Bitcoin trades sideways; Fall in equities: market envelope

By July 31, 2021DeFi
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Bitcoin has increased return on investment against the dollar by 253.55% over the past year, according to Messari. Saber Protocol, a stablecoin exchange, raised $ 7.7 million in a funding round.

A strong quarterly earnings season couldn’t stop US stocks from falling on Friday.

On the Nasdaq Composite, Robinhood (HOOD) rose around 3.5% after experiencing a disappointing trading start on Thursday. Hours after HOOD’s IPO, ARK’s Cathie Wood bought shares of the trading platform’s parent company, Robinhood Markets.

Amazon.com Inc. reported high profits of $ 30 billion on Thursday night, but suspicious investors questioned whether the tech giant could continue its own growth. The company’s shares lost 7.5% on Friday.

Caterpillar Inc., which reported higher profits on Friday, said investor profits would decline due to rising costs. Following the news, the company fell about 4% intraday on the NYSE. Pinterest plunged 18% following a report, citing a significant loss in user engagement.

80% of corporate profits in the S&P 500 exceeded earnings estimates, according to Bloomberg. However, at the same time, tech companies like Facebook and Apple fell 0.5% and 0.4% respectively.

Essentially, investor fears over Covid-19’s slowing economic growth and impending interest rate hikes have overtaken a mostly strong corporate earnings season.

Wall Street gauges recovered some but reduced losses at the close of the market.

Actions

The Dow Jones fell -0.42% to 34,936. The S&P 500 fell -0.54% to 4,395. The Nasdaq lost -0.71% to 14,672.

Overview

Oaktree Capital co-founder Howard Marks weighed in on inflation issues and the macroeconomic environment in a recent client note.

“The low inflation rates reported in the United States may be in part attributable to changes over the past several decades in the way the Consumer Price Index is calculated, but the truth is that we know very little about it. on inflation, including its causes and remedies, ”Marks added. “I call it ‘mysterious’, so I think we should be giving inflation forecasts even less importance than in other areas. This makes life difficult for investors right now, as inflation and its impact on interest rates are the biggest wild cards. “

Source: DataTrek

Bitcoin drops after Deribit, the largest crypto options exchange, settles an expiration of 1.6 billion options. Despite the selling pressure, the cryptocurrency maintained a trading rage of $ 38,000- $ 40,000 on Friday.

Bitcoin has increased ROI against the dollar by 253.55% over the past year, according to Messari. The crypto briefly hit a six-week high on Wednesday, trading near $ 41,000.

In decentralized finance (DeFi), the Solana-based stablecoin exchange Saber Protocol raised $ 7.7 million in a seed funding round this week. DeFi tokens like Chainlink (LINK) jumped more than 15% on Friday.

Overview

Saber Protocol co-founder Dylan Macalinao weighed in on recent funding and their goal to be the liquidity network for cross-chain DeFi.

“For DeFi to reach millions of users and billions of dollars in value, we need a blockchain capable of handling mass scale. Due to its low transaction costs and high performance, we believe Solana is that blockchain, ”Macalinao said.

Challenge

Uniswap is trading at $ 20.45 with a locked-in total value of $ 4,254,696,078, up 6.1% in 24 hours at 4 p.m. ET. Chainlink is trading at $ 21.7, rising 15.1% with trading volume at $ 1,479,268,901 in 24 hours at 4:00 p.m. ET. DeFi: ETH is 32% at 4:00 p.m. ET.

Crypto

Bitcoin is trading around $ 39,113.15, down -1.46% in 24 hours at 4:00 p.m. ET. Ether is trading around $ 2,347.83, rising 1.56% in 24 hours at 4:00 p.m. ET. ETH: BTC is at 0.0600, up 0.86% at 4:00 p.m. ET. VIX is up 3.56% at 6:00 p.m. ET.

Fixed income

US 10-year Treasuries return 1.237% at 4:00 p.m. ET.

Merchandise

Brent crude reached $ 76.33 per barrel, advancing 0.37%. Gold fell -1.14% to $ 1,827.80.

Currencies

The US dollar strengthened 0.33%, according to the Bloomberg Dollar Spot Index.

In other news …

State Street has partnered with crypto asset data provider Lukka, Blockworks reported on Friday. The partnership will help the custodian bank provide digital asset fund administration capabilities to its private fund clients.

That’s it for today’s markets. I’ll see you here on Monday.

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