In filings with securities authorities released on Monday, renowned hedge fund manager Michael Burry, whose exploits were famously captured in the film “The Big Short,” took a bearish stance on the market. Burry’s Scion Asset Management shorted the S&P 500 and Nasdaq 100 for the close of the second quarter, wagering approximately $1.6 billion on…
Read more
Bitcoin bulls have failed to step in, increasing the chance for a retest of the $29,500 support. Bitcoin remains stuck inside a narrow range, making it difficult to predict the direction of the next possible breakout. The U.S. Dollar Index (DXY), which generally moves in inverse correlation to Bitcoin (BTC), dropped below 100, but that has…
Read more
On Wednesday, July 12, 2023, the U.S. Bureau of Labor Statistics released the Consumer Price Index report for June, showing a 3% increase in inflation, the lowest level since March 2021. The U.S. inflation rate has fallen for 12 consecutive months, with the index rising 0.2% on a monthly basis. Labor Department’s CPI Data Shows…
Read more
In the first half of 2023, eye-opening statistics reveal that bitcoin (BTC), the leading cryptocurrency, demonstrated remarkable performance by surpassing various significant assets such as the Nasdaq Index, Nikkei 225 Index, Dow Jones, S&P 500, Russell 2000, spot gold, the U.S. Dollar Index, and the Japanese yen, among numerous others. Moreover, amidst the top assets…
Read more
The bulls are trying to nudge Bitcoin above the critical resistance of $31,000, which may start a broad-based crypto rally. The United States equity markets have witnessed a solid year so far. The Nasdaq Composite has soared 31.7%, its best first-half performance since 1983. Similarly, the S&P 500 Index’s (SPX) 15.9% gain is its best…
Read more
An onslaught of Bitcoin ETF applications could help BTC price find long-lasting support at the $30,000 level. The S&P 500 Index (SPX) snapped a five-week winning streak last week but it is still on track to close the first half of the year with stellar gains of nearly 13%. The tech-heavy Nasdaq Composite has done…
Read more
David Hunter, the chief macro strategist at Contrarian Macro Advisors, predicts an interesting development for global markets in the fourth quarter of 2023. According to him, global markets will experience a remarkable surge, aptly described as a “melt up.” However, this surge will be short-lived, as a substantial downturn is expected to follow. Hunter emphasizes…
Read more
The strength in the S&P 500 and weakness in the U.S. Dollar Index could limit the short-term downside in Bitcoin and select altcoins. The S&P 500 Index (SPX) has gained for five consecutive weeks, the first such instance since November 2021. In comparison, Bitcoin (BTC) is trading well below its local high of $31,000, made…
Read more
Market observers will closely watch the United States CPI data and the Fed’s policy decision to provide direction to the stock and crypto markets. After the tough sell-off seen in the past week, the cryptocurrency markets will be looking for some support from the macroeconomic data this week. The all-important United States Consumer Price Index…
Read more
Bitcoin and several altcoins took a beating on reports that the SEC filed a suit against Binance in U.S. district court. Bitcoin and altcoins witnessed a sharp sell-off on the news that the United States Securities and Exchange Commission (SEC) filed a suit against Binance in U.S. district court for unregistered securities operations. This lawsuit…
Read more
