Tag: Bitcoin (BITSTAMPUSD)

Stocks End Week Lower On Stimulus Concerns

Posted on by The INO.com Team

The stock market started this week with what looked like another record run, but things turned sour mid-week as COVID-19 infections continue to rise both in the US and globally. Adding to the uneasiness is Washington's inability to agree on a stimulus package and jobless claims numbers that continue to grow. Last week's report saw that number grow to 853,000, the highest total since Sept. 19.

Lawmakers seek to pass a bill before lifelines expire at the end of 2020, but disagreements over state and local stimulus, unemployment assistance, and stimulus checks still exist. Continue reading "Stocks End Week Lower On Stimulus Concerns" →

Disappointing Jobs Report Doesn't Stop Record Run

Posted on by The INO.com Team

Stocks hit record intraday highs and closed at record highs on Friday, with the S&P 500 and DOW closing higher for the second straight week as traders shook off a disappointing U.S. jobs report. The NASDAQ was able to make it three weeks in a row with a weekly gain.

The DOW closed higher by 248.74 points or +0.8%, at 30,218.26. The S&P 500 gained +0.9% to end the day at 3,699.12, and the NASDAQ advanced +0.7% to 12,464.23.

On a weekly level, the S&P 500 posted a weekly gain of +1.6%, while the DOW gained +1%, and the NASDAQ led the three indexes with a gain of +2%. Continue reading "Disappointing Jobs Report Doesn't Stop Record Run" →

Bitcoin Rallying And I Am No Longer Bearish

Posted on by Matt Thalman

If you recall, it was around this time a few years ago, 2017, when Bitcoin became a household name and went on the tear from under $1,000 per coin to more than $17,000 per coin in under one year. The mania of the move came in the latter part of the year and right between the holidays. Fast forward a few years later, and Bitcoin has once again made a surprising move in the latter half of the year and once again set all-new record highs.

I have long been bearish on Bitcoin, but over the years and recent months, I have begun to move more toward the middle in terms of Bitcoin bulls vs. bears and why I have moved towards the middle what I would like to explain today.

My biggest and main issue with Bitcoin from the time I was introduced to it in 2013 is that, like other precious metals, they have no real intrinsic value. Therefore, you can't accurately or even inaccurately value the asset. With that being said, I have never invested in gold, or diamonds, silver, or any other metal, unless you are like my wife and consider "jewelry" an investment. I don't invest in any of them because they aren't like stocks that have value based on what the company plans to do or how much cash they have in the bank. I can value stocks and determine if they are under or overvalued by the market.

Precious metals, like Bitcoin, you can not do that because these things are only worth what they last traded for or what one person or another somewhere in the world is willing to pay for them at this moment in time.

And none of that has changed.

However, in the past few months, we have seen Continue reading "Bitcoin Rallying And I Am No Longer Bearish" →

Bitcoin: My 1 Reason Why

Posted on by Gary Tanashian

MarketWatch used to pick up my posts on rare occasion but has not done so for a long time. Maybe they think I make fun of some of their articles or something. I don’t know what would give them that idea. I actually find MarketWatch useful in ironic and non-ironic ways.

But anyway, this morning an article tags along with the recent near-deafening Bitcoin noise…

6 reasons bitcoin is trading at its highest level since 2017 — and 1 warning

6 reasons are given for Bitcoin’s re-found popularity. They are the usual pap, including a Dollar/Gold rationalization.

“Bitcoin as a form of digital gold is also seeing its time in the sun as we see the floodgates open on monetary policy. Closing the sluice gate is more difficult than opening it,” Charles Hayter, founder and CEO of CryptoCompare, a company engaged in bitcoin data and analytics, told MarketWatch.

Bitcoin is not a form of digital gold. That is one of the zaniest things I’ve ever seen in print. I am admittedly an old fashioned gold valuing curmudgeon. But in my opinion, Bitcoin is a digital concept; one that I think can be controlled or co-opted by governments more readily than the gold buried in the woods behind some crusty old bug’s shack (to boot, the digital kids are not guarding their hoards with physical shotguns, just maybe virtual hacks or viruses).

1 Reason Why

It was time. Bitcoin is having its technical day in the sun and only this week hit the target NFTRH has had for it since early 2020. Due to nutty rationale like the above and the weight of momentum-fueled money starting to pile in, not to mention an overbought reading on this weekly chart, I think it can pull back here. Possibly to support at the 12500-13500 level. Continue reading "Bitcoin: My 1 Reason Why" →

NASDAQ Holds On To Weekly Gain

Posted on by The INO.com Team

The NASDAQ is the only one of the three major indexers to hold on to a weekly gain. Early in the week, the DOW was making a run at 30,000, but it ultimately failed to reach that level and has since been stuck in the mud incurring daily losses in the 3 of the 5 days this week. The NASDAQ, however, was able to post 3 winning days out of the 5 to produce a weekly gain.

As it stands heading into the close, the NASDAQ will post a gain of roughly +.75% while the S&P 500 and DOW will post weekly losses somewhere in the neighborhood of roughly -.4% and -.5%, respectively.

The U.S. dollar and gold are also on the losing side of the coin, posting weekly losses of -.4% and -.9%. Crude oil made a strong comeback with back to back weekly gains and will post a gain just short of +4% for the week. Continue reading "NASDAQ Holds On To Weekly Gain" →