Aurelia Butler

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    in Cryptocurrency

    Peter Brandt Spots Rare Bitcoin (BTC) Inverted H&S Pattern, Big Moves Coming?

    He referred to the Gold Chart 2010 to determine what this pattern implies. The two assets exhibit the same setup when Gold’s price crosses the $1,000 resistance level. From that point, Gold’s price has soared as high as $2,672.60, more than double the price at the time.If this correlation determines the trend, the price of Bitcoin may soar as high as $200,000 in the long term. This projection aligns with numerous bullish calls from market analysts, including Peter Brandt.MicroStrategy plans to invest $42 billion in the coin in the next few years. This will complement many countries’ growing push for a Bitcoin reserve.As Bitcoin accumulation intensifies, so does the utility. Earlier, Cardano linked up with BitcoinOS’s Grail Bridge to drive liquidity from BTC to its DeFi ecosystem. This trend helps to fuel the projected growth rally.This article was originally published on U.Today More

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    in Economy

    Spain announces 3.76 billion euros in new aid to Valencia after floods

    More than 220 people died after torrential rains on Oct. 29 triggered floods that swept through the suburbs south of the regional capital Valencia. The measures are on top of the 10.6 billion euros in aid announced last week.”There are still streets to be cleaned, there are garages to be drained, there are many infrastructures to be repaired and, above all, many lives, many homes and many businesses to be restored to normal,” Sanchez told reporters after the weekly cabinet meeting.The package, with 110 measures, extends aid to rental households and includes a 500 million-euro package to remove mud in the affected area and 200 million euros in aid to farmers.Sanchez said it includes an additional 12-months of mortgage relief for vulnerable households, in addition to the one-year moratorium announced last week.Sanchez also said the government will assign 150 houses or flats in or near the damaged areas to affected families and will earmark 25 million euros for buying houses. ($1 = 0.9380 euros) More

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    in Cryptocurrency

    Bitcoin jumps to record as Trump’s election turbocharges cryptocurrencies

    LONDON (Reuters) -Bitcoin soared to a record high above $82,000 on Monday (NASDAQ:MNDY) on expectations that cryptocurrencies will boom in a favourable regulatory environment following the election of Donald Trump as U.S. president and of pro-crypto candidates to Congress.The world’s biggest and best-known cryptocurrency, has now more than doubled from the year’s low of $38,505 and was last at $82,236, having earlier touched a record high of $82,527. Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.”Bitcoin’s Trump-pump is alive and well… with Republicans on the cusp of taking the house to confirm a red wave in Congress, it seems the crypto crowd are betting on digital-currency deregulation,” said Matt Simpson, senior market analyst at City Index, referring to Republican control of both houses.While Simpson warned that Trump’s near-term priorities are likely to lie elsewhere, crypto investors see an end to stepped-up scrutiny under U.S. Securities and Exchange Commission Chair Gary Gensler whom Trump has said he will fire.The cryptocurrency industry spent more than $119 million backing pro-crypto congressional candidates, many of whom won their races.In Ohio, one of the crypto industry’s biggest foes in Congress – Senate Banking Committee Chair Sherrod Brown – was ousted, while pro-crypto candidates from both the Democratic and Republican parties won in Michigan, West Virginia, Indiana, Alabama and North Carolina.Trump also unveiled a new crypto business, World Liberty Financial, in September. Although details about the business have been scarce, investors have taken his personal interest in the sector as a friendly signal.Billionaire Elon Musk, a major Trump ally, is also a proponent of cryptocurrencies.Eric Trump, one of the president-elect’s sons and executive vice president of his private conglomerate, The Trump Organization, is a keynote speaker at a bitcoin conference in Abu Dhabi next month, according to the event organisers.”The incoming Trump administration may lead to expedited regulatory clarity, enhanced institutional participation, improved market infrastructure, and broader mainstream adoption,” Deutsche Bank (ETR:DBKGn) research analyst Marion Laboure said.”Trump’s pragmatic approach marks a clear departure from recent regulatory restrictions.”Flows into cryptocurrency exchange-traded funds (ETFs) have also picked up since Trump’s election win. On Thursday, Nov. 7, bitcoin ETFs experienced their largest inflows on record, drawing a net $1.38 billion, according to data from Citigroup (NYSE:C). “There have been significant inflows across the board,” Citi analysts said in a note. “ETF inflows have been the dominant driver of Bitcoin returns, and we expect this to continue in the near-term,” they added. Gains in cryptocurrencies have been broad. Ether rose above $3,200 for the first time in over three months over the weekend and was last fetching $3,182. Dogecoin, an alternative cryptocurrency that began as a satirical critique of the 2013 crypto frenzy, was at a three-year high. U.S.-listed cryptocurrency stocks surged in premarket trading with crypto exchange Coinbase Global (NASDAQ:COIN) jumping more than 16%, and iShares Bitcoin Trust up 7.3%.Crypto miner Riot Platforms (NASDAQ:RIOT) surged over 10%, while MicroStrategy, one of bitcoin’s biggest corporate backers, gained 11.3%.Deutsche Bank’s Laboure also expects rate cuts from the Federal Reserve to create a supportive environment for the cryptocurrency market. More

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    in Cryptocurrency

    Bernstein: ‘Welcome to the crypto bull market – Buy everything you can’

    Bernstein analysts on Monday (NASDAQ:MNDY) outlined their very bullish stance on the cryptocurrency sector, primarily due to a favorable regulatory environment expected under the administration of President-elect Donald Trump.“We expect a crypto-friendly regulatory environment under Trump, starting with a pro-crypto SEC,” analysts led by Gautam Chhugani said in a note. “Aides in the Trump’s transition teams are explicitly pro-crypto,” they added.Bitcoin’s price soared past the $80,000 mark over the weekend, a rally that coincided with President-elect Trump’s crypto-friendly policy announcements. Among these, the most notable for Bitcoin is the proposal to establish a national Bitcoin stockpile, which would involve the US government and its agencies holding and acquiring Bitcoin as part of a strategic reserve.Although such a move would require legislation and might only come to fruition in 2025, Bernstein views this as a clear sign of Bitcoin’s potential integration into national treasuries.The investment said it “remains confident” in its 2025 Bitcoin price target of $200,000. “Even at $81K/Bitcoin, we believe risk-reward is favorable over next 12 months,” analysts noted.The surge in Bitcoin also bodes well for publicly listed Bitcoin miners, who are now profiting with the cryptocurrency’s price well above their average cash cost of production.Despite lagging behind earlier in the year, Bernstein points out that companies like Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK) are now seen as potentially catching up, thanks to their sizable energy assets and positioning as top miners. Marathon Digital Holdings Inc (NASDAQ:MARA), holding a significant portion of its market cap in Bitcoin, is also highlighted despite its year-to-date decline.“We believe, the pure-play miners will be the catch-up trade from here,” analysts said.Furthermore, Bernstein pointed to AI-focused Bitcoin miners, which offer investors exposure to both Bitcoin and artificial intelligence. Iris Energy Ltd (NASDAQ:IREN), with its substantial capital expenditure plan, is poised to become a top five Bitcoin miner while earning a portion of its revenue from its GPU Cloud business. Meanwhile, Core Scientific Inc (NASDAQ:CORZ) is aiming to become a leading AI data center platform, with ongoing discussions to expand its client base and additional power sites to bolster its operations.Other individual stocks that Chuggani and his team believe are poised to benefit from the crypto bull market include MicroStrategy Incorporated (NASDAQ:MSTR) and Robinhood (NASDAQ:HOOD). More

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    in Economy

    Brazil’s Lula urges Congress to cut spending to help ‘beat’ financial markets

    Leftist leader Luiz Inacio Lula da Silva told broadcaster RedeTV! “I beat them once and I will win again,” after market jitters over the sustainability of Brazil’s public finances sent the local currency tumbling and interest rate futures soaring.Brazil’s real has recently dropped to its weakest against the dollar since March 2021, piling pressure on the government to introduce spending cuts quickly to show it is committed to fiscal discipline.”I am in a very, very serious discussion process with the government… We can no longer play, every time we have to cut spending, on the shoulders of the people most in need,” Lula said.”It’s a responsibility of the executive, it’s a responsibility of the judiciary. I want to know if they are also willing to give up what is excessive, I want to know if Congress is also willing to cut spending,” Lula added. Lula’s has typically viewed spending on things like education and social security as investments rather than expenses, but many economists have warned the fiscal framework will become unsustainable unless changes are made.Even the central bank underscored the need for fiscal discipline to counter inflation as it accelerated the pace of monetary tightening at its last meeting.The fiscal framework combines primary budget targets with a cap for overall spending growth to a certain threshold above inflation. However, with many mandatory expenses – such as social benefits and pensions – growing at a faster rate, the framework restricts room for investments and operational spending. More

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    in Economy

    How the Democrats’ worker-centred trade policy failed

    Standard DigitalStandard & FT Weekend Printwasnow $29 per 3 monthsThe new FT Digital Edition: today’s FT, cover to cover on any device. This subscription does not include access to ft.com or the FT App.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

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    in Economy

    Hedge funds pile into banks, dump green energy post US election, Goldman Sachs says

    LONDON (Reuters) – Hedge funds snapped up bank stocks at the quickest clip in three years while taking bets against renewable electricity producers last week, a Goldman Sachs note showed, as investors reacted to Donald Trump’s win in the U.S. presidential election. Financial stocks, such as banks and trading companies, were the most popular and most net bought sector on Goldman Sachs’ prime brokerage trading desk last week, the note from Friday and seen by Reuters on Monday (NASDAQ:MNDY) showed. While the note did not specify which region’s banks attracted the most attention, a second note also sent from Goldman Sachs’ prime brokerage the same day said U.S. banks would benefit.Financial stocks are expected to get a boost from a lighter regulatory touch which many believe will come with the new Trump term, the second note said.Finance companies were also seen benefiting from expected tax reform, it added. “There is scope for U.S. Financials positioning to rise further,” the second Goldman note said, adding that current hedge fund positioning in this stock sector remained on the lower side, historically. U.S. bank stocks rose as much as 11.1% on Nov. 6, from the previous day’s close after the news of Trump’s election win. Prime brokerage desks lend to and arrange trades for hedge funds. Long stock bets, expecting rising prices, were led by banks as well as companies offering consumer finance, capital markets and financial services, the first note said. Bullish bets centered on U.S. stocks but included equities in developing markets in Asia. In Europe, hedge funds exited short positions and added long ones. A short bet anticipates the value of an asset price will fall. Utilities companies were net sold for the first time in four weeks, “driven almost entirely by short sales,” Goldman Sachs’ first note said. Independent (LON:IOG) power and renewable electricity producers were the most sold, with hedge fund bets against U.S. utilities companies numbered at two shorts for every long position, the bank said. More

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    in Economy

    Japan to propose $65 billion plan to aid domestic chip industry, draft shows

    TOKYO (Reuters) – Japan’s government will propose a $65 billion plan to boost its chip industry with subsidies and other financial assistance over a period of “multiple years”, a draft seen on Monday (NASDAQ:MNDY) by Reuters showed.The plan, with financial support worth 10 trillion yen ($65.10 billion) or more, comes as countries look to strengthen their control over chip supply chains after global shocks including trade tensions between the United States and China.Japan’s government intends to submit the plan, including bills to financially help mass production of next-generation chips, to the next parliament session, the draft shows.It specifically targets chip foundry venture Rapidus and other suppliers of chips for artificial intelligence.Rapidus is headed by industry veterans and is targeting mass production of cutting-edge chips on the northern island of Hokkaido from 2027 in partnership with IBM (NYSE:IBM) and Belgium-based research organisation Imec.Last year, the Japanese government said it would allocate some 2 trillion yen ($13 billion) to support its chip industry.The latest plan is part of the government’s comprehensive economic package to be approved by cabinet on Nov. 22 and will also call for a total of 50 trillion yen public and private sectors investment in chips over the next 10 years.The government expects the economic impact to total around 160 trillion yen, according to the draft.($1 = 153.6000 yen) More