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DJIA and Other Wall Street Indices Remain Calm as Intel Leads Gains

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Republished by Plato

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Investors have been waiting on the sidelines with the impeachment developments of President Donald Trump as well as on the hope of the next stimulus package announcement by upcoming President Joe Biden.

On Wednesday, January 13, the S&P 500 – the benchmark index of Wall Street – closed slightly higher as tech giant Intel Corporation (NASDAQ: INTC) provided a major boost. The defensive sectors like utilities and real estate were leading gains as investors waited on the sidelines for another round of fiscal stimulus. The Wall Street indices, including DJIA, remain flat. The S&P 500 (INDEXSP: .INX) ended Wednesday’s session 0.23% up at 3809.84. The Dow Jones Industrial Average (INDEXDJX: .DJI) was marginally down 0.03% ending the session at 31,060.47. On the other hand, the Nasdaq Composite (INDEXNASDAQ: .IXIC) was marginally up 0.4% ending the session at 13,128.95.

On the other hand, the US Treasury yields fall after six consecutive sessions of the surge. Intel Corporation (NASDAQ: INTC was the biggest percentage gainer in the S&P 500 jumping nearly 7%. The stock rallied after the news came that the VMWare CEO Pat Gelsinger will replace Intel’s outgoing CEO, Bob Swan.

After last week’s record rally in the markets, the indexes have been moving at the sidelines. Wall Street is holding up to the expectations of a hefty COVID-19 package from the upcoming Biden Administration. Mona Mahajan, U.S. investment strategist at Allianz Global Investors, New York, said:

“Investors have been for some time looking to the second half of 2021. They continue to hope for a real reopening. A day like today is probably natural after a long run. Some of the laggard (stock sectors) are leading,” referring to the U.S. Treasury decline.

After the Capitol invasion last week by Trump supporters, the US House of Representatives gathered to consider a second impeachment for the President.

Wall Street Indices Remain on One Level as Investors Are on the Wait & Watch Mode

Investors have been waiting to see whether the impeachment process would delay any stimulus to other promised agenda by President-elect Joe Biden. Shawn Cruz, senior market strategist at TD Ameritrade in Jersey City, New Jersey said:

“The headlines coming in are causing some near term jitters but it looks like investors are looking past that to the rest of the year. Investors are in wait-and-see mode for now … if you’re moving to the sidelines you probably might want to be moving out of cyclicals.”

However, the surge in the COVID-19 still keeps a dark cloud hovering around the employment data.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Source: http://feedproxy.google.com/~r/coinspeaker/~3/7ItTZuo_p3s/

Blockchain

For Big Investors, the Recent Bitcoin Drop Presents More Buying Opportunities

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Bitcoin has fallen deeply into a state of oblivion. Once trading for well over $64,000, the world’s number one digital currency by market cap has lost nearly $20,000 in value since last month and is presently trading for just over $47,000.

Bitcoin Is Still Being Bought Up

Among many analysts is an attitude of gloom and doom. Some consider the end of bitcoin to be near, while other largescale investors – such as Michael Saylor of MicroStrategy fame – think that this is the perfect opportunity to add more bitcoin to their private and company stashes and buy up.

Saylor has recently come out and admitted that not long after Elon Musk announced his company would not be accepting BTC payments for goods and services, his company purchased another $15 million worth of the digital asset. The recent dip can likely be attributed to Musk’s sudden dismissal of BTC payments, which a lot of people in the crypto space were relying on.

This was going to be a major push forward in the world of BTC. It would be seen as a legitimate and mainstream method of payment considering such a huge, billion-dollar company would allow its usage alongside fiat and credit cards.

Sadly, it does not look like this is going to pass, and bitcoin has suffered as a result, but for people like Saylor, the present conditions offer more opportunities to take advantage of. In a tweet, Saylor announced his company’s recent purchase:

MicroStrategy has purchased an additional 271 bitcoins for $15 million in cash at an average price of about $55,387 per bitcoin.

Thus far, the company has accumulated nearly $2.5 billion in BTC over the past nine months according to a filing with the Securities and Exchange Commission (SEC). MicroStrategy was one of the first major institutions to pledge public support to bitcoin and initially began buying the asset in August of last year.

While Saylor looks at the recent situation as something positive for men like himself, others are expressing disdain with Elon Musk and the fact that he is constantly saying things that have large effects on bitcoin and its competing altcoin cousins.

Maybe It’s Time to Think Before You Talk

Dennis Kelleher – CEO of Better Markets in Washington – explained to reporters:

The problem here is that a loose cannon CEO continues to shoot his mouth off about any number of potential market-moving events. It is clearly grossly irresponsible, but it may not be illegal.

For the most part, there is no evidence supporting the idea that Musk does what he does or says what he says on purpose. It could be that he just simply does not realize his power within the industry yet. However, perhaps it is time he takes a breather and really thinks about his next steps regarding crypto, as it clearly has an effect on the rest of us.

Tags: bitcoin, Elon Musk, Michael Saylor, MicroStrategy Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.livebitcoinnews.com/for-big-investors-the-recent-bitcoin-drop-presents-more-buying-opportunities/

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Blockchain

Litecoin Price Prediction: LTC/USD Goes Bearish on a Correctional Note

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LTC Price Prediction – May 17
Currently, a downward correctional move is ongoing at a higher pressure in the LTC/USD market activities. The US currency forces its worth on the crypto since May 10 while the base instrument hit resistance around a high value of $400. With about a 10.07% reduction presently in the crypto market, price now trades at around the level of $266.

LTC/USD Market
Key Levels:
Resistance levels: $320, $360, $400
Support levels: $240, $220, $200

LTC/USD – Daily Chart
The LTC/USD daily chart showcases a heavy downward price correctional movement as most of the vital support trading levels breached to the downside. An intense bearish candlestick is being formed in the space between the SMAs. That has led to the breaking down of the bullish trend-line and the 14-day SMA trend-line to the south. The 50-day SMA indicator is being approached by current falling pressure at the immediate support value of $240. The Stochastic Oscillators are now in the oversold region slightly pointing to the south within it. That still calls for placing position with cautiousness as there may soon be a change of trend in no time.

Will the LTC/USD current fall-off reach for support of $240?
Going by the current pace at which the LTC/USD market operations as regards the downward correctional moves, it is most likely that bulls will await price to either closely average or briefly touch past the immediate support level of $240 before considering launching a pull-up. That said, a bullish candlestick formation is needed to back up a reliable return of an upward move at that trading zone.

On the account of contradiction, as regards the market’s upside, bears would now have to consolidate their stance in the market to forcefully break down the $240 support level in a continuation southward pushes to see through some lower support trading lines. The smaller SMA indicator may not play along with the furtherance of downswing at the first instance of heightening pressure.

LTC/BTC Price Analysis
As of writing, the comparison trading capacity outlook between LTC and BTC as shown on the chart depicts that the counter instrument has only been able to hold back the base tool in a convergent trading cycle at higher zones. Yet, the trend is having it to favor of LTC as placed with BTC. The 14-day SMA trend-line and the bullish trend-line are over the 50-day SMA. And, they are all underneath the cryptos’ trading point. The Stochastic Oscillators have slantingly moved into the oversold region with a brief-pointing posture to the south. That indicates that the possibility that the base instrument may soon begin a push further to the north.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://insidebitcoins.com/news/litecoin-price-prediction-ltc-usd-goes-bearish-on-a-correctional-note

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Blockchain

Iranian government to penalize crypto miners using household power

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The Iranian government has now warned of hefty fines for those who will be caught mining cryptocurrencies using power intended for domestic use.

This after authorities registered a significant spike in electricity consumption for digital currency mining, further straining the already stressed hydropower generation caused by insufficient rainfall in the country this year.

The government said the illegal mining operations for virtual currencies that rely on electricity intended for households cause transformers to be overloaded, damaging the power grid. According to Tehran Times, Iranian Ministry of Energy spokesperson Mostafa Rajabi Mashhadi said unauthorized miners “will be fined when identified and held responsible for the damages they cause to the electricity network.”

Mining rapidly expanding in Iran

Back in 2019, the Iranian government legalized cryptocurrency mining, classifying it as an industrial activity.

In 2020, over 1,000 mining licenses were issued by the Ministry of Industry, Mining, and Trade, and power companies were provided with an avenue to increase their profits through meeting the industry’s power demands.

Selling electricity to cryptocurrency miners was seen as an option to fill the gap between revenues and expenditures in the electricity industry. However, with the current energy crisis being faced by the country, this move is now also being questioned.

Power consumption through the roof

Per the latest available data, the cryptocurrency mining sector in Iran consumes up to 1,500 megawatts of electricity each day. Back in December, this figure only sat at 300 megawatts. Authorities revealed that only around 200 megawatts of the current average daily consumption are legal.

Chinese companies have taken advantage of low and subsidized electricity prices in Iran to establish mining operations in the country’s Special Economic Zones.

The Ministry of Industry, Mines, and Trade estimates around $660 million worth of cryptocurrency is mined annually by unlicensed facilities in Iran.

Image courtesy of Cointelegraph News/YouTube

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/blockchain/iranian-government-to-penalize-crypto-miners-using-household-power/

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