Day: November 25, 2024

NVIDIA Burns Like Hot Coal amid Profit Taking

Posted on by Olumide Adesina

NVIDIA’s stock fell nearly 3.5% on Monday amid profit-taking, hitting a three-week low as the Dow Jones Industrial Average hit a new high.
Recent price action showed Nvidia tried to sustain an upward trend that started in August, but shares couldn’t hold above the support level of the June 20 reversal high, which was close to $141.

The Nvidia Q2 Earnings Were Impressive

Nvidia’s stock is close to a possible support zone close to the $136 price level, the 50-day moving average. Nvidia increased by 183 percent this year and surged by an impressive 195 percent over the previous 12 months.

Nvidia’s current challenge is meeting the extremely high expectations of the market for future earnings, as Wall Street projects a 54 percent increase in revenue in 2025. Even though there is a growing demand for Nvidia’s powerful AI chips, investors are at high risk after raising their expectations even more quickly than the company can meet.
Nvidia’s head of worldwide field operations, Jay Puri, met with China’s vice commerce minister in Beijing on Monday, indicating that the country is still a significant market for the chip maker despite President-elect Donald Trump’s intentions to intensify trade tensions.

Billionaire hedge fund manager Ray Dalio and his company Bridgewater Associates made an intriguing move on the blue-chip stock in the third quarter. They sold 11.8 million units, reducing their position size by roughly a quarter. If the average price for Q3 is applied, this would be approximately $212 million.

Ethereum Hit Highest Level Since July

Posted on by Olumide Adesina

Ethereum’s price reached $3,500, the highest level the cryptocurrency has experienced in four months since it surpassed $3,500 on July 21. As of this writing, Ethereum has dropped back to about $3,445, up 3% for the day and 11.4 percent for the week, according to data from Binance. Ethereum underperformed compared to its major peers in the altcoin market.

ETH surged by only 49% since the year began. Bitcoin has increased 133% during this time, while Solana (SOL) has increased 150% Price action highlighted that the super altcoin experienced corrective retracements throughout its upward trajectory, with support located at $3K, close to the 200-day moving average.

The digital asset pushed back below the critical $3.5K resistance, which is in line with earlier swing highs, by increased buying activity, which served as strong support. A decisive supply zone, even with the renewed bullish momentum, is the $3.5K threshold.

If the $3.5K resistance is broken, buyers will likely continue to move towards its all-time high. Though most recent price action affirms the market might go through a protracted period of consolidation as it digests recent gains. A

Ethereum exchange-traded funds (ETFs) saw inflows of $91.3 million last Frida, after six days of outflows totaling $222.7 million, , according to data from CoinGlass. The cryptocurrency market has been extremely bullish following the election of Donald Trump as the 47th President of the United States, .

The market is on a green mode amid pro-crypto pledges made by the president-elect included establishing a strategic Bitcoin reserve and halting the SEC’s crypto crackdown.

MicroStrategy Makes It Biggest Bitcoin Purchase

Posted on by Olumide Adesina

MicroStrategy topped off its corporate coffers with a $5.4 billion Bitcoin purchase on Monday for the third time this month, increasing its total holdings to 386,700 BTC, or $37.6 billion. This is the biggest Bitcoin purchase disclosure the company has ever made, in BTC and value in dollars.

MicroStrategy has made the largest Bitcoin acquisition since the business began hoarding cryptocurrency in August 2020 under the direction of Executive Chairman Michael Saylor. MicroStrategy used the proceeds from the sale of its shares and convertible note offerings to buy $5.4 billion worth of Bitcoin As stated in a filing,

The company claimed to have acquired approximately 55,500 Bitcoin, with an average purchase price of $97,862. MicroStrategy’s stock price hit $439, up 4% during pre-market trading Before Monday’s opening bell,

However, as investors processed the Bitcoin-buying company’s most recent acquisition, MicroStrategy’s stock price shortly fell 1% to about $420 per share MicroStrategy’s stock has risen 80% in the last month as the purported Bitcoin treasury company’s BTC purchases have accelerated at an unprecedented rate.

MicroStrategy’s stock has increased 500% so far this year. MicroStrategy increased its sizeable Bitcoin holdings on Monday by acquiring 51,780 BTC, or $4.16 billion under the leadership of Executive Chairman and vocal Bitcoin supporter Michael Saylor.

MicroStrategy and Saylor since 2020 strategically decided to invest in the top cryptocurrency to “maximize long-term value for shareholders,” the purchase is the most recent—and largest—in a series of Bitcoin acquisitions. The business intelligence company has since changed it. Bitcoin Treasuries estimates that MicroStrategy has bought about 134,480 Bitcoin this month, for about $13 billion.

$13 billion Worth Of USDT Minted this Month

Posted on by Olumide Adesina

Tether to issue an additional 3 billion USDT tokens for trading on the Ethereum and Tron networks on November 23 amid increased trading volume in cryptocurrency markets, especially for Bitcoin, which is getting close to the $100,000 mark.

 

The USDT was issued on the Ethereum blockchain, and another billion were minted on the Tron network In two consecutive transactions as seen by Arkham Intelligence.

Lookonchain data showed Tether minted roughly 13 billion Lookonchain data showed Tether minted roughly 13 billion USDT since November 8, 2024. since November 8, 2024. The CEO of Tether, Paolo Ardoino, said on November 24 “Tether will need to reach hyper-productivity in 2025 to realize our grand vision.”

Stablecoin volume is a common metric used to assess market interest in cryptocurrencies. A large number of issued stablecoins is seen as a sign that prices are rising, while a low number indicates the opposite.

Traders and investors use Tether’s USDT to access cryptocurrencies and cash out their positions in fiat currency. Thus, a rise in trading activity is fueling the demand for stablecoins. President-elect Trump nominated Howard Lutnick, the CEO of Cantor Fitzgerald and an advocate of cryptocurrencies, to be Secretary of Commerce.

Cantor Fitzgerald announced that it had acquired a 5 percent stake in Tether for over $600 million, days after Lutnick was appointed. Investors and traders can access cryptocurrencies and cash out their positions in fiat money using Tether’s USDT.

President-elect Trump proposed Cantor Fitzgerald CEO and cryptocurrency supporter Howard Lutnick as his nominee for Secretary of Commerce.  Cantor Fitzgerald declared that it had purchased a 5 percent stake in Tether for more than $600 million, just days after Lutnick was appointed.

USDCHF Retreat Looks Good for Buyers, Targeting 0.90 First

Posted on by Skerdian Meta

USDCHF has retreated 1 cent lower together with the bearish gap at the Asian opening, but the main trend is bullish, which makes this a good opportunity for buyers, as the pair remains supported by a dovish SNB policy as well. Continue reading “USDCHF Retreat Looks Good for Buyers, Targeting 0.90 First” →

EUR/USD Climbs to 1.0501 Amid Weaker Dollar, Tariff Fears, and Mixed Data

Posted on by Arslan Butt

The EUR/USD currency pair has regained its footing, climbing to an intra-day high of $1.0501 while holding steady near the $1.0492 mark.

The move comes as the US Dollar Index (DXY) dropped to around 107.00 after peaking at a two-year high of 108.07 on Friday. The weakening dollar has provided relief for the euro, which has faced mounting challenges from mixed Eurozone data and global economic uncertainty.

Continue reading “EUR/USD Climbs to 1.0501 Amid Weaker Dollar, Tariff Fears, and Mixed Data” →

GBP/USD Price Analysis: BoE Outlook and Weak Dollar Fuel Recovery Amid Risk-On Sentiment

Posted on by Arslan Butt

The GBP/USD pair is trading at $1.25917, up 0.52%, reflecting a renewed positive tone as the British Pound continues to recover from last week’s losses.

The US Dollar Index (DXY) dropped by 0.5%, hovering near 107.00, as weaker sentiment around the US Dollar provided relief to the Pound. The market’s risk-on sentiment, coupled with favorable technical levels, has further bolstered GBP/USD momentum.

Continue reading “GBP/USD Price Analysis: BoE Outlook and Weak Dollar Fuel Recovery Amid Risk-On Sentiment” →