US stocks may be set for a reduced start to a big week of profits, but bitcoin and other cryptocurrencies have been far from silent.
Bitcoin BTCUSD Prices,
fell over the weekend, reaching a point of $ 51,907, a 20% drop from the recent high of $ 64,829 in February. The benchmark cryptocurrency regained ground until Sunday evening and was trading at $ 56,341 early Monday.
Some see the setback as a pause, including the old Goldman Sachs GS,
hedge fund manager Raoul Pal. The crypto bull said in a tweet that he always feels “relieved” after large settlements of long leverage in cryptography, adding that it “cleans the market”.
In ours call of the day, Miller Tabak & Co. chief market strategist Matt Maley said investors could not draw any conclusions from the weekend’s action, but that this week’s normal trading hours were crucial.
“We had said it was important for the short – term bullish case that kept Bitcoin at mid – $ 60[000]at the end of weeks. That didn’t happen and now it’s trading lower, so it’s not good either, ”he said.
Still, Maley noted that the weekend’s trading was “very fine” and has historically not been a great indicator of how Bitcoin will operate next week. He added that the catalyst for much of the decline appeared to be “very vague talk” about US crackdown on bitcoins.
He admitted that the long-term fundamental argument around bitcoin provides investors with “almost no information” about how the short-term asset will operate at any given time.
Therefore, investors should closely monitor two key technical levels, including Thursday’s closing high of $ 63,400. “Any significant close above this level should be very bullish,” Maley noted. The other is the $ 52,000 cryptocurrency low at the end of March. Any significant closing below this level “would raise a high warning indicator about Bitcoin’s short-term potential”.
The markets
US stock futures YM00,
ES00,
NQ00,
went down early Monday, after the Dow Jones Industrial Average DJIA,
and S&P 500 SPX,
indexes closed at record highs on Friday. The yield on the U.S. Treasury BX at ten years: TMUBMUSD10Y
fell to 1.56%. European stocks rose, while Asian stocks rose optimistically about the global recovery.
The buzz
The leading American expert on infectious diseases, Dr. Anthony Fauci said Sunday he would be “very surprised” if Johnson & Johnson’s JNJ pharmacist COVID-19 vaccine,
it was not resumed in any way on Friday.
The first quarter profit season will pick up pace this week, with beverage company Coca-Cola KO,
technology giant IBM IBM,
and United Airlines UAL,
all reports Monday, and Johnson & Johnson, Netflix NFLX streaming platform,
and consumer goods company Procter & Gamble PG,
will be released on Tuesday.
The audio-based social network Clubhouse has closed a round of funding that the company reports is valued at about $ 4 billion.
Bubbles of quarantined travel between Australia and New Zealand opened on Monday, relieving thousands of separated families during the COVID-19 pandemic.
A separatist group of 12 English, Spanish and Italian clubs split European football on Sunday announcing the formation of a largely closed Superliga. The move is led in part by US owners Arsenal, Liverpool and Manchester United. Actions of the Italian club Juventus JUVE,
jumped 12% in early operations, while Manchester United shares were 4% higher in pre-market operations.
Random readings
“Louie Louie” guitarist Mike Mitchell dies at age 77.
Gnome Boundaries: UK gardening centers run out of gnomes after the Suez Canal blockade.
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