin stumbled. The overnight losses started earlier in Asia, where tech stocks suffered hefty falls after China’s internet watchdog said it planned stricter registration rules for younger net users, while Chinese tech shares slid on concerns about more scrutiny from Washington after the U.S. banned China Telecom’s American business. U.S. futures also turned negative as the bullish mood over Tuesday’s forecast-beating results from Google owner Alphabet and Microsoft started to wane. Shares of energy firms including Exxon and Chevron tracked lower oil prices, while major lenders such as Bank of America slipped on a flattening U.S. yield curve. Microsoft Corp rose 2.1% in premarket trading after it forecast a strong end to the calendar year, thanks to its booming cloud business. Twitter gained 1.4% after the social networking site’s quarterly revenue grew 37% and avoided the brunt of Apple Inc’s privacy changes on advertising that hobbled its rivals. Google owner Alphabet also reported record quarterly profit for the third straight quarter on a surge in ad sales. However, its shares were down 0.6% after rising nearly 59% so far this year. Here are some of the biggest movers today: Microsoft (MSFT US) shares gain 2.2% in premarket after first- quarter results that analysts said were very strong across the board, showing scale and justifying the valuation of the software giant. Alphabet (GOOGL US) rises 1.3% after 3Q earnings earned a mostly positive reception from analysts, with at least three raising their price targets on the Google parent. Twitter (TWTR US) adds 2% amid resilient third-quarter sales at the social media company as it weathers Apple’s new limits on consumer data collection. Enphase Energy (ENPH US) gains 13% after its 3Q results and 4Q forecasts beat estimates. Analysts await more clarity on supply chain constraints. Robinhood (HOOD US) slumps 12% as some analysts cut price targets after the retail brokerage reported 3Q revenue that missed estimates and flagged further weakness in 4Q. Visa (V US) falls 2.4% as analysts flag a disappointing outlook from the payments company. Texas Instruments (TXN US) declined 4% after a forecast that may disappoint some investors who are concerned about a potential slowdown in demand for electronic components. Watch peers for a readacross. Angion (ANGN US) plunges 55% after company said a kidney transplant drug failed to meet primary end points in a phase three trial. European partner Vifor (VIFN SW) slips 6%. “While some prominent earnings misses have clouded the picture, the reality is that on aggregate, the reporting season so far has been very solid,” said Max Kettner, a multi-assets strategist at HCBC Holdings Plc. “Everyone, literally everyone, in the market right now is worried about supply-chain constraints, higher input costs and the like, so headwinds from this side are now very well reflected in near-term earnings expectations.” Concern over more tension between Beijing and Washington also weighed on markets after the U.S. Federal Communications Commission voted to revoke the authorization for China Telecom’s U.S. subsidiary to operate in the United States after nearly two decades, citing national security. “We have good U.S. data in earnings which is very reassuring but valuation is very stretched in both the value as well as the growth sector,” said Sebastien Galy, senior macro strategist at Nordea Asset Management. “And people are also getting a bit hesitant and are a bit worried because the amount of money that is going through will slow down with the Fed slowly starting to taper - but that is not necessarily a bad thing.” MSCI’s global equity benchmark hovered close to Monday’s seven-week high and is on track for the best month in almost a year. However, European stocks softened, led by a 1.6% drop in mining and resource firms in the Stoxx Europe 600 index as prices of raw materials including aluminum and iron ore fell along with crude oil. Germany’s DAX underperformed after Europe’s biggest economy cut its 2021 growth forecast, citing the lingering effects of the pandemic and a supply squeeze. Bund yields dropped along with those on other European bonds. Bank shares also slipped, with Deutsche Bank down more than 5% despite forecast-beating earnings. Europe's Stoxx 600 dropped about 0.3%, weighed down the most by miners and energy firms. FTSE 100 and DAX both down similar amounts. Here are some of Wednesday’s major earnings and corporate news from Europe Deutsche Bank AG dropped more than 6% after disappointing earnings, while Banco Santander SA declined despite a bullish outlook. Heineken NV fell after reporting a drop in demand for beer. BASF SE slipped after flagging dwindling returns on its core suite of chemical products as sputtering global supply catches up with demand. GlaxoSmithKline Plc rose after improving its profit outlook. Dutch semiconductor equipment maker ASM International NV advanced after revenue forecasts beat analyst estimates. Puma SE gained after raising full-year profit forecasts. Temenos AG surged as much as 16% after Bloomberg reported EQT AB is exploring an acquisition of the Swiss banking software specialist. Earlier in the session, the MSCI Asia Pacific Index was down 0.4% in late afternoon trading, paring an earlier drop of 0.7%, with Tencent, Alibaba and Meituan the biggest drags. Asian equities fell as risk-off sentiment fueled by renewed concerns over Evergrande’s debt woes and an escalation in China-U.S. tensions drove losses in Chinese tech giants. Benchmarks in Hong China and China led declines around the region. The Hang Seng Tech Index plunged as much as 3.9%, the most in over five weeks after Washington moved to ban U.S. business by China Telecom, following previous similar measures against Chinese tech firms including Huawei. Meanwhile, Secretary of State Antony Blinken called for a greater role by Taiwan in the United Nations, raising objections from Beijing. Chinese tech stocks have been rattled this year by a crackdown amid President Xi Jinping’s “common prosperity” campaign. There had been signs of a rebound recently, however, as the government signaled it would limit its restrictions. Investor confidence in beaten-down Chinese tech stocks hasn’t been fully restored “so they rush to dump those stocks at any negative news and signs of flow reversal,” said Castor Pang, head of research at Core Pacific-Yamaichi International Hong Kong. “This round of tech rebound has peaked,” he added. Key equity gauges also fell more than 0.5% in Indonesia and South Korea, while Vietnam’s benchmark climbed more than 2%. Japanese equities fell, though they closed off intraday lows, as electronics makers and telecommunications providers drove losses. Auto and chemical makers provided support for the Topix which closed down 0.2%, paring an earlier drop of as much as 0.7%. The Nikkei 225 closed little changed, with a gain in Fast Retailing offsetting a drop in SoftBank Group. Asian stocks were broadly lower, as the U.S. moved to ban China Telecom and amid renewed concern over Evergrande’s debt woes. Meanwhile, Japan Exchange Group said Tokyo Stock Exchange will extend the trading day by 30 minutes in the second half of the fiscal year ending March 2025.  In rates, the 10Y yield is down 1.2bp at 1.595%, trailing steeper declines for U.K. and German counterparts, which outperform by ~3bp as money markets trim expectations for BOE and ECB rate hikes. Long-end Treasuries continued to outperform vs front-end ahead of 5- and 7-year auctions Wednesday and Thursday, as well as month-end rebalancing expected to favor bonds over equities. Long-end yields are lower on the day by ~2bp, front-end yields higher by similar amounts, following selloff in Australia front-end bonds after strong 3Q CPI numbers. 5s30s curve breached 82bp for first time in a year. Gilts flatten further ahead of a revised gilt remit that is expected to report a GBP33b reduction. U.K. 10-year yield falls 5bps to 1.06%, the lowest since Oct. 14, outperforming bunds by ~1bp. In FX, the Japanese yen strengthened ~0.5% against the U.S. dollar, leading G-10 majors and followed by the Swiss franc. All other G-10 peers are red against the dollar, which is up about 0.06%. The fading risk sentiment meanwhile pushed up the safe-haven Japanese yen which rose 0.4% against the U.S. dollar though the greenback in turn held just off a one-week high versus a currency basket. The euro kept gravitating toward the $1.16 handle as overnight plays in the common currency as well as the loonie took the spotlight before the monetary policy meetings by the Bank of Canada and the ECB. The three-month Euro benchmark funding rate fell to -0.556%, matching the record low set on Jan. 6, as excess liquidity hovers near an all-time high seen earlier this month. The pound slipped and the Gilt curve bull-flattened ahead of the U.K. government’s budget announcement. The U.K. is expected to trim gilt sales to GBP33b, according to a Bloomberg survey of analysts at primary dealers. Commodity currencies, led by the krone, fell and the Australian dollar erased an Asia-session gain in European hours. The Aussie earlier rallied while Australian 3-year yield surged as much as 24bps to briefly top 1% after core inflation accelerated back inside RBA’s target, and taking its game of chicken with the bond market to new heights. Kiwi trailed most G-10 peers following a record trade deficit. The Offshore Chinese renminbi fell against the U.S. dollar amid heightened U.S.-China tensions. Currency and bond traders were looking to a slew of central bank meetings over the coming week for guidance. Canada is first up at 1400 GMT on Wednesday while the European Central Bank meets on Thursday, when the Bank of Japan also concludes its two-day meeting. The Fed has all but confirmed it will soon start to whittle back its asset purchases, though has said that shouldn’t signal that rate hikes are imminent. Nevertheless, Fed funds futures are priced for a lift-off in the second half of next year. “We updated our Fed call to show a hike in Q4 2022 and four hikes in 2023,” analysts at NatWest said in a note. “The inflation overshoot has been persistent,” they said. “There is (only) so much the Fed can tolerate before reacting ... it feels inevitable that that conversation will be brought up more and more as we go into next year.” Commodities are in the red. Brent crude down about 1.3% back to $85 a barrel, while WTI slips 1.7% to $83. Base metals drop. LME aluminium, copper, and nickel decline the most. Spot gold down $5 to trade around $1,787/oz.  The crypto space tumbled sharply shortly after the European close, pushing Bitcoin below $59,000 and wiping out much of the ETF launch gains. No changes are expected from Tokyo, but traders are expecting the ECB to push back on market inflation forecasts and are looking for hawkish clues from the Bank of Canada as prices put pressure on rates. Policymakers are facing a steady drip of evidence that there is no let-up from pressure on consumer prices. The latest came from Australia, where data showed core inflation hit a six-year high last quarter, raising the possibility of sooner-than-planned rate increases. The Australian dollar jumped after the data but soon pared the gains. Looking at today's busy calendar, we will get preliminary September wholesale inventories, durable goods orders and core capital goods orders from the US. In Europe, Germany November GfK consumer confidence, France October consumer confidence and Euro Area September M3 money supply are due. In central banks, monetary policy decisions from the Bank of Canada and Central Bank of Brazil will be released. On the corporate earnings front, companies reporting include Thermo Fisher Scientific, Coca-Cola, McDonald’s, Boeing, General Motors, Santander and Ford. Elsewhere, the UK government announces Autumn Budget and Spending Review. Market Snapshot S&P 500 futures little changed at 4,569.75 STOXX Europe 600 down 0.3% to 474.38 MXAP down 0.4% to 199.65 MXAPJ down 0.8% to 656.34 Nikkei little changed at 29,098.24 Topix down 0.2% to 2,013.81 Hang Seng Index down 1.6% to 25,628.74 Shanghai Composite down 1.0% to 3,562.31 Sensex up 0.2% to 61,468.43 Australia S&P/ASX 200 little changed at 7,448.71 Kospi down 0.8% to 3,025.49 German 10Y yield fell 4 bps to -0.157% Euro little changed at $1.1593 Brent Futures down 1.1% to $85.46/bbl Gold spot down 0.5% to $1,784.14 U.S. Dollar Index little changed at 93.98 Top Overnight News from Bloomberg Chinese authorities told billionaire Hui Ka Yan to use his personal wealth to alleviate China Evergrande Group’s deepening debt crisis, according to people familiar with the matter Germany cut its 2021 growth outlook to 2.6% -- compared with a prediction of 3.5% published at the end of April -- reflecting a scarcity in some raw materials and rising energy prices, particularly for gas, Economy Minister Peter Altmaier said Wednesday in an interview with ARD television China plans to limit the price miners sell thermal coal for as it seeks to ease a power crunch that’s prompted electricity rationing and even caused a blackout in a major city last month The SNB stressed that in light of the highly valued currency and the degree of economic slack, expansive monetary policy needs to be maintained, according to an account of President Thomas Jordan’s meeting with Swiss govt Sweden’s National Debt Office is reducing its bond borrowing in both kronor and foreign currency because central government finances are recovering faster than expected from the pandemic, according to a statement A more detailed look at global markets courtesy of Newsquawk Asian markets adopted a downside bias as sentiment waned following the mild gains on Wall Street, in which the S&P 500 and DJIA eked out record closes after easing off best levels. The US close also saw earnings from behemoths Microsoft, Alphabet and AMD - the former rose 2% after blockbuster metrics, whilst the latter two dipped after-market. Meanwhile, Twitter shares rose almost 4% after hours as the Co. highlighted the lower-than-expected Q3 impact from Apple’s privacy-related iOS changes. On the flipside, Robinhood slumped over 8% after reporting a steep decline in crypto activity. It’s also worth noting that Berkshire Hathaway Class A shares - the world’s most expensive shares - are quoted +51% after-market (+USD 223,614.00/shr); reasoning currently unclear. Overnight, US equity futures resumed trade flat before a mild divergence became evident between the NQ and RTY, whilst European equity futures' losses were slightly more pronounced. Back to APAC, the ASX 200 (+0.1%) was buoyed by its tech sector amid the post-Microsoft tailwinds from the US, but the sector configuration then turned defensive, whilst Woolworths slumped some 4% after earnings and dragged the Consumer Staples sector with it. The Nikkei 225 (-0.1%) saw losses across most sectors, with Retail, Insurance and Banks towards the bottom. The KOSPI (-0.8%) conformed to the downbeat mood, whilst Hyundai shares were also pressured amid its chip-related commentary. The Hang Seng (-1.6%) and Shanghai Comp (-1.0%) declined despite another substantial CNY 200bln PBoC liquidity injection for a net CNY 100bln. The Hang Seng accelerated losses in the first half-hour of trade with Alibaba, Tencent and Xiaomi among the laggards. Meanwhile. PAX Technology slumped 45% after the FBI raided the Co's Florida officers amid suspicion PAX’s systems may have been involved in cyberattacks on US and EU organizations. Finally, 10yr JGBs were lower amid spillover selling from T-notes and Bund futures, whilst the Aussie 3yr yield topped 1.00% for the first time since 2019 as the trimmed and weighted Australian CPI metrics moved into the RBA's target zone. Top Asian News China Agrees Plan to Cap Key Coal Price to Ease Energy Crisis China Tech Stocks Slump as Tensions With U.S. Spook Investors Top Court Orders Probe Of India’s Alleged Pegasus Use Tokyo Stock Exchange to Extend Trading Day by 30 Minutes European equities (Stoxx 600 -0.3%) are trading moderately lower in a session which has been heavy on earnings and light on macro developments. The APAC session saw more pronounced losses in Chinese bourses (Shanghai Comp -1%, Hang Seng -1.8%) compared to peers despite ongoing liquidity efforts by the PBoC with Hong Kong stocks hampered by losses in Alibaba, Tencent and Xiaomi. Stateside, performance across US index futures were initially firmer before following European peers lower with more recent downside coinciding with the US Senate Finance Committee Chairman unveiling a tax proposal focused on unrealised gains of assets held by billionaires and impose a 23.8% capital gains rate on tradable assets such as stocks; ES -0.1%. The US close saw earnings from behemoths Microsoft, Alphabet and AMD - the former rose 2% after blockbuster metrics, whilst the latter two dipped after-market. Meanwhile, Twitter shares rose almost 4% after hours as the Co. highlighted the lower-than-expected Q3 impact from Apple’s privacy-related iOS changes. On the flipside, Robinhood slumped over 8% after reporting a steep decline in crypto activity. In the pre-market, upcoming earnings highlights include McDonalds, Boeing, GM, Bristol Myers and FTSE 100-listed GSK. Back to Europe, sectors are mostly lower with Basic Resources and Oil & Gas names at the foot of the leaderboard amid performance in underlying commodity prices. Banking names are also trading on a softer footing following earnings from Deutsche Bank (-5.4%) which saw the Co. report a decline in trading revenues whilst managing to make a profit for the 5th consecutive quarter. Spanish heavyweight Santander (-2.5%) is also acting as a drag on the sector despite reporting a net profit above expectations for Q3 with some desks highlighting softer performance for its US operations. Elsewhere, Sodexo (+5.6%) is the best performer in the Stoxx 600 after strong FY results, whilst Puma (+3.2%) trades on a firmer footing after reporting a beat on Q3 earnings and raising guidance. To the downside, BASF (-1.0%) shares are seen lower despite exceeding expectations for earnings with the Co. cautioning that the impact from higher Nat Gas prices in the first nine months of the year amounted to EUR 600mln costs and a significant increase in costs is expected following the October price hike. Top European News Deutsche Bank Falls; Results Fail to Provide Fresh Catalyst BASF Points to Chemical Price Surge Easing as Supply Increases SNB’s Jordan Stressed Need for Loose Policy in Govt Meeting U.K.’s Sunak Set to Cut Tax on Domestic Flights: The Independent In FX, nearly, but not quite for the index in terms of turning full circle on Tuesday and matching the prior week high as it fell just shy at 94.024 vs 94.174 on October 18, while also narrowly missing 94.000 on a ‘closing’ basis with a last price of 93.956. Moreover, month end rebalancing factors are moderately bearish for the Greenback against G10 rivals, and especially vs the Yen that has a relatively large 1.6 standard deviation and appears to be playing out in the headline pair and Jpy crosses on spot October 29. Indeed, Usd/Jpy has recoiled further from yesterday’s peak circa 114.31 to sub-113.60 before taking cues from the BoJ tomorrow and Japanese retail sales in the run up, but decent option expiry interest between 113.55-50 (1.8 bn) may underpin and support the DXY by default within a narrow 94.008-819 band. More immediately for the Buck in particular and peers indirectly, US durable goods, advance trade, wholesale and retail inventories. CHF/AUD - Also firmer vs their US counterpart, as the Franc clambers back above 0.9200 irrespective of a deterioration in Swiss investor sentiment and the growing chance that the SNB could be prompted to respond to a retreat in Eur/Chf from 1.0700+ to 1.0637 or so. Elsewhere, the Aussie has pared some of its post-core inflation inspired gains, but is holding close to 0.7500 and still outpacing its Antipodean neighbour as Aud/Nzd hovers around 1.0500. NZD/CAD/GBP - A downturn in overall risk sentiment and the aforementioned cross headwinds are weighing on the Kiwi that has slipped under 0.7150 vs its US namesake, and it’s a similar tale for Sterling that failed to retain 1.3800+ status or breach 0.8400 against the Euro before the latest reports about France preparing retaliatory measures against the UK over the fishing rights dispute. On top of that, Eur/Gbp tides are turning into month end and the usual RHS flows seen into and around fixings, while the Pound may also be acknowledging a pull-back in Brent prices in advance of the Budget, like the Loonie in respect of WTI ahead of the BoC, with Usd/Cad back above 1.2400 compared to 1.2350 at one stage on Tuesday and a tad lower in the prior session. Note, the break-even via implied volatility indicates a 58 pip move on the policy meeting that comes with a new MPR and press conference from Governor Macklem. EUR - Notwithstanding several gyrations and deviations of late, the Euro seems largely anchored to the 1.1600 mark vs the Dollar and yet more option expiries at the strike (1.5 bn today) may well be a contributing factor as the clock continues to tick down Thursday’s ECB convene that is seen as a dead rubber event in passing ahead of the big one in December - check out the Research Suite for a preview and other global Central Bank confabs scheduled this week. SCANDI/EM - Hardly a surprise to see the Nok recoil alongside crude prices, but the Sek is holding up relatively well in wake of an uptick in Swedish household lending and a big swing in trade balance from deficit to surplus. Conversely, the Try’s stoic revival mission has been derailed to an extent by dip in Turkish economic confidence offsetting a narrower trade shortfall, the Rub and Mxn are also feeling the adverse effects of oil’s retracement, the Zar is tracking Gold’s reversal through 200 and 100 DMAs, and the Cny/Cnh have been ruffled by the latest US-China angst, this time on the telecoms front. Last, but not least, the Brl anticipates a minimum 100 bp SELIC rate hike from the BCB, if not 125 bp as some hawkish forecasts suggest. In commodities, a softer start to the session for WTI and Brent seemingly stemming from the cautiously downbeat tone portrayed by broader risk and continuing to take impetus from last night’s Private Inventory report. For reference, the benchmarks are currently lower in excess of USD 1/bbl and WTI Dec’21 has been within touching distance of the USD 83.00/bbl figure, though is yet to test the level. Returning to yesterday’s crude report which printed an above consensus build of 2.318M for the headline print while the gasoline and distillate components were unexpectedly bearish, posting modest builds against expected sizeable draws. Looking ahead, the EIA release is expected to post a headline build. Aside from this, crude specific newsflow has been limited ahead of next week’s OPEC+ gathering though Iran remains on the radar given the latest release of constructive commentary on nuclear discussions. Albeit, we are still awaiting details on a return to full Vienna discussions. Moving to metals, spot gold and silver are softer on the session in a continuation of action seen around this time during yesterday’s session; metals pressured in wake of a choppy, but ultimately firmer, dollar. Elsewhere, China has reportedly agreed to set a price cap for thermal coal sales and comes as part of the ongoing crackdown by China on the commodity which spurred Zhengzhou thermal coal futures to hit limit-down overnight. US Event Calendar 8:30am: Sept. Durable Goods Orders, est. -1.1%, prior 1.8%; 8:30am: Durables Less Transportation, est. 0.4%, prior 0.3% Sept. Cap Goods Orders Nondef Ex Air, est. 0.5%, prior 0.6% Cap Goods Ship Nondef Ex Air, est. 0.5%, prior 0.8% 8:30am: Sept. Retail Inventories MoM, est. 0.2%, prior 0.1%; Wholesale Inventories MoM, est. 1.0%, prior 1.2% 8:30am: Sept. Advance Goods Trade Balance, est. -$88.3b, prior -$87.6b, revised -$88.2b DB's Jim Reid concludes the overnight wrap It’s day 42 out of 42 on crutches without any weight bearing on my left leg. Over that period I’ve been hopping, crawling, sliding, and using the crutches as a pole vault amongst other various forms of self transportation. So sadly today is the last day I get waited on. When I wake up tomorrow I’ll try to walk again and fend for myself. Equities threw away their crutches a couple of weeks ago and haven’t looked back. US Earnings have helped and while they aren’t as good as the headline beats suggest, due to big unwinding of reserves for loan loss provisions at the banks, they are notably better than some of the stagflationary gloom stories that dominated in the weeks ahead of this season. A reminder that our equity guys did their state of play on earnings a couple of days back here. Big tech was always going to be the swing factor between a slightly better than normal level of beats and a more aggressive one. Last night Alphabet, Microsoft, and Twitter all reported after hour. Alphabet and Microsoft beat on both sales and earnings, while Twitter’s revenue just missed expectations but traded higher after hours. Of the 41 S&P 500 companies that reported yesterday, 33 beat estimates. For the earnings season to date, 166 S&P companies have reported, with 139 beating earnings estimates. Prior to this, markets continued to stay in their “new normal” of record or cyclical high equity prices and multi-year breakeven highs. Positive surprises for earnings on both sides of the Atlantic helped yesterday as did strong US consumer confidence numbers. Starting with the US, along with strong earnings, a number of positive surprises in an array of economic data yesterday did just enough to push the S&P 500 (+0.18%) and the DJIA (+0.04%) to new record highs, while the Nasdaq (+0.06%) fell short of beating its record set on September 30th. The FAANG Index lagged on the day, dropping -0.33%, but managed new all-time highs intraday. On the other side of the Atlantic, European equities notched solid gains as well, with most major European markets finishing well in the green territory, lifting the STOXX 600 by +0.75% - a fraction below its record high. All index sectors but energy (-0.29%) finished higher on the back of strong earnings early in the session, particularly from UBS and Novartis. Taking a closer look at the aforementioned economic data, October US consumer confidence came in at 113.8 versus 108.0 expected, while the Richmond Fed Manufacturing index rose to 12, beating expectations of 5. In housing, new home sales for September (800k) surpassed estimates (756k) by a decent margin, whereas the August FHFA House Price Index came in at +1.0% versus +1.5% expected. There were further signs of a tight US jobs market as the labour market differential in the Conference Board index improved to 45.0, the best reading since 2000. Similar to Monday, breakevens climbed as real yields fell in the US and Germany. Nominal 10-year Treasuries were -2.3bps lower, while breakevens increased +2.6bps to 2.69%, still just a hair beneath all-time highs for the series. 10-year bunds declined -0.3bps while the breakeven widened +3.0bps. Breakevens took a breather in the UK, narrowing -8.6bps, whilst 10-year gilts were -3.0 bps lower. In Asia, most major indices are down this morning. The Nikkei 225 (-0.61%), KOSPI (-0.92%), Hang Seng (-1.58%) and Shanghai Composite (-0.92%) are all trading lower. Sentiment soured after the real estate saga continued with Chinese authorities asking companies to get ready to repay offshore bonds, while also urging Evergrande’s founder to employ his own wealth to aid the struggling developer. Additionally, in geopolitics, the US Federal Communications Commission banned China Telecom (Americas) Corp. from operating in the US on the back of national security concerns. Data releases from Asia continued to support the inflationary narrative amid rising commodity prices as we saw a +16.3% YoY growth in China’s industrial profits in September, up from +10.1% a month earlier. Meanwhile, Australia’s trimmed mean CPI (+2.1%) came in above expectations (+1.8%), sending the 3y yield higher by +14.5bps. The S&P 500 mini futures (0.00%) is broadly unchanged with the 10y Treasury at 1.622 (+1.4bps). In commodities, oil futures were mostly mixed yesterday, but both WTI (+1.06%) and Brent (+0.48%) managed to rise by the European close, as Saudi Aramco said earlier in the session that oil output capacity is declining rapidly across the world. On the other hand, European weather forecasts that pointed at lower temperatures starting next week did little to propel natural gas prices, which declined both in the region (-0.33%) and in the US (-0.27%). Briefly taking a look at the virus news, The FDA’s vaccines advisory committee voted 17-0 to back jabs for kids ages 5-11. The dose for the younger cohort amounts to one third of the current one given to those over the age of 12, which means that it could be more quickly distributed if the demand is there. The agency will give its final ruling soon, which is expected to follow the panel’s recommendation, and then the shots could be distributed within weeks to schools, pediatricians, and pharmacies. Elsewhere, Singapore will allow fully vaccinated travelers from Australia and Switzerland to enter without quarantine from November 8. In terms of upcoming data releases today, we will get preliminary September wholesale inventories, durable goods orders and core capital goods orders from the US. In Europe, Germany November GfK consumer confidence, France October consumer confidence and Euro Area September M3 money supply are due. In central banks, monetary policy decisions from the Bank of Canada and Central Bank of Brazil will be released. On the corporate earnings front, companies reporting include Thermo Fisher Scientific, Coca-Cola, McDonald’s, Boeing, General Motors, Santander and Ford. Elsewhere, the UK government announces Autumn Budget and Spending Review. Tyler Durden Wed, 10/27/2021 - 07:53.....»»

Category: blogSource: zerohedgeOct 27th, 2021

Investors poured a record $1.5 billion into crypto funds last week as the first bitcoin ETFs kicked off trading

This was the largest-ever weekly inflow by a significant margin, far surpassing the prior record of $640 million set in February, CoinShares said. Bitcoin. Thomas Trutschel/Photothek via Getty Images Investors poured a record $1.5 billion into the crypto market last week as the first-ever bitcoin ETF kicked off trading. This is the largest-ever weekly inflow, far surpassing the prior record of $640 million set in February, CoinShares said. Ether, meanwhile, saw outflows for a third consecutive week to the tune of $1.4 million due to profit-taking. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Investors poured a record $1.5 billion into the cryptocurrency market last week as the first-ever bitcoin ETF kicked off trading with the underlying asset itself hitting an all-time high.The 10th straight week of inflows was also the largest ever, far surpassing the prior weekly record of $640 million set in February, according to a report by digital asset manager CoinShares on Monday.Year-to-date, total crypto inflows now total $8 billion, beating the 2020 record of $6.7 billion, according to data for the week ending October 22. Total assets under management also hit a new record of $79.2 billion, although it ended the week at $76.7 billion"The record inflows were a direct result of the US Securities and Exchange Commission allowing a bitcoin ETF investing in futures and the consequent listing of two bitcoin investment products," the report said.The ProShares Bitcoin Strategy ETF debuted on October 19, becoming the second-most-traded fund launch of all time, while the Valkyrie Bitcoin Strategy ETF launched on October 21.Bitcoin saw 99% of last week's inflows, totaling $1.45 billion. There was, however, some evidence of profit-taking with some older investment products seeing outflows, the report showed.Bitcoin soared above $66,000 at its high point last week, representing a 50% gain in the space of a month while he benchmark S&P 500 has climbed roughly 4%."The cryptocurrency industry has waited for what feels like a very long time," Adam James, senior analyst at OKEx Insights, the research arm of crypto exchange OKEx. "Though ProShare's offering is technically a futures-backed ETF, it still represents a milestone in bitcoin's history." Weekly crypto asset flows by asset Bloomberg, CoinShares. Data available as of close 22 October 2021. Altcoins also made gains, led by solana, cardano, and binance coin, which saw total inflows of $8.1 million, $5.3 million, and $1.8 million respectively.Ether, meanwhile, saw outflows for a third consecutive week to the tune of $1.4 million. CoinShares attributed this to a "minor profit-taking as the price closes-in on all-time-highs." Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 25th, 2021