Debate in the US Congress over a new Coronavirus aid bill grabs attention this week and could be a major driver of market confidence amid fears of an economic recession once current aid expires. at the end of the month.
The presentation of results begins, and investors hope that some big names will offer better news in what has been a rather sad season so far. Thursday’s unemployment claim filing report will likely indicate that the number of people applying for aid has barely declined yet again, with millions of people still out of work.
In the euro zone, leaders are still trying to reach an agreement on a possible recovery fund worth 750 billion euros, while Friday’s PMI data will provide more information on the speed of the post-confinement economic rebound. This is what you need to know to start your week, according to the most important news.
Bitcoin In A Few Weeks
Between this week and the next, Bitcoin may take a clearer direction. MACD slowly intersecting on the weekly chart and closings below 61% Fibonacci, along with the touch of one of the downtrend lines may trigger the correction that many are waiting for.
For now the price at 9182 remains supported by the EMA9. We must be careful with the break of the EMA21 at 8778; the EMA50 at 8391 and the EMA100 at 7227, as the primary protection support.
On the positive side, we must be attentive to the break of the downward trend line at the current point. The big problem is the low volume of business and the quality of dominance.
Implementation Of Stimuli
US Senate lawmakers will resume controversial talks about a new Coronavirus aid bill this week as the US economy is approaching a critical stage of recovery after the pandemic.
Additional unemployment benefit aid for the approximately 32 million unemployed Americans expires on July 31. The expiration of the federal program will leave millions of workers who do not qualify for state unemployment insurance without income.
On Thursday, Democratic Senate Leader Chuck Schumer unveiled a $ 350 billion investment plan, but Republicans have said they expect the final package to cost no more than $ 1 trillion.
Tesla Intel Microsoft Big Names
The second-quarter earnings reporting season is on track to announce the biggest decline in earnings since the fourth quarter of 2008, according to data from the S&P and Dow Jones indices, but investors expect results from Tesla Inc (NASDAQ: TSLA ), Intel (NASDAQ: INTC) and Microsoft (NASDAQ: MSFT) offer some joy this week.
Tesla, which has seen a strong rebound this year, releases its latest quarterly results on Wednesday. If you announce that you have recorded benefits, they would be the first benefits accrued in four quarters, paving the way to joining the S&P 500.
Tech giant Microsoft releases its results on Wednesday, followed by Intel on Thursday, and both have likely benefited from the pandemic’s telecommuting trends.
Unemployment Benefits
With the new confinement in California, market watchers in Florida and Texas will pay close attention to Thursday’s data on initial jobless claims.
Economists believe unemployment remains uncomfortably high due to a second wave of layoffs, which could intensify as the resurgence of the Coronavirus weighs down demand and increases business bankruptcies, especially in the retail sector.
Recovery Fund
German Chancellor Angela Merkel has warned that the leaders of the European Union may not reach an agreement on a Coronavirus stimulus plan this Sunday, as the marathon negotiations reach their third day, and tensions over the demands increase from wealthy but more frugal member states.
Germany and France, the EU’s most influential members, are seeking an agreement on an € 1.8 trillion economic recovery package to rescue the bloc’s economies facing their worst recession since World War II.
PMI Euro Zone United Kingdom
PMI figures for Germany, France, and the eurozone will provide more information on the strength of the economic rebound in July after the confinement.
But the PMI data does not show the extent to which economic activity has recovered with respect to the precoronavirus level and, although they point out how wide the recovery is, they cannot provide information on the pace of recovery.
Crypto Twitter Attack
On Thursday this past week, multiple high profile verified (blue check mark) accounts were breached in one of the widest ranging attacks to hit Twitter. Accounts belonging to Joe Biden, Elon Musk, Barack Obama, Jeff Bezos, Bill Gates, Kim Kardashian, and the corporate account of Apple among others were hit in the attack. 130 accounts in total were targeted. All of the accounts tweeted varied but similar postings regarding a bitcoin giveaway or crypto partnership.
The tweets first appeared on corporate accounts and personalities in the digital currency space beginning around 3:30 pm ET. At 4 pm ET on Thursday, the co-founder of the Gemini exchange, Tyler Winklevoss, tweeted from his personal account that the exchange’s twitter account, among other digital currency exchange Twitter accounts, was breached.
A short time later high profile accounts outside of the digital currency space began posting tweets offering to send bitcoin to users who first deposited bitcoin into certain wallet addresses, which were included in the tweets.
During the breach, TradeBlock’s Bitcoin block explorer showed wallet addresses belonging to the attackers contained around $100,000 in bitcoin that were deposited. It is unclear whether these funds actually came from individuals who fell for the giveaway scam or if it was simply deposited by the attackers to increase attention to the attack.
In either case, the attack garnered a small sum of money despite such a high profile effort. Additionally, the initial wallet addresses are now nearly empty with the attackers transferring the funds. However it does not appear that the attackers have used mixing services to make their transactions harder to trace yet.
Despite the attention that bitcoin received immediately following the attack, the price of bitcoin proved surprisingly stable during this time. Additionally, bitcoin trading volume on the day of the attack (July 15) was inline with volume during the rest of the days that week.
Defi Tokes Bullrun
Decentralized finance currencies extended their bull run this past week. Aave (LEND) was the biggest DeFi token gainer this work with the token’s market cap rising from ~$295 million to ~$480 million over the past seven days.
The rest of the DeFi universe saw strong gains as the sector continued its bull run. The run-up in prices comes as large cap digital currencies such as bitcoin and ether remain very stable in comparison.
In the figure below we diagram the total market capitalization over time across the largest digital currencies within the DeFi sector. In a previous report, we highlighted the initial rise of these tokens with a particular focus on Compound (COMP), including our approximate valuation model.
Grayscale $1bn Quarter
This past week Grayscale released its Q2 202 investment highlights. The asset manager hauled in a record $905.8 million in new investments to its suite of digital currency products. The haul was nearly double its previous record which occurred in the preceding quarter and brought in $503.7 million.
Institutional investors continue to dominate Grayscale inflows, with the majority coming from the likes of hedge funds and asset managers. Bitcoin has seen an uptick in institutional interest of late with various funds entering the space, including Paul Tudor Jones’ fund which was announced earlier this year.
Grayscale ranks as the largest asset manager in the digital currency space with more than $4 billion in AUM. Grayscale uses TradeBlock’s suite of digital currency indices for NAV calculations across its various investment trusts.
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