Home / Business / Dow creeps higher, bitcoin price avoids ETF-related collapse

Dow creeps higher, bitcoin price avoids ETF-related collapse

The Dow rose higher on Thursday, while the Bitcoin price was able to withstand bearish ETF news. | Source: Spencer Platt / Getty Images / AFP

From CCN.com: Neither the Dow Jones nor the Bitcoin price should make a bold move on Thursday as both the traditional financial and crypto currency markets cautiously enter the US Trade see session.

Dow reluctant on US stock traders

Unpredictable results for the earnings season continue to lurk in the US stock market and the futures trader remains open to the market.

Dow Jones Industrial Average futures rose 33 points or 0.1

3 percent at 8:39 ET, adding 36.38 points to the opening bell. S & P 500 futures gained 0.19 percent and Nasdaq futures rose 0.51 percent, outperforming its sister indices.

  Dow Jones Futures
The Dow (blue), S & P 500 (red), and Nasdaq (orange) had significant volatility the previous day.

The trading session on Wednesday had been unbelievably volatile. Dow futures rose up to 200 points before the opening bell, but the index later fell into negative territory. At the close, however, the Dow rose again to 171.14 points or 0.70 percent and ended the session at 24575.62. The S & P 500 and Nasdaq lagged behind the Dow, but both managed to finish the day up 0.22% and 0.08% respectively in the green.

Reports from airlines provide earnings reports

Today, American companies become a king It will create an extensive buffet of earnings reports, and Wall Street will increase the Q4 performance of top companies such as Bristol-Myers Squibb, Discover Financial, Intel and watch Western Digital closely.

Several airlines will also submit their earnings reports, and it can be expected that the American Airlines Group, Southwest Air and Alaska Air will partially halt the impact of the ongoing US government's end December began, but extends to the last days of January

The closure of the government is now before the 34th day, and the US Senate is preparing to vote on two legislative proposals, which the government at least temporarily would finance. Democrats and Republicans, however, remain at a dead end, so no bill is expected to release Congress, much less to be signed by President Donald Trump.

Government shutdown "Extremely Harmful"

Speaking in an interview with CNBC in Davos about Morgan Gorley, CEO of Morgan Stanley, said Thursday that the closure would have an "extremely damaging effect" on the US economy, though it lasts even longer.

Unfortunately, this could be the end of the deadlock. As CCN reported, people close to Donald Trump say he is taking his political signals off the stock market. When the Dow and his colleagues boast, he remains confident in the course in which he controls the executive branch of the government. When market returns start to fluctuate, he asks if it's time for a strategy change.

At least, equities will remain in the green for 2019 and stagnation continues.

Bitcoin Price Holds Despite ETF Withdrawal – Is the Low in?

Another day another Bitcoin ETF bid struck. This is the plot for the already-depressed crypto-currency market, after CBOE withdrew its application to list the VanEck SolidX Bitcoin Trust on one of its trading platforms.

Shutdown forces supporters of the ETF application "Yank Bitcoin"

According to VanEck (see video starting at 10:45 am), CBOE withdrew the motion because It was highly unlikely that the US Securities and Exchange Commission (SEC) would have sufficient time to familiarize itself with the product before the end of the February deadline for determination due to the government's protracted closure.

Gabor Gurbacs of VanEck said:

We are actively working with regulators and key market players to create appropriate market structure frameworks for a Bitcoin ETF and digital assets in general.

But while the motion is being resubmitted, the slow pace at which the government's wheels spin makes it a safe virtual reality that the SEC will not approve of a Bitcoin ETF in 2019, as many Crypto Cops bulls are hoping for had.

Bitcoin Market Showing Maturity

There is no way to rate this as a positive development for the crypto currency industry, but there is silver lining. In the past, news that Bitcoin ETF bids had failed failed – even those that most analysts said had little chance of approval would inevitably trigger a significant sell-off. However, apart from a slight dip immediately after the announcement, the Bitcoin price proved resilient for the entire duration of Wednesday and until Thursday morning.

  Bitcoin Price
The Bitcoin dealers jumped at the news that CBOE and VanEck had withdrawn their crypto ETF application.

"Markets do not have a stubborn reaction to this news, a clear sign that investors are beginning to understand," said Mati Greenspan, a senior market analyst at eToro, in daily market commentaries provided to CCN. "The crypto market is not dependent on any government or financial institution, and no single product or service can manufacture or break Bitcoin. We call this maturity.

Has the crypto market finally bottomed out?

It could be argued that the application's bug had already been priced into the market, but given the weight of the bitcoin price last month, the news was not followed by another wave

That the Bitcoin price remains firm could compound the case that the flagship cryptocurrency has bottomed out in the $ 3,000 region and could soon start another long uptrend.

At the time In the letter, the Bitcoin price traded at a global average of $ 3,601, down 0.28 percent from the previous day's level. Movements in the entire high-cap cryptocurrency index were similarly subdued, with no top -10 tokens broke more than 1.88 percent from the time he was on Wednesday The total market capitalization of the cryptocurrency continues to exceed $ 120 billion, with a one-day decline of around $ 500 million.

Selected image from Spencer Platt / Getty Images / AFP. Price charts from TradingView.

Source link