Stock Liquidation – Discount Shopping Channel Mon, 24 May 2021 06:52:31 +0000 en-US hourly 1 Stock Liquidation – Discount Shopping Channel 32 32 Gold Price Today 24-05-2021: Expert Says Gold Trading Range for the Day is Rs 47,995 to Rs 48,875 Mon, 24 May 2021 04:29:12 +0000

Kedia Securities says gold stabilized on Sunday by -0.29% to Rs 48,404 as fairly strong stock markets and a stable dollar in continued optimism about the economic recovery dampened demand for the safe haven product.

In US economic news, a report released by the National Association of Realtors showed an unexpected drop in sales of existing homes in April. NAR said existing home sales fell 2.7% to an annual rate of 5.85 million in April after falling 3.7% to a rate of 6.01 million in March. Widespread lockdowns coupled with rising domestic prices choked the physical gold market in India as it grappled with a fierce COVID-19 wave, forcing dealers to offer the biggest discounts in eight months . Dealerships offered discounts of up to $ 10 an ounce, the highest since mid-September 2020, on official domestic prices – including 10.75% import taxes and 10.75% import taxes. 3% – compared to the $ 5 reduction last week.

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Banks and traders offer imported gold in April at a reduced price, as world prices were lower then. China, the largest consumer, saw stable demand, with premiums fluctuating little between $ 7 and $ 10 per ounce compared to benchmark spot gold prices. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.6% to 1,042.92 tonnes on Friday from 1,037.09 tonnes on Thursday. Technically the market is on a long sell-off as the market saw open interest decline of -6.26% to settle at 5,721 while prices drop -140 rupees, now gold is receiving support at Rs 48,200 and below the same could see a test of Rs 47,995 levels, and resistance is now likely to be seen at Rs 48,640, a move above could see prices test Rs 48,875, explains Kedia Securities.

Gold’s trading range for the day is Rs 47,995 – Rs 48,875. Gold stabilized lower as fairly strong stock markets and a stable dollar in continued optimism about the economic recovery dampened the downturn. request. A report released by the National Association of Realtors showed an unexpected drop in sales of existing homes in April. Locks cripple Indian market as discounts hit 8-month high, says Kedia Securities

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External shock and seasonal bonanza Sun, 23 May 2021 08:56:34 +0000

Between December 2020 and May 2021 (until May 7, latest official BCRA data), the monetary authority bought US $ 4,771 million on the foreign exchange market. In other words, it bought back 89% of what it had to sell between April and November 2020, to contain the official dollar and avoid a devaluation of the peso. Today, of the dollars that the BCRA buys, most of it goes to canceling debt with international organizations and intervening in the exchange rate differential. This operation is carried out by selling bonds in the portfolio to contain the alternative dollars, partially redeemed by the BCRA with net reserves.

What happened in December? The trend was reversed by tightening stocks for importers, there has been a reduction in the exchange rate differential (from 85% to 60%) and a strong appreciation of raw materials. Thus, since December, the BCRA has been able to buy dollars again on the foreign exchange market for US $ 4,771 million.

Therefore, in January, the BCRA accumulated purchases for 157 million US dollars, in February it added an additional 633 million US dollars, in March 1476 million US dollars, in April it added 1373 million US dollars and up to ‘As of May 7, she has racked up purchases for US $ 618. million. Already in April of this year, for every two dollars bought by the BCRA, one remained in the gross reserves (it bought for 1,373 million and the gross reserves increased by 669 million US dollars). Although at the beginning of May, this ratio is 3 to 1.

Net reserves having reached a minimum floor of US $ 2,241 million in November 2020, after reversing the trend, i.e. reserves without including currency swaps with China, minimum reserves of banks, government deposits and loans from international organizations, this is the key. Since these are the funds with which it is available to pay the maturities of the debt or to intervene in the foreign exchange market. If this had not happened, it would not have been viable. The evolution of this variable is essential to rebuild the firepower of the BCRA, in the event of a new exchange race (after 2020 which involved an issue of 2 trillion dollars).

Why is all this essential in 2021? Firstly, because we are in a year with legislative elections and, secondly, because if the negotiation with the Paris Club for the postponement of the debt maturity does not succeed, we would remain at a similar level of net reserves to criticism at the end of November 2020. It is worth saying that the monetary entity would be left without it “firepower” face a rush, both to contain the official dollar (which since March has been rising well behind inflation) and to avoid a jump in alternative dollars (via the sale of bonds and the buyback with reserves).

Likewise, in a default scenario with the Paris Club, the purchase of dollars would be intended to free up more dollars to aim for an economic recovery (inputs for production) and intervene in the exchange differential. That being the case, it would give you “air” to importers’ stocks. It would also avoid the shortage of intermediate goods essential for local production.

The price of raw materials is the most positive shock and with a very rapid behavior, which results, for example, in the rise of maize by 117% in the last 9 months. This rise (remember we are coming from a 2020 with a totally declining world economy) in prices is generating an increase in the trade balance unthinkable months ago. From January to April 2021, the liquidation of agriculture was the highest in history, doubling compared to the same period last year. The consequences are economic recovery (by taking advantage of private sector spending), public accounts are consolidated through withholding taxes and less monetary assistance may be requested.

In short, in May and June there will be dollars, the soybean product and the liquidation of the gross agricultural crop. With a public sector with lower peso debt maturities, the risk of moving towards a system of higher monetary issues is lower. Something nothing less, in a year where there is no room to cover the fiscal hole in the same way as was done in 2020. In other words, more dollars available and fewer pesos to issue, at least in the next two months.

Proper administration of the BCRA will be essential given this seasonal abundance. It will be up to the government to take advantage of this to make the essential corrections to the existing macroeconomic imbalances, be able to minimize the impact. Arriving in the second half of the year, without the liquidation of agriculture and with the maturities of the debt in pesos, the situation will be totally different. More in a context of increased pressures for public spending, in an election year and with the dollarization process that still occurs in those years.

* Federico Pablo Vacalebre. Guest columnist, he is a professor at CEMA University.

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Cathie Wood lowers her biggest stakes as Ark’s funds stumble Sat, 22 May 2021 13:00:00 +0000

Cathie Wood’s tactic of selling stakes in larger, more liquid companies during drawdowns and buying less well-traded securities has helped fuel fears that Ark Investment Management could become overexposed to its more speculative bets.

So far, the opposite has happened.

While the number of companies in which Ark holds more than 10% of the capital is the same as three months ago, other indicators show a declining concentration.

The New York-based fund manager no longer owns a greater than 20% stake in any stock, down from three companies in February. Its largest stake remains in Compugen Ltd., but it fell to 17.2% from 21.3% earlier in the year.

Reduced bets

Ark no longer owns a stake greater than 20% in any company

Source: Bloomberg

When its stake is combined with that of Nikko Asset Management – the Japanese company with a minority stake in Ark with which it has partnered to advise on multiple funds – the pair now control 25% or more of a single company, Compugen. And the number of stocks in which both own more than 20% has fallen to eight from 10 previously.

“It’s a bit of an evolution – Ark accepting that it’s a big family of funds now,” said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “It makes sense that, especially in some of the smaller cap names, they’re reducing that focus. The money you spend on smaller names can change the risk-reward calculation. “

Ark’s exchange-traded funds endured a scorching few weeks, with the flagship fund losing more than 32% from its February 12 high. Yet the exits remained modest, even if tens of billions of late investments are underwater.

This means that the portfolio manager has had time to make an orderly adjustment of positions, rather than being forced into a panicked liquidation. Ark did not respond to a request for comment.

“I was concerned that investors who were relatively new to strategy would see poor performance and then retreat, just as management increasingly favored some of these smaller companies,” said Todd Rosenbluth, head of ETF research and mutual funds at CFRA Research. “But since investors have remained relatively loyal, they did not have to change the portfolio to cope with customer buyouts.”

ARKK's releases have been met with significant admissions in the past three months

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Blinken to visit Israel, West Bank, May 26-27, source says Sat, 22 May 2021 08:09:55 +0000


Powell Seeks Contributions As Fed Grows Interested In Digital Currencies

(Bloomberg) – Federal Reserve Chairman Jerome Powell has increased the volume of the digital US dollar debate, announcing that the central bank will release a research paper and solicit public comment as it considers one. publish one in the future. Reserve to hear a wide range of voices on this important issue before making any decision on whether and how to move forward with a US CBDC, ”he said in a statement Thursday, referring to central bank digital currencies. “To help stimulate broad debate, the Federal Reserve Board will be releasing a discussion paper this summer outlining our current thinking on digital payments, with particular emphasis on the benefits and risks associated with CBDC in the American context. ” The announcement, during a week of intense cryptocurrency volatility, kicks off a Powell-style consensus-building exercise on the theme of the US digital dollar, which until now was primarily a tech project based out of its regional branch of Boston. The approach of soliciting outside voices has been a hallmark of Powell’s leadership. Powell said he wanted the Fed to play “a leading role” in the development of international standards. Central banks around the world – notably the People’s Bank of China – are advancing with digital currencies, which could give them a head start on how standards evolve in part because they have real-world experience. “It’s hard not to see today’s statement. in the context of China and what’s going on in the private crypto markets, ”said Derek Tang, economist at LH Meyer / Monetary Policy Analytics in Washington. “There is a bit of complacency about the Fed saying, ‘We are the reserve currency’. This is changing now. Tang said China’s digital currency aims to exert more control over the domestic financial system but also to project soft power into the global trading system with digital yuan payments. “These efforts have accelerated perhaps faster than what the United States expected,” he said. A key issue for Powell and other Fed officials is how this technology would fit into the current U.S. banking system, which already provides electronic payments in a variety of systems Critics of the current system say it locks down many low-income people and their bills for basic services that people with high account balances do not suffer from. Digital currency accounts held by individuals could serve as a form of competition. Yet the banking system offers high protection to depositors, including insurance, which a less regulated system cannot provide. “Fix the system” “The problem is that we are too dependent on the central bank’s payment system, which fails to deliver,” said Aaron Klein, senior researcher at the Brookings Institution in Washington. Long payment times for cashing checks can lead people in underbanked communities to resort to payday lenders who charge high fees for cash advances. “The answer is to fix the Fed system and move society to a better payments system,” he said. U.S. central bankers want to be clear about the problem they are solving when they value a digital dollar. “Our main objective is to find out if and how a CBDC could improve an already safe, effective, dynamic and efficient situation. US domestic payment system, ”said Powell. “We believe it is important that any potential CBDCs can serve as a complement, not a replacement, for current private sector cash and digital forms of dollar, such as deposits in commercial banks.” Powell said that “to date cryptocurrencies have not been a convenient way to make payments, given, among other things, their fluctuations in value. He also said stablecoins, or digital currencies tied to the dollar, would attract more attention from regulators. He said he hoped the document would represent a thoughtful process. in developing international standards for CBDCs, actively collaborating with central banks in other jurisdictions as well as with regulators and supervisors here in the United States throughout this process. (Updates with commentary from analysts Tang and Klein in the fifth and ninth paragraphs.) Subscribe now to stay ahead with the most trusted source of business news. © 2021 Bloomberg LP

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ACRES COMMERCIAL REALTY CORP .: Important modification of the rights of the holders of securities, modifications of the articles of inc. Or bylaws; Change in fiscal year, other events, financial statements and documents (Form 8-K) Fri, 21 May 2021 20:57:11 +0000

Article 3.03 Significant modification of the rights of security holders

At May 19, 2021, as part of the public offer (“the Offer”) by
ACRES Commercial Realty Corp. (the “Company”) newly classified and designated 7.875% Cumulative Redeemable Preferred Shares Series D (“Series D Preferred Shares”), the Company has filed Maryland Department of State Assessment and Taxation Supplementary Articles (as corrected, the “Additional Articles”) to the charter of the Company classifying and designating 6,800,000 Series D Preferred Shares. A summary of the material terms of the Series D Preferred Shares is set out under “Description of the Preferred Shares Series D ”in the Company’s Prospectus Supplement dated May 14, 2021, which is part of the company’s registration statement on Form S-3 (registration number 333-254315), and is incorporated herein by reference.

With respect to distribution rights and liquidation rights, the Series D preferred shares rank first among the common shares of the company (as well as any class or series of the company’s share capital expressly designated as ranking below the Series D preferred shares, “junior shares.” “Stocker”).

In addition to other preferential rights, each holder of Series D preferred shares is entitled to receive a liquidation preference, which is equal to $ 25.00 per share of Preferred Shares Series D, plus all distributions accrued and unpaid as of the date of payment, but not including, before holders of shares of Junior stock, in the event of voluntary or involuntary liquidation, dissolution or liquidation of the Company. In addition, the Company is prohibited from declaring or paying any distributions, or setting aside assets for the payment of distributions, on shares of Junior stock or Parity Stock or, subject to certain exceptions, the repurchase or acquisition of shares of Parity Stock or Junior stock unless the full cumulative distributions on the Series D Preferred Shares for all past distribution periods have been declared and paid or set aside for full payment.

The foregoing description is not complete and is qualified in its entirety by the terms of the Series D Preferred Shares as set out in the Supplementary Articles, a copy of which is filed as Exhibit 3.1 of this report and is incorporated into present by reference. A specimen certificate for the Series D preferred shares is filed as Exhibit 4.1 of this report and is incorporated herein by reference.

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Tax change


The information set out in point 3.03 regarding additional articles is incorporated by reference in this point 5.03.

Point 8.01. Other events.

At May 21, 2021, the company issued 2,400,000 Series D preferred shares and received the net proceeds (before fees) of $ 58,110,000. The Company expects to use the net proceeds from the sale of the Series D Preferred Shares, after deducting commissions and offering fees payable by the Company, to make loans in accordance with its investment policies and for general corporate purposes. .

A copy of the opinion of
McDermott Will and Emery LLP relating to the validity of the Series D Preferred Shares sold in connection with the Offering. A copy of the opinion of Ledgewood PC relating to certain tax matters.

————————————————– ——————————

Point 9.01 Financial statements and supporting documents.


Number       Description

3.1            Articles Supplementary 7.875% Series D Cumulative Redeemable
             Preferred Stock, as corrected.

4.1            Form of Specimen Certificate for the Company's 7.875% Series D
             Cumulative Redeemable Preferred Stock.

5.1            Opinion of McDermott Will & Emery LLP

8.1            Opinion of Ledgewood, PC.

23.1           Consent of McDermott Will & Emery LLP (included in Exhibit 5.1)

23.2           Consent of Ledgewood, PC (included in Exhibit 8.1)

104          Cover Page Interactive Data File (embedded within the Inline XBRL

————————————————– ——————————

© Edgar Online, source Previews

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From 2021/05/24, ATrack Main Board (stock code: 6465), ATrack 1st secure Convertible Bond (bond code: 64651) and Bora Main Board Stock (stock code: 6472) shares must be collected at the price of buy or sell – securities side and securities will be carried out with manually controlled transaction matching terminals Fri, 21 May 2021 10:47:03 +0000

From 2021/05/24, ATrack Main Board (stock code: 6465), ATrack 1st secure Convertible Bond (bond code: 64651) and Bora Main Board Stock (stock code: 6472) shares must be collected at the price of buy or sell – securities side and securities will be carried out with manually controlled transaction matching terminals

Date: 05/21/2021

ATrack Main Board Stock (stock code: 6465) was announced by TPEx its attention information, the securities were subject to a disposition measure in the last period of 30 working days, for a period of 3 working days consecutive. Within 10 working days from 2021/05/24 (2021/05/24 to 2021/06/04, which would be extended accordingly if the market is closed, or if the securities are subject to a suspension of trading or the ‘stop trading on one of the days) TPEx will perform a trade matching for the Track Main Board Stock (stock code: 6465) and the 1st secure convertible bond ATrack (bond code: 64651) with correspondence terminals commercial controlled manually (corresponding approximately every 20 minutes). Securities brokers recover the purchase price or securities on the sell side of any consigned orders already placed by the investor on that day in full from the investor. Temporarily suspend margin buying and short selling transactions on donated securities. Provided that this does not apply at the time of liquidation of margin transactions or for purchases or sales negotiated through special accounts set up for the handling of defaults.
Bora Main Board Stock (stock code: 6472) has been announced by TPEx its attention information, herein for a period of 3 consecutive business days. Within 10 working days from 2021/05/24 (2021/05/24 to 2021/06/04, which would be extended accordingly if the market is closed, or if the securities are subject to a suspension of trading or the (stop trading on one of the days) TPEx will match transactions for securities with manually controlled transaction matching terminals (correspondence approximately every 5 minutes). Securities dealers will collect in full from the investor the purchase price or the sell-side securities for trading orders already placed by the investor on that day on which an investor’s daily volume of recorded transactions for securities at during the given period consists of a single transaction of 10 or more bargaining units or multiple transactions with a total total of 30 or more bargaining units. In the case of margin trading, the total amount of margin for buying margin or for selling short. Provided that this does not apply at the time of liquidation of margin transactions or purchases or sales of securities through special accounts set up for the treatment of defaults.
(Chinese version will prevail if there is any discrepancy between English and Chinese version.)


TPEx – Taipei Stock Exchange published this content on May 21, 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unchanged, on 21 May 2021 10:46:08 AM UTC.

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Equitable Holdings Increases Common Stock Dividend and Declares Preferred Stock Dividends | Business Thu, 20 May 2021 20:17:06 +0000

NEW YORK – (BUSINESS WIRE) – May 20, 2021 –

Equitable Holdings, Inc. (the “Company”) (NYSE: EQH) today announced that its board of directors has declared a quarterly cash dividend of $ 0.18 per common share, an increase of 6% per report to the previous quarter. The dividend on the common shares will be payable on June 7, 2021 to shareholders of record at the close of business on May 31, 2021.

The board of directors of the company also declared the following cash dividends:

  • Quarterly dividend of $ 328.125 per share on the 5.25% Perpetual Non-Cumulative Dividend Preferred Shares Series A, with a liquidation preference of $ 25,000 per share, which are represented by Custodian Shares (NYSE: EQH PR A) , each representing a 1 / 1,000th interest in a preferred share, the holders of which will receive $ 0.328125 per custodian share. The dividend will be payable on June 15, 2021 to holders of record as of June 4, 2021.
  • Semi-annual dividend of $ 618,750 per share on the 4.95% non-cumulative perpetual preferred shares Series B, with a liquidation preference of $ 25,000 per share, which are represented by custodian shares, each representing a 1/25 interest in a preferred share, the holders of which will receive $ 24.75 per depositary share. The dividend will be payable on June 15, 2021 to holders of record as of June 4, 2021.
  • Quarterly dividend of $ 268,750 per share on the 4.30% non-cumulative perpetual preferred shares Series C, with a liquidation preference of $ 25,000 per share, which are represented by custodian shares (NYSE: EQH PR C) , each representing a 1/1000 interest in a preferred share, the holders of which will receive $ 0.26875 per depositary share. The dividend will be payable on June 15, 2021 to holders of record as of June 4, 2021.

About Equitable Holdings

Equitable Holdings, Inc. (NYSE: EQH) is a financial services holding company comprised of two complementary and well-established primary franchises, Equitable and AllianceBernstein. Founded in 1859, Equitable offers advice, protection and retirement strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm providing high quality research and diversified investment services to institutional investors, individuals and private clients in major global markets. Equitable Holdings has approximately 12,000 employees and financial professionals, $ 822 billion in assets under management (as of 3/31/2021) and more than 5 million client relationships worldwide.

View source version on

CONTACT: Investor Relations

Işıl Müderrisoğlu

(212) 314-2476

Media relations

Matt Asensio

(212) 314-2010



SOURCE: EQH Investor Relations

Copyright Business Wire 2021.

PUB: 05/20/2021 4:16 PM / DISC: 05/20/2021 4:17 PM

Copyright Business Wire 2021.

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Cathie Wood’s explanation for the Bitcoin crash doesn’t add up Thu, 20 May 2021 13:50:24 +0000

First of all, let me say that I really appreciate the work of the ARK Invest team, that I think their analysts are incredibly unique thinkers and that I have enjoyed learning from them over the years. years. But Cathie’s comment on bitcoin yesterday was easily, verifiable, and untrue and demands a fact-check.

Here is the explanation she gave today to my former Bloomberg colleague Carol Massar on why bitcoin fell:

“I think we’re in a risk-free period, for all assets. If you look at the stock market, the riskier or more volatile parts of the stock market have happened dramatically since mid-February, and I think that a lot Initially it helped bitcoin, because bitcoin is a very important inflation hedge … but I think what is happening now is because the stock market – the very volatile part of the stock market , the innovation part of the stock market – has undergone such a correction, which was ignited by fears of inflation, I think the correlation between volatile assets is going to 1 right now and that includes bitcoin. “

A risk-free period for all assets? Not even close.

The Nasdaq

has indeed been under some pressure, and inflation is certainly the talk of the city, but there is no widespread risk reduction in the market, according to data so far. Cathie argues that bitcoin is going down because investors are in a risk-free selling period and correlations between assets are increasing. Events like this happen, and the Covid sale in March of last year was a perfect example. This market is going through something very different today: a regular and specific selection process to eliminate transactions that investors believe will not work in a reflationary, growth-friendly economic environment. There is no sign of widespread panic. A ton of stocks are at all-time highs. What is happening is the result of deliberate selection, not panic.

Since it’s been almost exactly a month since bitcoin and the Nasdaq highs, I used 30-day correlations to gauge the veracity of his statement, and there is simply no truth to it. No unusually high correlation between bitcoin and the Nasdaq, the S&P 500, not with FANG, growth funds, chipmakers, not even the ARKK fund itself! The 30-day correlation between Bitcoin and all of these things rose to 1 in March of last year. Today, they are all between 0 and 0.5.

This is not even true if you single out the comparison with high growth companies as she suggests. In March of last year, Bitcoin’s correlation with ARK reached 0.97. Today it is 0.6. Last year, Bitcoin’s correlation with the SPDR growth fund reached 0.95; today is 0.51. Its correlation with the Nasdaq: 0.94 against 0.59 today. For the S&P 500: 0.97 versus 0.11. If the sell gets tough, could we get a high correlation sell? Sure, but that won’t explain why bitcoin has already been halved. This all still applies even if you are using short term correlations, say 10 days, where nothing unique is happening.

It also doesn’t matter which correlation length you choose. Since Cathie cited in mid-February, I have also looked at the 90-day correlations between “tech innovation” (ARKK)

and bitcoin. The situation is on the decline, as ARKK started rolling first and has actually been stable in recent days when bitcoin crashed. Investors might choose to bail out innovation tech and bitcoin in the same general time frame of last quarter, but that has nothing to do with a sudden high correlation panic sell off in the markets. Nothing like that is happening. The best you can do is argue that bitcoin is a higher beta of some specific risky assets in the growth category, but that invalidates the other part of its claim that bitcoin is a hedge against it. inflation.

Here are the most important correlations. The correlation between value stocks and bitcoin, which reached 0.97 on the Covid sale, is currently at less than 0.2, its most inverse since the start of the pandemic. Bitcoin’s correlation with Treasury prices is also increasing, to 0.45, the highest since August. And more importantly, bitcoin’s correlation with gold is negative 0.79, the most inverse of all time.

Investors hate some things and love others. It is a choice, not a forced liquidation. People are choosing assets that they believe will thrive in the emerging reflationary post-Covid economy, and ARKK and Bitcoin are not making the cut. It takes 30 seconds to run these graphics. Why is she fooling investors?

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Credit Suisse Appoints New Head of Italian Private Banking As Part of Expansion Thu, 20 May 2021 12:44:31 +0000


Chinese goods in Sea of ​​Red as global rout spreads east

(Bloomberg) – The global commodities rout has spread to China, iron ore, coal and soybean futures collapsing, as markets gripped by fears of inflation and that the Beijing authorities continued to try to bring down jaw-dropping prices. , especially in the ferrous markets, with iron ore falling 7.6% and steel rebar down 5.6%. Coking coal, used to make steel, plunged 7.5% and soybeans fell almost 3%. The widespread declines followed a market meltdown in the United States, where everything from stocks to cryptos to commodities plunged. The slump follows a huge surge in commodity markets, both globally and in China, after talks about a new “supercycle” pushed prices to unprecedented levels. “After a year of gain, investors in the market might have started thinking about an exit plan and looking for triggers,” said Zhang Chenfeng, researcher at China’s top commodities hedge fund Shanghai Chaos Investment Group Co. The recent decline in commodity prices was partly attributed to some disputes over the macroeconomic outlook such as inflation, he added. In China, traders fear that the increasingly loud government warning against what it calls “unreasonable” gains could cap further recoveries. At a meeting chaired by Premier Li Keqiang on Wednesday, the State Council said more efforts needed to be made in recent weeks. “China’s voice is getting louder and louder,” said Zhang. Chinese authorities “have tried to calm speculative price spikes, particularly in the coal and coke markets.” Overall open interest in some of China’s major industrials fell near its lowest level since late February, indicating that net long positions are being liquidated. Bloomberg’s calculations have shown this. Hedge funds also cut bullish bets on global commodities for the first time in more than a month, according to data from the Commodity Futures Trading Commission and the Intercontinental Exchange. percentage of GDP – may have already peaked, leaving recent price recovery to seemingly precarious record levels. The most obvious fallout would be on metals critical to real estate and infrastructure spending, from copper and aluminum to steel and its main ingredient, iron ore. demand for raw materials, compound concerns over a more difficult demand environment for raw materials. On the wire, China has appealed to the United States for more than a third of corn imports slated for next season, accelerating its purchases from the world’s largest supplier to meet its growing grain needs. . According to a USDA report, Chinese traders are importing record volumes of animal feed into the United States, including soybeans, corn and sorghum, according to a USDA report. New, cleaner capacity to boost China’s aluminum production in 2021 Chinese beef exports from Brazil could become much bigger: ChartChile raises copper price estimates, declaring possible new highs in Tibet: Reuters Coming Friday, May 21 China Iron Ore Port Weekly Stocks Shanghai Exchanges Weekly Commodity Inventory, 3:30 p.m. SMM Battery Materials Conference in Changsha, Hunan, Day 2 Keep one step ahead with source most reliable business news. © 2021 Bloomberg LP

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Bitcoin price drops 40% as Coinbase stock drops 33% – Cathie Wood sees bottom Thu, 20 May 2021 12:32:05 +0000

Bitcoin has plunged in the month since its peak. By 6 p.m. on May 19, it had lost 40% of its value since hitting $ 64,606 a piece, according to CBS News. Meanwhile, shares of the cryptocurrency trading platform, Coinbase, have fallen by a third since its direct listing on April 14.

Elon Musk’s tweets are a big driver of Bitcoin’s price. When he tweeted that Tesla would let people use it as currency, Bitcoin went up; when he called the cryptocurrency a “scramble” on SNL and later tweeted that Tesla would no longer accept Bitcoin because it consumes too much power, the price dropped.

The cause of the latest fall was a statement posted on the China Banking Association website on May 19 saying that financial institutions should “resolutely refrain” from providing services using digital currencies due to their volatility. Virtually all cryptocurrencies fell after the industry group’s statement.

If you’ve owned Bitcoin since mid-2011 when the price was a few cents, you probably don’t care. As I wrote here in February 2014, people who have been infected with the Bitcoin brain virus are not deterred from owning it by a drop in its price.

Does this make falling Coinbase shares a buying opportunity? The answer depends on how realistic Coinbase’s optimistic growth forecast is. If Elon Musk changes his mind and starts accepting Bitcoin again to buy Teslas, I expect Coinbase stock to take off.

Otherwise, Coinbase will continue to fall. But it won’t cost you the precious dopamine shot you can still get from your upvotes on your Reddit post on How Much You Lost.

Bitcoin’s energy consumption and volatile price

Bitcoin is a digital currency launched in 2009 that allows users to spend money anonymously. It is not tied to any bank or government and is created using computers running 24/7 to solve difficult math problems – Bitcoin mining. There are around 18.7 million Bitcoins in circulation and only 2.3 million have yet to be mined.

CBS News reported “that a 2019 study by the Technical University of Munich and the Massachusetts Institute of Technology found that the Bitcoin network generates an amount of CO2 similar to that of a large western city or country. developing whole like Sri Lanka. “

A 2020 study from the University of Cambridge estimated that, on average, 39% of the ‘proof-of-work’ crypto-mine was powered by renewable energy, mainly hydropower. As I wrote in February 2018, the continued and cheap demand for hydroelectric power makes Wenatchee, Washington a popular place for bitcoin miners.

Bitcoin peaked on April 13 and has been declining since then. Yet it is still up 31% in 2021 and about 300% more than in May 2020. A five-year-old holder is sitting on gains of more than 6,000%, noted the the Wall Street newspaper.

Is Bitcoin a currency?

Cryptocurrencies are worth an incredibly large amount – $ 1.5 trillion – but their value is still much smaller than stocks ($ 46.9), residential real estate ($ 41.3 trillion) and securities. from the Treasury ($ 21 trillion).

The anonymity of cryptocurrencies makes them ideal for criminals. And since banks are subject to Know Your Customer regulations, in theory, banks will never allow them to be used for transactions.

According to CBS News, the European Central Bank said the risk of cryptocurrencies affecting the stability of the financial system appears “limited at this time” because they are not used for payments.

Washington officials are talking more about regulating digital currencies – however, they seem to fear the financial turmoil that could ensue if they attempt to ban them altogether.

Cryptocurrencies will have to solve some difficult problems to become useful for business transactions. As the Journal points out, they are too volatile to be relied on as a medium of exchange and few libertarians would want their fortunes to depend on what Chinese regulators do.

I don’t know why the Journal doesn’t seem to think these libertarians are happy to bet their financial situation on the whims of Elon Musk.

Excellent financial report and forecast from Coinbase

Coinbase hit its ambitious forecast for the quarter ending March 2021. Its revenue of $ 1.8 billion was up 843% year-over-year, while its adjusted EBITDA of $ 1.1 billion of dollars was multiplied by 19, according to Coinbase. This matched his predictions, according to Coindesk.

On May 13, Coinbase announced a continuation of this rate of growth in the quarter ending June 2021. For the second quarter, Coinbase said it expects “all of its trade metrics to meet or exceed results recorded in the first quarter. Q2 trade volume will “slightly” exceed Q1 trade volume if it persists at the same rate, “Coindesk reported.

Coinbase has increased its 2021 annual forecast range for users doing monthly transactions (MTU) by 32% from 4 million to 7 million to between 5.5 million and 9 million.

What’s next for Crypto and Coinbase?

Just like cryptocurrency stocks, so too is Coinbase’s share price.

The basis for predicting their future seems fragile to me.

If you are a crypto bull, you will gobble up information that confirms your optimism and ignore anything that contradicts it and vice versa.

Bulls like Cathie Wood, CEO of Ark Invest, and tech entrepreneur Justin Sun see an opportunity in falling prices. Wood saw the decline as a “sellout” and sees Bitcoin as “on sale”. Sun, founder of the cryptocurrency platform Tron, “tweeted that he bought $ 152 million in Bitcoin for about $ 37,000 a coin,” according to Bloomberg.

Galaxy Digital CEO and Chairman Mike Novogratz remains a Bitcoin bull. As he said, “You had a confluence of events … where you started to break positivity into the price action, and now we have a sell-off event. The market will consolidate. He’ll find a bottom somewhere. I hope it’s close to here ”, reported CNBC.

Not everyone is a Bitcoin bull. Indeed, Edward Moya, Senior Market Analyst at OANDA, said: “Coinbase’s trading debut coincides with Bitcoin’s peak and many traders cannot make a convincing argument that it will be able to recoup all of these losses. since then, ”according to CNBC. .

Institutional analyst sees investors exiting crypto to turn to gold. JPMorgan Chase & Co.

analysts, including Nikolaos Panigirtzoglou, wrote: “Institutional investors appear to be moving away from bitcoin and back to traditional gold,” according to MarketWatch.

Elon Musk tweeted emojis for Diamond and Hands – meaning he doesn’t sell his Bitcoin.

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