Archives of “May 2021” month

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Chinese media report many China Bitcoin miners plan to relocate due to increased regulation

  
  Analysis

A piece from China’s Global Times flagging moves of miners oiut of China into the US and Canada.

  • considering moving out of China after the regulators re-emphasize plans to outlaw bitcoin-related payment services,
  • Cao Yin, managing director of Digital Renaissance Foundation and a bitcoin investor, told the Global Times that as far as he knew, some bitcoin mines in China, particularly those that use thermal power, may move abroad to the US and Canada.
Here is the link to the GT piece for more. Keep in mind that GT is s state sponsored tabloid newspaper and should be read with that in mind.
Meanwhile BTC retrace of weekend moves:
A piece from China's Global Times flagging moves of miners oiut of China into the US and Canada.

Musk tweets on Dogecoin, fees, phases of the moon

  
  Analysis

TSLA head Elon Musk is still tweeting on crypto, this from earlier:

  • Bitcoin, Ethereum, Doge and other crypto get a boost from a Musk tweet

Musk adding to his earlier Doge tweet, riffing on the moon …

TSLA head Elon Musk is still tweeting on crypto, this from earlier:
As a ps., check out the link to my first post on Musk tweeting (link is above) … BTC traders and miners are trying to get more respectable by showing some concern for the environment. Good for them but perhaps this is just window dressing. Dunno.

US Major indices close higher

  
Analysis, US Market

S&P and NASDAQ close higher for the second time in three days. NASDAQ still on track for its first monthly loss since October

The major US indices close higher with the NASDAQ leading the way. Although the indices traded to new session highs in the last hour or so, and came off into the close, most of the gains were maintained.

  • S&P closes less than 1% from its all-time high
  • NASDAQ and S&P up for the second time in three days
  • Dow has been up for three consecutive day
A look at the final numbers shows:
  • S&P index rose 41.28 points or 0.99% at 4197.10
  • NASDAQ rose 190.18 points or 1.41% at 13661.17.
  • Dow rose 186.14 point or 0.54% at 34393.98.
Below are the changes, highs and lows for the major North American indices.
S&P and NASDAQ close higher for the second time in three days. NASDAQ still on track for its first monthly loss since October_

Japan coronavirus – hospitals in Osaka running out of beds, doctors warn of a “system collapse

  
Analysis, COVID-19

Beds and ventilators are running low, with  doctors warning of a “system collapse” due to the acceleration of COVID-19 case numbers in the prefecture.

  • Osaka Prefecture has 9 million people
  • 3,849 new positive tests in the week to Thursday (May 20)
  • By Thursday, 96% of the 348 hospital beds Osaka reserves for serious virus cases were in use
Says the Japan Times:

  • 14% of the prefecture’s 13,770 COVID-19 patients have been hospitalized, leaving the majority to fend for themselves.
  • Tokyo’s latest hospitalization rate, in comparison, is 37%.
  • A government advisory panel sees rates of less than 25% as a trigger to consider imposition of a state of emergency.
Based on these sorts of numbers it appears likely an extension of the Osaka State of Emergency is likely.
Beds and ventilators are running low, with  doctors warning of a "system collapse" due to the acceleration of COVID-19 case numbers in the prefecture. 

Reminder: It is a long weekend in most parts of Europe

  
  Analysis

Key markets in Europe will be closed today

This will be in observance of Pentecost/Whit Monday. Of note, German, French, and Swiss markets will be closed but London will be open so at least there’s that.
But in any case, we may be in for a more quiet session as the market continues to waver so far on the day with major currencies little changed. US futures were mixed earlier but are holding a a slight advance ahead of European morning trade later.
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