BITCOIN - Mercatus Center

End of day summary - 02/28

The Dow fell 380.83, or 1.5%, to 25,029.20, the Nasdaq lost 57.35, or 0.78%, to 7,273.01, and the S&P 500 declined 30.45, or 1.11%, to 2,713.83.
Stocks began the session in positive territory as the market attempted to reverse following yesterday's selloff on the heels of the testimony from new Fed chair Jerome Powell. The early economic data, including the annualized Q4 GDP report and the Chicago Purchasing Manager's report, helped lift the market, but by midday the averages had given up their gains and the final hours of the trading day saw the market swing lower. February broke the market's record string of winning months, as today's slide capped a losing month for all of the major averages. The S&P 500 dropped 1.1%, moving below its 50-day SMA (2736) for the first time this week. The Nasdaq Composite (-0.8%) held up slightly better, while the Dow Jones Industrial Average (-1.5%) did slightly worse.
Losses were broad on Wednesday, with 11 of 11 S&P 500 sectors finishing in negative territory. The energy sector was the weakest group (-2.3%), moving in tandem with the price of crude oil after the Department of Energy's weekly crude oil inventory report showed that U.S. inventories rose by 3.0 million barrels last week; WTI crude futures dropped 2.1% to $61.66 per barrel. Meanwhile, the heavily-weighted health care sector (-1.6%) also finished behind the broader market, with CELG leading the retreat.
Among the noteworthy gainers was TIVO, which jumped 11% after it reported quarterly results and announced a plan to explore alternatives to "maximize shareholder value." Also higher after reporting quarterly results were AAXN and ETSY, which gained a respective 28% and 20%.
Among the notable losers was CELG, which slid 9% after it received a Refusal to File letter from the FDA regarding its New Drug Application for ozanimod. Also lower was FTR, which plunged 24% after suspending its dividend, and ODP, which fell 9% following its earnings report. LOW fell about 7% after the home improvement retailer's Q4 sales beat consensus estimates but its weak margins caused earnings to miss consensus. VRX dropped 11% after reporting a fourth-quarter revenue miss and downbeat guidance.
Stocks in Asia closed sharply lower, catching up with the selloff in the U.S. after the Powell comments. In Europe, stocks fell, with the Stoxx Europe 600 index SXXP, -0.71% down 0.4%.


The U.S. Dollar Index is up 0.3% at 90.61 after marking a session high just a tick above its 50-day moving average (90.69). The dollar rose to five-week highs on Wednesday, bolstered by an upbeat assessment of the U.S. economy from the Federal Reserve's new chairman, which raised expectations the central bank could aggressively increase interest rates over the next two years.


U.S. Treasuries ended the midweek session on a higher note with the long bond pacing the advance after showing relative strength on Tuesday. The yield on the benchmark 10-year Treasury note was lower at around 2.87 percent at 3:15 p.m. ET, while the yield on the 30-year Treasury bond was lower at 3.13 percent.


Oil prices fell more than 2 percent on Wednesday and gasoline futures tumbled, after the U.S. government said crude inventories rose more than expected while gasoline stocks posted a big build instead of the draw that was forecast. U.S. crude inventories rose by 3 million barrels for the week ending Feb. 23, compared with analyst expectations for a build of 2.1 million barrels.



What's tomorrow?

On Thursday, investors will receive a slew of economic reports, including Personal Income and Spending for January at 8:30 AM ET, the PCE Price Index and the core PCE Price Index for January at 8:30 AM ET, weekly Initial Claims at 8:30 AM ET, the ISM Index for February at 10:00 AM ET, and Construction Spending for January at 10:00 AM ET.
In addition, Fed Chairman Jerome Powell will appear before the Senate Banking Committee at 10:00 AM ET, wrapping up his semiannual monetary policy testimony.

AH news

  • MNST reports Q4 EPS 35c, consensus 37c
  • CRM reports Q4 adjusted EPS 35c, consensus 34c
Summary scraped from the interweb. Took 1.11 seconds.
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Bitcoin reports by banks

I am compiling a list of publicly available Bitcoin reports done by banks. Did I miss any?
Central banks
Commercial banks
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Bitcoin reports by banks [Update #1]

I am compiling a list of publicly available Bitcoin reports done by banks. Did I miss any?
Central banks
Commercial banks
submitted by bobthesponge1 to Bitcoin [link] [comments]

About "the belief that they may be accepted by someone else"

I keep seeing this statement in various forms over years: bitcoins (only) have value because of the belief that they may be accepted by others. One recent example is hidden in the analysis by the FRB of Chicago.
I find this statement misleading in a dangerously subtle way: it is not a belief, it is a fact that bitcoins are accepted in exchange for goods and services. They have been accepted for years, and have never failed at the fundamental, technological level as a payment.
You could argue that we don't know if anyone will be accepting them tommorow, but this is the case with anything. When we say "accepting", we need to consider the actual value it is being accepted at. Have you ever tried redeeming the value invested in gold during an ugly armed conflict? How much value did you get out? Have you ever tried paying with government fiat at times of hyperinflation?
Next time anyone mentions the belief in the context of value of bitcoins, insist on hard facts, not beliefs.
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WARNING BITCOIN LITECOIN ETHEREUM and DOW UPDATE crypto price prediction, analysis, news, trading

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