bitcoin,-around-$51k,-nears-upper-bound-of-3-year-price-trend

Bitcoin, Around $51K, Nears Upper Bound of 3-Year Price Trend

Business

CoinDesk

Soros, Morgan Stanley Join $200M Investment in Bitcoin Firm NYDIG

NYDIG, the firm that facilitated MassMutual’s $100 million bitcoin buy last year, has raised $200 million from a cadre of big-name investors. The round included Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual, Soros Fund Management and FS Investments, NYDIG announced Monday. Past investors Bessemer Venture Partners and FinTech Collective also participated. “The […]

Reuters

Rush to bitcoin? Not so fast, say keepers of corporate coffers

When Elon Musk’s Tesla became the biggest name to reveal it had added bitcoin to its coffers last month, many pundits were swift to call a corporate rush towards the booming cryptocurrency. Yet there’s unlikely to be a concerted crypto charge any time soon, say many finance executives and accountants loath to risk balance sheets and reputations on a highly volatile and unpredictable asset that confounds convention. “When I did my treasury exams, the thing we were told as number one objective is to guarantee security and liquidity of the balance sheet,” said Graham Robinson, a partner in international tax and treasury at PwC and adviser to the UK’s Association for Corporate Treasurers.

Reuters

Dollar hits three-and-a-half month high on firmer U.S. yields

The U.S. dollar hit a 3-1/2 month high on Monday as elevated U.S. Treasury yields spooked investors and boosted the greenback’s safe-haven appeal. After falling 4% in the last quarter of 2020, the dollar has strengthened by nearly 2.5% year-to-date as investors expect the broad rise in U.S. bond yields to weigh on stretched equity valuations and boost demand for the U.S. currency. “If we continue to see yields rise, that’s going to be very dollar positive and there’s nothing really getting in the way,” said Edward Moya, senior market analyst at OANDA in New York.

Associated Press

Aid group: Syrians could be displaced for years to come

Hundreds of thousands of Syrians face continued displacement each coming year that the conflict continues and economic conditions deteriorate, the Norwegian Refugee Council said Monday. Economic deterioration and hardship are increasingly driving Syrians out of their homes, but the number of displaced will be higher if large military operations resume, according to a report by the humanitarian group. The Syrian conflict, which marks 10 years later this month, has resulted in the largest displacement crisis since World War II, with an estimated 2.4 million people displaced in and outside Syria every year since the war begin in 2011, the council said.

TechCrunch

Chinese beauty app Meitu bought $40 million worth of cryptocurrency

Following in the footsteps of Tesla, Chinese app maker Meitu has joined the ranks of cryptocurrency investment. In the early 2010s, Meitu reached such dominance in the portrait touch-up space that its eponymous flagship app became a verb for “photo beautifying” in China. Meitu’s stock shrank from HK$18 apiece in 2017 to less than HK$3 today.

Reuters

Global stocks climb as yields pull back from earlier high

A gauge of global stocks rose in choppy trading on Monday as investors eyed the yield on U.S. Treasuries for signs of inflation pressures in the wake of the U.S. Senate’s passage of a $1.9 trillion stimulus bill. The Japanese yen weakened 0.49% versus the greenback at 108.83 per dollar, while Sterling was last trading at $1.3813, down 0.20% on the day.

Bloomberg

U.S. Government to Sell 0.7501 Bitcoin Worth $38,000 at Current Prices

(Bloomberg) — Tucked away among the Ford, Dodge and Chevy sedans, the 12,000-gallon storage container and the inoperable Caterpillar tractor being auctioned off by the U.S. government is an unusual item: 0.7501 of a Bitcoin.The U.S. General Services Administration typically uses its auctions to sell surplus federal equipment to the general public. With lot 4KQSCI21105001, which goes up for auction in a week, the government is offering an amount of Bitcoin worth about $38,000 at Monday’s price.The government doesn’t say where its surplus digital currency came from. And while it’s a far cry from the 30,000 Bitcoins auctioned off by the U.S. Marshals Service in 2014 after they were seized from the Silk Road marketplace, the GSA auction is one more indication of how Bitcoin is becoming more and more mainstream.On Wall Street, too, there is a newfound openness to the world’s most valuable digital currency: Custody banking giant Bank of New York Mellon Corp. said it will hold, transfer and issue digital currencies, while Mastercard Inc. announced plans to let cardholders transact in certain cryptocurrencies on its network. A Morgan Stanley unit known for picking growth stocks is considering adding Bitcoin to its possible bets and, last week, a person close to Goldman Sachs Group Inc. said the bank plans to reopen a trading desk for cryptocurrencies.The Bitcoins auctioned off by the U.S. Marshals Service in 2014 were estimated at the time to be worth about $19 million, though the winning bid — by venture capitalist Tim Draper — wasn’t disclosed. Those coins would be worth $1.5 billion today as the cryptocurrency’s price has skyrocketed to almost $51,000.The GSA auction is scheduled to be held from March 15 to 17.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Motley Fool

4 of Robinhood’s Top 10 Stocks Could Lose 50% (or More)

Last year, online investing app Robinhood, which is best-known for its commission-free trades and gifting of free shares of stock to new members, picked up somewhere in the neighborhood of 3 million new users. This is noteworthy given that the average age of Robinhood’s user base is only 31. Many of these young and/or novice investors have approached the market’s wild vacillations as an opportunity to get rich quick.

Reuters

Analysis: Iran slips record volume of oil into China, reaches out to Asian clients for trade resumption

Iran has quietly moved record amounts of crude oil to top client China in recent months, while India’s state refiners have added Iranian oil to their annual import plans on the assumption that U.S. sanctions on the OPEC supplier will soon ease, according to six industry sources and Refinitiv data. U.S. President Joe Biden has sought to revive talks with Iran on a nuclear deal abandoned by former President Donald Trump in 2018, although harsh economic measures remain in place that Tehran insists be lifted before negotiations resume. The National Iranian Oil Company (NIOC) has started reaching out to customers across Asia since Biden took office to assess potential demand for its crude, said the sources, who declined to be named because of the sensitivity of the matter.

Reuters

Analysis: Iran slips record volume of oil into China, reaches out to Asian clients for trade resumption

Iran has quietly moved record amounts of crude oil to top client China in recent months, while India’s state refiners have added Iranian oil to their annual import plans on the assumption that U.S. sanctions on the OPEC supplier will soon ease, according to six industry sources and Refinitiv data. U.S. President Joe Biden has sought to revive talks with Iran on a nuclear deal abandoned by former President Donald Trump in 2018, although harsh economic measures remain in place that Tehran insists be lifted before negotiations resume. The National Iranian Oil Company (NIOC) has started reaching out to customers across Asia since Biden took office to assess potential demand for its crude, said the sources, who declined to be named because of the sensitivity of the matter.

Bloomberg

Upbeat Chinese Data May Not Ease Emerging-Market Taper Gloom

(Bloomberg) — The prospect of rising inflation and U.S. Treasury yields may damp emerging-market sentiment, reflected by a slump in Chinese assets despite trade data that pointed to a speedier global recovery from last year’s lockdown.Exports from the world’s second-biggest economy soared in the first two months of the year, data showed Sunday, reflecting a recovery in external demand and providing a much-needed boost for risk assets after a turbulent start to March. Meantime, the U.S. Senate passed a $1.9 trillion stimulus package Saturday that may offer an additional spur to countries such as Mexico whose economies are most sensitive to U.S. growth.Emerging-market stocks fell to a two-month low and currencies were poised for their worst session in a year on Monday as anxiety remains high in the bond market after Federal Reserve Chairman Jerome Powell’s dovish message last week stopped short of trying to rein in the surging yields. An index of dollar-denominated debt in the developing world dropped for a fourth week in its longest losing streak since 2018. Local-currency notes also declined amid selloffs from Poland to Hungary and Mexico.“All fixed-income assets face a challenging market as rates and inflation become more of a threat,” said Abdul Kadir Hussain, Dubai-based head of fixed-income asset management at Arqaam Capital. “Emerging markets are no different. We have already seen outflows from emerging-market fixed-income funds, and I suspect that will continue in the near term.”Last week, exchange-traded fund investors withdrew money from emerging-market bonds, while adding to stocks, as they weighed the prospects of stronger global growth and a pickup in U.S. yields.Inflation data this week will offer evidence of whether that caution is merited. Economists expect consumer prices to have picked up in places such as Taiwan, India and Brazil. Elsewhere, Peruvian policy makers will probably keep the key interest rate at a record low of 0.25%.Listen to the EM Weekly Podcast: Improving China Data; Rising Treasury YieldsInflation WatchTaiwan’s consumer prices probably rose last month after declining in January, according to a Bloomberg survey before the report on Tuesday. Export figures the same day may reveal growth slowed in February after the island exported a record the previous monthThe improving global trade outlook and backdrop for exports will probably buoy the Taiwan dollar, according to Gao Qi, a currency strategist at Scotiabank in SingaporeIndia’s consumer-price inflation probably accelerated further above the central bank’s 4% target, a Bloomberg survey showed. That could limit its capacity to keep monetary conditions accommodativeThose figures may put further upward pressure on Indian bond yields, which are already at a 10-month highA reading of Brazil’s February consumer-price inflation on Thursday will be the last before the central bank meets later this month to decide on the key policy rateEconomists expect that inflation climbed last monthMexico’s February inflation probably increased amid higher non-core prices, data on Tuesday may showArgentina is likely to report another month of high inflation when it releases February figures on ThursdayChile’s monthly inflation eased in February on a drop in food costs, corroborating the central bank’s message that a recent consumer price jump is temporary and stimulus will be kept in placeKey DataChinese data due this week will provide another update on the nation’s economy after authorities announced a conservative growth target for this year at the National People’s Congress on FridayAfter containing the pandemic and becoming the only major economy to expand in 2020, officials now want to address imbalances such as a dependence on investment in property and infrastructure funded by corporate debtOn Sunday, Chinese Foreign Minister Wang Yi warned the U.S. to stop “crossing lines and playing with fire” when it comes to Taiwan, which Beijing claims sovereignty overAggregate financing numbers for February due between March 9 and 15 may show a slowdown due to seasonal factors. Inflation figures on Wednesday are expected to show consumer prices dropped for a second month in February, further enhancing the allure of Chinese bondsBrazil’s January economic activity and retail sales figures will also be released next week, offering clues on the pace of a rebound in Latin America’s largest economyIn politics, traders will watch for progress on an emergency spending bill as it moves through the lower house. Jitters over fiscal spending have contributed to the real becoming the worst-performing currency in emerging markets this yearTurkey’s January current-account deficit due Thursday may narrowThe lira has posted losses for two straight weeksREAD: Economist Who Called 2018 Turkey Crash Sees New Boom, BustSouth Africa will report its fourth-quarter current-account surplus on Thursday, which is forecast to have narrowedThe country is also expected to report manufacturing production data on the same dayOn Friday, Mexico will post January industrial production figures, which will give investors a better look at how activity is recoveringPeruvian policy makers will probably keep a dovish outlook on Thursday by holding borrowing costs at 0.25%, the lowest among major Latin American economies, according to a forecast by Bloomberg EconomicsFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.