Green-ultra

17/05/2024

𝐆𝐌𝐄: 𝐆𝐚𝐦𝐞𝐒𝐭𝐨𝐩 𝐒𝐭𝐨𝐜𝐤 𝐔𝐧𝐰𝐢𝐧𝐝𝐬 𝐆𝐚𝐢𝐧𝐬 𝐰𝐢𝐭𝐡 𝟏𝟖% 𝐃𝐞𝐜𝐥𝐢𝐧𝐞 𝐀𝐟𝐭𝐞𝐫 𝐇𝐮𝐠𝐞 𝐑𝐚𝐥𝐥𝐲, 𝐀𝐌𝐂 𝐉𝐨𝐢𝐧𝐬 𝐒𝐞𝐥𝐥𝐨𝐟𝐟

Did the game stop or what happened?

GameStop stock GME wiped out a big chunk of its valuation after a powerful two-day rally had more than tripled the share price. Just as things were heating up and Reddit’s WallStreetBets board was getting flooded with “we’re so back” memes, the game stopped. At least for now. GameStop closed Wednesday’s session with an 18% loss at $39.55 a share.

The sentiment shifted even before the opening bell. GameStop futures contracts were flaunting a gain of more than 30% ahead of the open. All that pop dwindled and turned into sour losses for no apparent reason. Other than the frothy gains from the past two days, which were largely based on one meme post by Roaring Kitty who broke his silence after three years.

With that big drop factored in, shares of GameStop are still up a hefty 120%. Its closest meme stock cousin, AMC AMC, lost about the same yesterday. But its shares turned negative on the year after the movie theater chain announced plans of another stock offering — right after it finalized a $250 million share sale — to cash in on the rally. Shares of AMC are up double in the past month.

14/05/2024

𝐑𝐚𝐢𝐧 𝐄𝐱𝐜𝐡𝐚𝐧𝐠𝐞 𝐋𝐢𝐤𝐞𝐥𝐲 𝐄𝐱𝐩𝐥𝐨𝐢𝐭𝐞𝐝 𝐨𝐟 $𝟏𝟒.𝟏 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝐂𝐫𝐲𝐩𝐭𝐨 𝟐 𝐰𝐞𝐞𝐤𝐬 𝐚𝐠𝐨: 𝐙𝐚𝐜𝐡𝐗𝐁𝐓

Ethereum restaking protocol EigenLayer has initiated its token-claim process, commonly referred to as an "airdrop."

10/05/2024

𝐃𝐗𝐘: 𝐃𝐨𝐥𝐥𝐚𝐫 𝐈𝐧𝐝𝐞𝐱 𝐐𝐮𝐢𝐞𝐭𝐥𝐲 𝐄𝐱𝐭𝐞𝐧𝐝𝐬 𝐓𝐡𝐫𝐞𝐞-𝐃𝐚𝐲 𝐑𝐢𝐬𝐞 𝐭𝐨 𝟏𝟎𝟓.𝟓𝟎. 𝐈𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐋𝐨𝐨𝐦𝐬 𝐍𝐞𝐱𝐭.

Mighty dollar is once again the main character in forex land with little to no resistance on its way to global dominance.

The US dollar index DXY secured a three-day winning streak on Wednesday, topping 105.50, and is on pace to log its fourth session in the green on Thursday. The index, measuring the dollar’s value against a basket of six rival currencies, has quietly reclaimed its dominance over the forex space as speculators are busy processing streams of mixed economic data.

That being said, King Dollar’s run might be far from over. The next leg up (or down) hinges on the upcoming inflation data out of the US. Slated for release Wednesday next week, the consumer price index report (CPI) will show whether price pressures continued to rise. If the answer is yes, then markets are in for more pain on the interest rate front. And the news could stir up the forex space.

Analysts expect inflation for April to stay fairly elevated at 3.5% — the same annual pace of growth as the figure for March. Inflation is the biggest headache to the Federal Reserve. And since the Fed is data-dependent, April’s inflation data will be key to gauging the US central bank’s next step. The recent jobs print hinted at an economic slowdown. Will inflation move in lockstep and help solidify the trend?

07/05/2024

𝐒𝐄𝐂 𝐃𝐞𝐥𝐚𝐲𝐬 𝐃𝐞𝐜𝐢𝐬𝐢𝐨𝐧 𝐨𝐧 𝐈𝐧𝐯𝐞𝐬𝐜𝐨 𝐆𝐚𝐥𝐚𝐱𝐲 𝐒𝐩𝐨𝐭 𝐄𝐭𝐡𝐞𝐫𝐞𝐮𝐦 𝐄𝐓𝐅

The US SEC has announced a delay in its decision regarding the Invesco Galaxy spot Ethereum exchange-traded fund (ETF).

03/05/2024

𝐄𝐔𝐑/𝐔𝐒𝐃: 𝐄𝐮𝐫𝐨 𝐃𝐢𝐯𝐞𝐬 𝐁𝐞𝐥𝐨𝐰 $𝟏.𝟎𝟕 𝐚𝐬 𝐊𝐢𝐧𝐠 𝐃𝐨𝐥𝐥𝐚𝐫 𝐅𝐥𝐞𝐱𝐞𝐬 𝐀𝐡𝐞𝐚𝐝 𝐨𝐟 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐑𝐚𝐭𝐞 𝐃𝐞𝐜𝐢𝐬𝐢𝐨𝐧

Jay Powell is expected to provide clues over incoming rate cuts. But recent economic data may complicate the timeline of events.

The

EURUSD
pair fell 0.4% on Tuesday and remained under pressure Wednesday as markets anticipated today’s Federal Reserve interest rate decision. The exchange rate floated near $1.0650 in the early deals, down from a Tuesday high of $1.0735. Later today, the US central bank is expected to say it will maintain borrowing costs at unchanged levels between 5.25% and 5.50%.

The expected rate hold is already priced in. What matters more is Fed boss Jay Powell’s guidance for any rate cuts in the coming months. Fed officials have previously indicated they’re looking to reduce rates by three quarters this year. But, they’ve also made it clear that incoming data may complicate things. And with that, today’s speech by Jay Powell will be a market mover.

Across the forex board, the dollar maintained dominance, especially against the Japanese yen. After Japanese officials allegedly intervened in the currency market, the yen is once again getting demolished by a stronger greenback. Short-lived gains only lasted a day or two before the buck regained control and bumped the rate to levels near ¥158.00.

30/04/2024

𝐋𝐢𝐝𝐨 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐉𝐮𝐬𝐭 𝐇𝐢𝐭 𝟏𝐌 𝐕𝐚𝐥𝐢𝐝𝐚𝐭𝐨𝐫𝐬, 𝐁𝐮𝐭 𝐂𝐚𝐧 𝐃𝐞𝐅𝐢 𝐑𝐞𝐚𝐥𝐥𝐲 𝐓𝐚𝐤𝐞 𝐎𝐯𝐞𝐫 𝐓𝐫𝐚𝐝𝐅𝐢?

Lido Finance now controls over 28% of staked Ether with 1 million Ethereum validators. What's the potential impact of DeFi on TradFi?

26/04/2024

𝐒𝐏𝐎𝐓: 𝐒𝐩𝐨𝐭𝐢𝐟𝐲 𝐒𝐭𝐨𝐜𝐤 𝐂𝐞𝐥𝐞𝐛𝐫𝐚𝐭𝐞𝐬 𝐁𝐢𝐫𝐭𝐡𝐝𝐚𝐲 𝐰𝐢𝐭𝐡 𝟏𝟏% 𝐉𝐮𝐦𝐩 𝐚𝐬 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐏𝐥𝐚𝐲 𝐭𝐨 𝐭𝐡𝐞 𝐓𝐮𝐧𝐞 𝐨𝐟 𝐑𝐞𝐜𝐨𝐫𝐝 𝐏𝐫𝐨𝐟𝐢𝐭𝐬

Music streamer’s earnings showed that profits are every investor’s jam.

Spotify stock SPOT turned up the volume by gaining 11% on Tuesday, following the music streamer’s earnings report for the first quarter. Released before the opening bell, the results showed that Spotify swung to a record quarterly profit of €197 million ($210 million), or €0.97 a share. A comfortable beat after a bruising €225 million loss, or €1.16 a pop for the year-ago quarter. Party time? Yes.

The Swedish company just turned 18 on April 23, and what better way to celebrate than to show investors it can spin up profits? After some long dry spells that had investors losing interest, shares of Spotify are up 60% on the year. If the music company keeps hitting the profit chord, it will meet its 2024 growth target.

Other figures from the earnings report include €3.64 billion in revenue, topping estimates and coming above the €3 billion from the year-ago quarter. The company added 3 million paying customers over the first three months of the year to a total of 239 million. Monthly active users rose to 615 million, up 19% from last year’s first quarter. Spotify recently announced price hikes and layoffs in efforts to cut costs and boost profits.

23/04/2024

𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐀𝐬𝐬𝐞𝐭 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐬 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 𝐒𝐞𝐜𝐨𝐧𝐝 𝐂𝐨𝐧𝐬𝐞𝐜𝐮𝐭𝐢𝐯𝐞 𝐖𝐞𝐞𝐤 𝐨𝐟 𝐎𝐮𝐭𝐟𝐥𝐨𝐰𝐬, 𝐓𝐨𝐭𝐚𝐥𝐢𝐧𝐠 $𝟐𝟎𝟔𝐌

Digital asset investment products have faced another week of outflows, marking the second consecutive week of declining investor interest.

19/04/2024

𝐌𝐂: 𝐋𝐕𝐌𝐇 𝐒𝐭𝐨𝐜𝐤 𝐑𝐞𝐜𝐨𝐯𝐞𝐫𝐬 𝐀𝐟𝐭𝐞𝐫 𝐖𝐞𝐚𝐤 𝐒𝐚𝐥𝐞𝐬 𝐈𝐧𝐝𝐢𝐜𝐚𝐭𝐞 𝐋𝐮𝐱𝐮𝐫𝐲 𝐒𝐞𝐜𝐭𝐨𝐫 𝐏𝐮𝐥𝐥𝐛𝐚𝐜𝐤

Revenue for the French luxury sophisticate dropped 2% from last year, landing below analysts’ consensus calls.

Key Points:

LVMH posted first-quarter revenue.
Company did not disclose earnings.
Shares are up a good 12% this year.

Luxury giant LVMH MC reported first-quarter revenue below estimates, indicating a mild pullback in the high-end fashion sector. The French conglomerate posted a 2% drop in revenue for the March quarter at €20.7 billion ($22 billion), sliding below analysts’ consensus views for €21 billion ($22.3 billion). LVMH skipped profit results as it discloses earnings figures only twice a year.

The company blamed shifting foreign exchange moods for the drop, saying that organic revenue, which excludes currency moves, rose 3%. In Japan, for example, sales exploded by 32% thanks to a weaker Japanese yen. But Chinese demand for luxury goods declined by 6%. Wines and spirits, with brands such as Henessy and Moët & Chandon, fell the most — 12% — as not many people popped champagne bottles.

LVMH signed off on its weakest quarter by sales growth since the pandemic boom, which boosted the company’s valuation above $500 billion. Despite the slowdown, the luxury group, controlled by the family of the world’s richest person Bernard Arnault, has performed well so far this year. Shares erased yesterday’s 1.6% drop early in today’s session and are floating up by 12% on the year.

16/04/2024

𝐒𝐨𝐮𝐭𝐡 𝐊𝐨𝐫𝐞𝐚𝐧 ‘𝐂𝐫𝐲𝐩𝐭𝐨 𝐓𝐚𝐱 𝐂𝐫𝐚𝐜𝐤𝐝𝐨𝐰𝐧’ 𝐌𝐨𝐯𝐞𝐬 𝐭𝐨 𝐀𝐧𝐨𝐭𝐡𝐞𝐫 𝐂𝐢𝐭𝐲

The South Korean “crypto tax crackdown” continues its nationwide tour, moving on to the city of Yeongcheon in North Gyeongsang Province.

12/04/2024

𝐔𝐒𝐃/𝐉𝐏𝐘: 𝐃𝐨𝐥𝐥𝐚𝐫 𝐁𝐥𝐚𝐬𝐭𝐬 𝐁𝐞𝐲𝐨𝐧𝐝 ¥𝟏𝟓𝟑.𝟎𝟎 𝐭𝐨 𝐇𝐢𝐭 𝐍𝐞𝐰 𝟑𝟒-𝐘𝐞𝐚𝐫 𝐇𝐢𝐠𝐡 𝐨𝐧 𝐒𝐭𝐢𝐜𝐤𝐲 𝐈𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧

Japanese yen is in deep waters now and officials may decide to intervene at any moment.

Key Points:

Yen slips beyond ¥153 to dollar.
Dollar-yen cracks new 34-year high.
Move raises intervention prospects.

The USD/JPY pair USDJPY blasted through the ¥153.00 handle after consumer prices for March exceeded analyst expectations. Inflation for the past month landed at 3.5% from a year ago, topping the consensus view of 3.4% and eclipsing February’s 3.2% rate.

In that context, the dollar strengthened across the board and hit a new 34-year high of ¥153.24. The heavily battered yen was previously floating just under the ¥152.00 level to the dollar. Now, the new high in the dollar-yen rejiggers the forex landscape as traders are even more anxious about a possible intervention.

In Japan, officials have said they are closely monitoring the forex space and are ready to act against any excessive speculation. It’s highly likely that Japan’s policymakers are considering an intervention that would aim to bolster the yen and get it out of the chokehold of the mighty US dollar.

09/04/2024

𝐝𝐘𝐝𝐗 𝐈𝐧𝐯𝐞𝐬𝐭𝐢𝐠𝐚𝐭𝐞𝐬 𝐁𝐥𝐨𝐜𝐤 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐇𝐚𝐥𝐭 𝐃𝐮𝐫𝐢𝐧𝐠 𝐒𝐜𝐡𝐞𝐝𝐮𝐥𝐞𝐝 𝐔𝐩𝐠𝐫𝐚𝐝𝐞

Decentralized finance (DeFi) protocol dYdX is investigating an unexpected halt in block production following a scheduled upgrade of its chain.