Ripple Surges by 36% in 48 Hours as Crypto Market Adds $2 Billion

Over the past 24 hours, major cryptocurrencies in the global market including Bitcoin, Ethereum and EOS increased by 2 to 5 percent, as Ripple led the market with a solid 10 percent gain.


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Since September 18, within 48 hours, the price of XRP, the native cryptocurrency of the Ripple blockchain network, rose by more than 36.5 percent.

Technical analysts in the cryptocurrency community have expressed their optimism towards the trend reversal demonstrated by XRP in the last 24 hours.


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What’s Behind Ripple Rally

Unlike previous rallies of XRP, the abrupt increase in the price of RIpple was not triggered by a specific series of events. Rather, similar to the rapid recovery of ETH, the native cryptocurrency of Ethereum, it is likely that the steep decline in the price of XRP throughout July and August led the market to demonstrate oversold conditions.

Since late June, XRP experienced an intensified movement on the downside in comparison to other major cryptocurrencies like Bitcoin. The price of XRP was around $0.54 on June 21 and within two months, XRP fell to $0.29, by 46 percent.

Meanwhile, during the same period, the price of Bitcoin only fell by 9 percent, from $6,700 to $6,100.

In the past seven days, social media activity of the keywords XRP and Ripple increased significantly, possibly due to Ripple’s announcement of a new cryptocurrency product by October. Increasing social media activity around Ripple likely led to a rise in hype of XRP.

Marcus Treacher, the global head of strategic accounts at Ripple, recently revealed that RippleNet has experienced rapid expansion throughout 40 countries, deploying a faster and transparent payments system internationally.

“RippleNet’s newest corridors have a combined potential market that totals over $2 Billion in inflows over the last year: InstaReM and RationalFX opened up new corridors from the United Kingdom to Malaysia, Vietnam, Indonesia, Sri Lanka and Bangladesh. Remitr and FlutterWave established a RippleNet corridor to Nigeria from Canada, the first connection on RippleNet in Africa. BeeTech and InstaReM created corridors from Brazil to Spain, Italy, Germany, France and Portugal,” Treacher said.

A combination of RippleNet’s rapid growth, Ripple’s scheduled announcement of a product release in October, and a short-term trend reversal demonstrated by the cryptocurrency exchange market led XRP to increase by such a large margin in a short period of time.


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State of the Market

On September 19, CCN reported that the volume of Bitcoin will have to remain above the $4 billion mark in order for the dominant cryptocurrency to sustain momentum throughout the upcoming days.

Over the past 24 hours, the volume of Bitcoin has remained above $4.2 billion while the volume of the global cryptocurrency exchange market increased from $10 billion to $12 billion.

With the volume of the market and prices of both major and small market cap cryptocurrencies recovering, a gradual increase in the valuation of the crypto market is expected throughout September.

Source: ccn.com | Original Link

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Micron stock options show traders are bracing for a big rally—or a selloff

Traders of Micron Technology Inc. stock options are ready for a bigger-than-usual move in the stock, in either direction, after the memory chip company reports earnings after Thursday’s closing bell.

The stock lost 0.6%, and has tumbled 14% just this month, while a popular chip maker index, the PHLX Semiconductor Index has slipped 2.2% in September, while the S&P 500 index has inched up 0.2%.


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An options strategy known as a “straddle,” which is executed by simultaneously buying bullish (calls) and bearish (puts) options with strike prices at the same, current level, and expiring Friday, is implying one-day post-earnings move of 7.5% in either direction.

Based on Wednesday’s closing price of $45.06, straddle options sellers wouldn’t start losing money, and buyers would start making money, unless the stock climbs above $48.44 or falls below $41.68.

That is a bigger move than history would suggest. Over the past 20 quarters, the average one-day post earnings move has been 6.2% in either direction, including an average gain of 6.8% on the nine up days and an average declined of 5.6% on the 11 down days, according to FactSet data.

Over the past 10 quarters, the average move was lower at 5.6%, including an average gain of 6.7% and average loss of 4.6%.


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Sentiment on Wall Street has worsened in recent months, as the stock has tumbled 28% since it closed around an 18-year high in late May. Nearly one out of three analysts surveyed by FactSet have cut their price targets in the last two weeks, amid trade-related concerns and worries about weakening demand and pricing.


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On June 21, the day after Micron reported third-quarter results, in which the company beat earnings and revenue expectations and gave an upbeat outlook, the stock had gained 0.8%. But the quarter before, the stock dropped 8.0% despite profit and revenue beats, after the company said it would spend some of its earning to boost production.

Source: marketwatch.com | Original Link

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Bad news is building for this once-hot tech sector

Enter our call of the day from Tony Greer, founder of TG Macro, who has a bearish message for the Twitter and Facebook faithful, and a sector that has definitely had its ebbs and flows.


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“It’s finally time to be short social media,” declares Greer, in an interview that published Wednesday on Real Vision.

He uses the Global X Social Media ETF as a proxy — it’s dominated by Twitter, Facebook, Tencent, IAC/InterActive and Alphabet’s Google — for his bearish position. That ETF is down about 3% year-to-date, well underperforming the Nasdaq and S&P 500.

Greer says social media’s problems start with a “massive topping pattern” on the SOCL chart triggered by volatility in Facebook shares earlier this year – the result of negativity surrounding the Cambridge Analytica scandal, subsequent upbeat earnings, then news that the platform was losing users.

“That period of volatility put in a big top and a double top in the social media ETF. Now it has broken its steepest ascending trend line, it’s broken down below all the major moving averages and they’re starting to curl over on top of it, which to me is going to cause another leg of a waterfall,” said Greer.


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Here’s his chart:

TG Macro/Real Vision

Greer says the other part of the problem is credibility and censorship issues for specific companies, which could turn people off from the platforms and hit profitability. Concern over potential regulatory crackdowns in the U.S. also “bodes poorly for the sector.”

He says plenty of investors are still holding onto Facebook and Twitter, which means there’s more downside in the coming months. “If i had to time this, I would think that into the end of this year, the pressure starts mounting on the last buyers of Google and Facebook to be out of those names,” said Greer.


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On October 24, 2018 Stansberry Research is hosting what could end up being one of the largest online events of all time.

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Source: marketwatch.com | Original Link

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Bond Dealers Say Hedge Funds Gatecrashed Their Exclusive Club

The masters of the corporate-bond world believe one of their few remaining preserves is slipping away. But they’re not letting it go without a fight.

Credit traders at some of the world’s largest banks are convinced hedge funds and brokers have penetrated their members-only club. The claim — based on interviews with more than 16 bankers, including seven who head trading desks — is that rivals and even clients are now accessing information from trading platforms that have long been the exclusive domain of the banks.

These wholesale trading venues are operated by firms known as interdealer brokers. And according to practices developed over decades, they were used solely by big banks that have served as the primary market makers for institutional investors looking to trade corporate bonds and other debt.


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The platforms allow the banks to anonymously unload unwanted positions or source bonds from each other, as well as gain pricing intelligence. Effectively, this has helped the banks maintain a significant amount of control over who gets what and how much is paid in a marketplace that now trades more than $30 billion a day.

New Rules

But post-crisis regulations that curbed the banks’ ability to take risks — while ushering in a wave of new trading venues — diminished the banks’ role. What has followed is a brutish world where bankers, investors and smaller brokers jostle for influence and profits.

“The banks are trying to defend their turf and maintain the advantages they used to enjoy,” said Suki Mann, a debt-market analyst who previously ran credit strategy in Europe for Societe Generale SA and UBS Group AG. “But they’re fighting a losing battle.”

Caught in the middle of all of this are the interdealer firms, such as TP ICAP Plc, BGC Partners Inc. and Cie. Financiere Tradition SA. They’re fighting for a share of a shrinking pie while trying not to alienate their primary clients — the banks.

Credit traders at 11 of the world’s largest banks — including some that head trading desks — said that they’re convinced that pressures faced by the interdealer brokers to boost commissions is prompting them to let investors and brokers onto platforms where dealers trade — giving them access to a bigger universe of product and prices.


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Market Conventions

The traders, who asked not to be identified because they’re not authorized to talk about their business operations, based those suspicions on trades they saw on the platforms and client queries about trades. The head of a credit trading unit at a U.S. bank also said a hedge fund client told him that they had access to the platforms.

The traders aren’t claiming any laws are being broken. But they say that — in addition to their own profits — it’s threatening long-standing conventions that have helped maintain market integrity and liquidity. One senior trader at a French lender said banks often try to buy or sell bonds for clients in the interdealer market, and if those investors are also present on the platforms then their ability to trade will decrease.

Spokesmen for TP ICAP, BGC and Tradition declined to comment on the bankers’ claims about their industry. Four credit brokers employed at interdealer firms spoke to Bloomberg News, asking not to be identified because they’re not allowed to talk about their business dealings. They said they hadn’t seen first-hand evidence of non-bank entities trading on their platforms.

Bloomberg LP, the parent of Bloomberg News, also offers bond-trading services to banks and fund managers.

Higher Costs

The tensions emerged after new rules intended to prevent another financial crisis forced banks to pull back from some risky trading activities. The regulations also made it costlier for them to facilitate trades by holding debt on their own balance sheets or maintaining large warehouses of securities.

As the banks’ roles were reduced, that allowed others to step in — namely smaller brokerage firms that simply match buyers and sellers without taking assets on to their balance sheets. Investment firms, like asset managers and hedge funds, have also increased trading among themselves since they can no longer rely on deposit-taking giants to always help them enter or exit a trade.


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Announcement: “I’m Giving My Money Away”


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… about $1,000 cash total… to perfect strangers on the streets of New York City.

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Out of Bonds

One trader at a unit of an interdealer broker who asked not to be identified because he is not authorized to speak publicly, said hedge funds should be able to trade on the interdealer platforms. Since banks provide considerably less liquidity than they used to, funds shouldn’t have to rely only on investment banks to help them find the other side of a trade, he said.

“I don’t think we should put restrictions on who can deal on what platform to favor particular groups,” said Brian Scott-Quinn, the non-executive chairman of the ICMA Centre, part of Henley Business School at the University of Reading, England. “That creates a bifurcated market and is just plain wrong. Just because the banks had privileges in the past they think they should continue to have them, but if they don’t provide adequate liquidity anymore, then those benefits should disappear.”

The interdealer firms, which earn commission for every trade they match, enjoyed their best years before the financial crisis, and also had strong trading volumes immediately afterward as banks unwound unprofitable positions. Since then, growth has stalled.

Down But Not Yet Out

ICAP does have a trading portal specifically for investment firms and its parent has said a division that serves asset managers and hedge funds will help the company increase revenues.

The tension spilled over earlier this year.

In May, a senior high-yield bond trader at Credit Suisse Group AG in London refused to trade through ICAP after he believed he had been the victim of a copycat trade, according to people familiar with the matter. Within minutes of making a price in a bond of a European retailer on an ICAP platform, the Credit Suisse trader was told that a trader at a brokerage firm had sent a similar price for a comparable size of trade in the same security to its customers, said the people, who asked not to be identified because the information is private.

The trader’s boycott lasted six weeks until ICAP wrote to Credit Suisse, its biggest client for European junk bond trades, saying it will not allow brokers on its platform, the people said.

“This is an inaccurate description of events,” said a spokesman for Credit Suisse. “No such trade occurred. Our traders have not stopped using this particular platform at any point.”

The spokesman for TP ICAP, which was formed by Tullett Prebon Plc’s takeover of ICAP Plc’s voice-broking business at the end of 2016, declined to comment on the incident.

“It’s not a very pleasant time, whether you’re in a bank or a hedge fund,” said Derrick Herndon, who has run credit businesses in New York and London for Credit Suisse, Toronto-Dominion Bank and UBS Group AG. “Both sides are pointing at each other, but it’s a deeper issue than banks just don’t have market clout the way they used to.”

 

Source: bloomberg.com | Original Link

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Hurricane Florence pushes jobless claims down to new 49-year low

The number of people applying for unemployment benefits in mid-September fell to the lowest level since November 1969.

The numbers: The number of Americans who applied for unemployment benefits in mid-September fell to a fresh 49-year low, partly because of Hurricane Florence but mostly owing to a surging economy.


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Initial jobless claims, a rough proxy for layoffs, fell by 3,000 to 201,000 in the seven days ended Sept. 15. That’s below the 208,000 MarketWatch forecast and marks the lowest level since Nov. 12, 1969.

The monthly average of new claims, meanwhile, slipped by 2,250 to 205,750, the government said Thursday. That’s also a 49-year low.

The number of people already collecting unemployment benefits declined by 55,000 to 1.65 million. Known as “continuing” claims, they have fallen to the lowest level since 1973.


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What happened: The storm surge caused by Hurricane Florence in the Carolinas contributed to the low level of claims last week. Applications in South Carolina fell by an unusually large number, indicating fewer people filed claims due to government office closures and lack of power.

Nonetheless, layoffs in the U.S. have been falling steadily for eight years and they soon could drop below 200,000 for the first time in 50 years.

The comparison between now and a half century ago, of course, are not entirely apt. The rules determining who’s eligible for benefits have changed over time and the nature of the U.S. labor force is much different now than it was in the late 1960s, when the size of the population was much smaller.

Yet by any measure, layoffs in the U.S. are amazing low.


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Big picture: The U.S. economy sped up in the spring, sailed through the summer and is heading into the fall with plenty of steam.

Record job openings, strong hiring, low unemployment and rising incomes are likely to keep the good times going even with the Federal Reserve poised to raise interest rates again.

Source: marketwatch.com | Original Link

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Stock Market Update Wednesday, September 19th, 2018

There wasn’t a whole lot to get excited about today. With traders were still digesting tariff news, and stocks went nowhere.

The S&P was slightly higher the Nasdaq was lower. The DOW led the major indices with a 0.6% gain, getting some help from financial stocks like Goldman Sachs (GS) was higher by 2.9% and JP Morgan (JPM) finished with a 2.9% gain as well.


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On October 24, 2018 Stansberry Research is hosting what could end up being one of the largest online events of all time.

It’s a night filled with money-making secrets from one of the greatest minds in finance – plus a huge warning on when to expect the longest bull market in history to come to a screeching halt.

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Here’s where the major indices ended the day:

  • The S&P finished 0.1% higher. Up 4 points, the S&P ended at 2,908.
  • The DOW ended with a 0.6% gain. Adding 159 points, the DOW closed at 26,406.
  • The NASDAQ was down 0.1%. Lower by 6 points, the NASDAQ finished at 7,950.
  • Bitcoin had a 2.4% gain. Up $150, Bitcoin ended at $6,430.

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Crude Oil (CL) finished higher for the 2nd day in a row. Up 1.5%, CL finished at $70.65 a barrel. Today’s Crude Oil Inventories report was pretty much in-line with expectations with a 2.1 million barrel decrease in U.S. stockpiles (vs. a 2.7 million drop expected).

There was a stock that was on the move today. Pot stock Tilray (TLRY) made new highs (pun intended) and went on a roller coaster ride. After doubling in value during the day, the stock finished the day with a 38% gain.


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Amazon (AMZN) made headlines after news that it plans on opening 3,000 cashier-less stores. The goal is to have the stores open by 2021. The news didn’t do much to the stock though, as Amazon ended the day with a 0.8% loss.

Source: RockwellTrading by Markus Heitkoetter | Original Link

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