Archives of “March 2021” month

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Here’s a BTC opinion – Bitcoin could surge to $300,000 then drop 90%

  
Analysis, BITCOIN
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Comments from Bobby Lee, co-founder and former CEO of crypto exchange BTCC to CNBC Monday afternoon US time.

  • could soar as high as $300,000 in the current bull market based on its historical patterns
  • (he does add that he was not sure if history would repeat itself)
  • “Bitcoin bull market cycles come every four years and this is a big one”
  • “I think it could really go up to over $100,000 this summer.”
  • warned the bubble will burst after peaking
  • a “bitcoin winter” that could last for years … following its bull run
  • Investors should be aware that bitcoin’s value could fall as much as 80% to 90% of its value from the all-time peak
BTC has dropped in past hours, maybe traders didn’t see the 300K forecast before the 90% drop bit?
Comments from Bobby Lee, co-founder and former CEO of crypto exchange BTCC to CNBC Monday afternoon US time.

Fed head Powell says Fed will continue to support the economy ‘for as long as it takes’

  
  Analysis

Federal Reserve System Chair Powell, comments are from his testimony prepared for presenting to Congress

 

  • says economic recovery is far from complete, though situation today is much improved
  • says indicators of economic activity and employment have turned up recently
  • says recovery has progressed more quickly than generally expected and looks to be strengthening
  • says 6.2% unemployment rate underestimates labor market shortfall, particularly as participation remains notably below pre-pandemic levels
  • Fed will continue to support the economy for as long as it takes
  •  says path of the economy continues to depend on the course of the virus
  • says Fed is committed to using full range of tools to support the economy

 

Powell reiterating yet again the Fed will be on an easy path. Id bolded his labour market comment – The Fed wants the unemployment rate much lower and Powell indicating the jobles rate is higher than the official u/e measure is indicating – ie there is significant labour market slack.

Powell with the remix of Draghi’s “Whatever it takes …”
Federal Reserve System Chair Powell, comments are from his testimony prepared for presenting to Congress  

Nasdaq closes higher for the 2nd consecutive day and leads the indices higher

  
Analysis, US Market

Dow and S&P lag. Russell 2000 closes lower for the 2nd time in 3 days

The NASDAQ close higher for the second consecutive day. It led the major indices higher with the S&P and Dow lagging well behind. The small-cap Russell 2000 index lags with a decline of -0.90%.
The final numbers are showing:
  • S&P index +27.48 points or 0.70% at 3940.58
  • Nasdaq +162.31 points or 1.23% at 13.377.54
  • Dow +102.97 points or 0.32% at 32730.94
  • Russell 2000 index, -20.70 points or -0.90% at 2266.84.
Winners today included:
  • Box, +4.7%.  Activist investors are pushing for a sale of the company
  • Chewy, +4.01%
  • Fireeye, +3.89%
  • Lam research, +3.24%
  • Intel, +2.96%
  • Apple, +2.82%
  • Cisco, +2.8%
  • Nvidia, +2.69%
  • Microsoft, +2.47%
  • Adobe, +2.47%
  • Pepsi, +2.47%
  • General Mills, +2.4%

Some losers today included banks and financials and airlines:

  • American Airlines, -4.61%
  • United Airlines, -4.05%
  • GameStop, -2.93%
  • General Motors, -2.88%
  • J.P. Morgan, -2.68%
  • Southwest Airlines, -2.64%
  • Bank of America, -2.23%
  • Delta Air Lines, -2.14%
  • Charles Schwab, -1.95%
  • Boeing, -1.81%
  • Goldman Sachs, -1.39%
  • travelers, -1.15%

Biden advisors readying multi-part $3 trillion infrastructure package

  
  Analysis

Looks like it will be a two-part package

Looks like it will be a two-part package
Biden’s advisers are expected to present a proposal to the president this week that recommends carving his economic agenda into separate legislative pieces, according to the New York Times.
The first part that’s detailed includes nearly $1 trillion in spending on roads, bridges, rail lines, ports, electric vehicle charging stations and improvements to the electric grid and other parts of the power sector along with 5G technology and some green initiatives.
Biden’s team likely sees this part of the package as something amenable to Republicans or at least worth discussion, but how Republicans respond may come down to how it’s paid for.

US Press Sec: China meeting was substantive despite focus on theatrics

  
Analysis, Politics

White House Psaki speaking to reporters

  • CHina meeting was substantive despite focus on theatrics
  • continues to have concerns about human rights in China related to Xinjiang
  • cannot rule out further actions on China
  • evaluating appropriate next steps on China
  • US is certain China taking note of its renewed cooperation with allies
  • US remains committed to working through covax on vaccine distribution to other countries
  • US does not have new vaccine goals set, hope to have soon

Fed’s Powell: We don’t want to destabilize with a central bank currency

  
  Analysis

Comments from Powell at a BIS innovation Powell

Comments from Powell at a BIS innovation Powell
  • We have a two-tier system, we don’t want to compete with banks
  • We want to be able to co-exist with the current system and cash
  • We’re doing a broad system of experimentation
  • To move forward on digital currency, we would need broad buy in from Congress, the administration and the public
Powell made it very clear that nothing will be done to hurt the banking industry.
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