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2022-11-02 19:51:42
Market situation
US stocks at the beginning of the week had growth in all three indexes. Stock futures, on the other hand, showed the opposite direction, slightly lower. Oil price fell to 88 USD/barrel. And gold fell to around 1794 USD/barrel.
A move is heating up in the United States, as retailers and consumer packaged goods companies are squeezed by higher fuel, material and labor costs. As inflation increases costs, stores and suppliers must negotiate whether to raise prices for customers. Profits are under pressure for companies that make consumer products like Procter & Gamble as well as retailers including Walmart and Target. And consumers also limit spending when prices are increasing. About 56% of Americans feel companies are raising prices more than necessary to drive profits.
The National Association of Builders / Wells Fargo Housing Market Index fell 6 points in August to 49. Any score below 50 is considered negative, marking the index’s eighth consecutive decline. this. This is also considered a sign of recession in the real estate industry. Yet despite higher costs of land, labor and materials, only about a fifth of builders in August reported price cuts over the past month in an effort to boost sales or limit cancellations. . The average reduction reported was 5%. In fact, home prices in the US are still high and only selling more slowly.
The crypto market is not very volatile. BTC price still holds around 24,000 USD despite slight increase and decrease during the day.
After six consecutive weeks of inflows, last week, Coinshare statistics showed that money was leaving crypto. The amount leaving the funds is 17 million USD. In which, 20.9 million USD left BTC, cash flow into other funds such as Short BTC, ETH, SOL,… By region, the total cash flow was 20 million USD into European exchanges but out from US exchanges is $36 million.
Optimism for the crypto market and the opportunity to accumulate
JPMorgan Chase believes that stocks are in a recovery phase and the recovery could last until the end of the year. The reason is because the market has been scared and has gone into oversold lately. Therefore, in the coming time, inflation can be managed and market sentiment is better, the FED can reduce the rate of interest rate hikes, causing stocks to grow.
In contrast, Morgan Stanley strategists say that the strong rally since June is just a pause in the bear market. The company predicts that stock prices will fall in the second half of the year as profits weaken, interest rates continue to rise and economic growth slows.
It can be seen that, at present, large companies are also uncertain about the market trend and have mixed opinions.
The economy is in a difficult period, with high inflation and the risk of recession. The market in the short term is also very difficult to predict the trend. Therefore, the current time of BTC is a good time to invest in long-term price averages in the market. In the same vein, the founder and managing partner of Skybridge Capital, Anthony Scaramucci is also very optimistic about the future prospects of the crypto market. He advises investors to see through the current environment and be patient and stay for the long term. In particular, he emphasized that BTC’s second tier network, the Lightning Network, is improving day by day. Recently there was also good news about the cooperation of the world’s largest investment fund BlackRock with Coinbase and the subsequent establishment of a Bitcoin (BTC) private trust fund, which are positive signs for the future of BTC.
Scaramucci has seen investor interest return and with better-than-expected inflation numbers for July. He believes the global economy could grow strongly again within 6 to 12 next month.
Overall, Scaramucci has a positive outlook for the crypto market. He also said that investors should manage their emotions and minimize being affected by news, bad news and emotional trading. His company believes that BTC could see unprecedented price increases over the next six years. And if BTC goes up to $300,000 it doesn’t matter to buy BTC at $20,000 or $60,000. Plus, in the stock market if an investor missed the best ten days, he would have reduced his return from a 7.5% return to just 2%. Therefore, investing in a steady price average is important for long-term investing.
Celsius has a hole of 2.85 Billion USD
According to the latest Chapter 11 documents, the company has net debt of $6.6 billion but total assets of only $3.8 billion, or a current gap of $2.85 billion. While the previous report showed assets of about $4.3 billion compared to $5.5 billion of liabilities, corresponding to a deficit of $1.2 billion.
The coin count report also notes that of the total 100,669 Bitcoin (BTC) investors deposited, the company has lost 62,853 BTC and currently holds only 37,926 BTC. WBTC currently accounts for 64% of the company’s BTC debt.
Celsius is also planning to sell CEL tokens for 1 USD to recover the money paid to victims. However, many people think that it is difficult for CEL to sell at that price but maybe lower. At the same time, during the time of court and settlement, Celsius’s assets may be reduced by expenses to pay. Victims are waiting for information and hoping to receive compensation for their money.
Other information:
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An Ethereum whale wallet that participated in the ICO of ETH and raised around 150,000 Ether (ETH) in 2014 was reactivated on August 14 after three years of inactivity. Whale addresses moved 145,000 ETH to multiple wallets as Ether price surged to a new three-month high of over $2,000.
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Two weeks after reassuring the crypto community that the Vasil hard fork will not be delayed any longer, Cardano (ADA) founder Charles Hoskinson has released another update to the much-anticipated network upgrade. However, the official date of the hard fork has not been announced.
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After more than a year of efforts to acquire digital asset custodian BitGo, Mike Novogratz’s crypto investment firm Galaxy Digital has decided to forgo the acquisition of BitGo. The reason given by Galaxy was breach of contract and failure to deliver audit documents to them. Despite ending its acquisition of BitGo, Galaxy continues its path to listing in the US on Nasdaq.
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The case of the US government banning Tornado Cash continues to cause controversy. Shark Tank host and millionaire venture capitalist Kevin O’Leary says that Tornado Cash is a necessary sacrifice to create stability in the market. In contrast, Gnosis co-founder Stefan George is one of Tornado Cash’s defenders, saying that the protocol brings “much-needed privacy” to Ethereum and that writing open-source software should be recognized as “another one.” expression of freedom of speech.”
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