Major Economic Data Releases Tomorrow — How Would Bitcoin Respond?
- Bitcoin has started the third quarter mutely as its price fluctuates in a small $6-range.
- The cautious sideways movement surfaces ahead of the U.S. Non-Farm Payrolls (NFP) report releasing on Thursday.
- Observers expect a recovery of at least 3 million jobs in June, a piece of news that may help the S&P 500 and Bitcoin continue its rally into the new week.
The price of Bitcoin on Wednesday rose modestly, signaling that the cryptocurrency will start the third quarter on a cautious note after closing the previous one more than 40 percent higher.
The BTC/USD exchange rate surged 0.16 percent to circa $9,151 on hopes that Federal Reserve would continue its stimulus program beyond the July expiry. The climb, nevertheless, failed to turn into an extended upside move as traders also assessed the rising number of COVID cases and its impact on the U.S. economy.
Bitcoin maintaining support above $9,100. Source: TradingView.com
Bitcoin has so far reacted optimistically to the Fed’s decision to inject $3 trillion via the purchase of Treasury bonds and mortgage-backed securities. The cryptocurrency surged by more than 150 percent from its mid-March low after the central bank’s intervention.
The bullish behavior now looks poised to persist in July as the Department of Labor releases its Non-Farm Payroll report on Thursday.
Bitcoin, as well the U.S. stock market, is focusing on the Automatic Data Processing employment change in June.
Observers noted that the largest U.S. payroll company expects to have employed 3 million Americans in June after sacking 2.76 million in May and 19.557 million in April. The recovery in employment data may prompt the Fed to pursue a wait-and-watch approach at least until the end of July.
It is also because of the outcome of a Summary of Economic Projections (SEP) that shows “a general expectation of an economic recovery beginning in the second half of this year.”
Nonfarm Payroll Precast: We expect private nonfarm payrolls to surprise on the upside as more businesses reopen across the US.https://t.co/PHMBcC6pjH pic.twitter.com/dQkyPElBTl
— DeepMacro (@DeepMacro) June 30, 2020
Futures tied to the S&P 500 reacted as cautiously as Bitcoin to the U.S. NFP release, plunging by 0.42 percent ahead of the New York opening bell Wednesday. FXStreet analyst Joseph Trevisani noted that the benchmark index would benefit from a positive employment report, nevertheless.
That leaves Bitcoin with a short-term bullish bias. The cryptocurrency’s downside corrective has lately slowed down near the $9,000-9,100 range.
Meanwhile, a rise in the S&P 500, a market that has formed a positive correlation with Bitcoin, may prompt traders to push the crypto’s price into a new range to the upside.
The Fed chairman Jerome Powell on Tuesday cautioned the economy against expecting a full-fledged recovery. He cited the resurgence in COVID cases in California and Florida that sent the states into a fresh lockdown phase.
Mr. Powell, however, confirmed that his office expects to introduce additional relief packages for “certain industries” should the situation require.
Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor’s in information technology, with majors in data structures and C++ programming language. He has also won the ‘Atulya Award’ for his efforts towards raising $100,000 for an India-based farming project.
Author: Yashu Gola
- 7 Companies You Should Renounce If You Support Black Lives Matter
- Bitcoin to $400K, Reversing BTC Transactions, Fake Gold loans
- Bitcoin Still Up 27% This Year Despite Dismal June Performance
- Record Breaking Unmoved Bitcoin Data Sparks Expectation of Imminent Bull Run | Markets and Prices Bitcoin News
- Bitcoin’s Mining Difficulty Has Rarely Been This Static in a Decade
7 Companies You Should Renounce If You Support Black Lives Matter
Organizations are making a lot of noise in support of the Black Lives Matter movement. It suddenly seems as though every major firm in America has their fist in the air for George Floyd.
But in many cases, it’s not a fist at all. It’s an open palm, waiting for us to drop cash into their suddenly ‘woke’ brand.
African-Americans have been oppressed for over 400 years, primarily for economic reasons. America has profited from their enslavement, their oppression, and their prison sentences.
Why not, then, turn the tables and stop supporting the businesses that have contributed to their oppression?
Here are seven such companies that you should think twice about supporting if you believe that black lives truly matter.
To understand Wal-Mart’s role in systemic oppression, you need to know about the American Legislative Exchange Council (ALEC).
ALEC is a business that creates conservative bills and hands them over to legislatures to enact. Many of the laws involve privatizing sectors for-profit and the oppression of people of color.
Some bills they have enacted are:
ALEC is advised and funded by corporations like Koch Industries and, formerly, Wal-Mart.
Wal-Mart profited immensely from the laws they helped enact. After stoking fear into Americans with laws like the “Stand-Your-Ground” act, Wal-Mart became known as the largest gun retailer in the world.
They raked in profits while communities of color were destroyed.
Even though Wal-Mart cut ties with ALEC in 2012, the Walton family continued to donate to the council.
AT&T is doing all the right things on the surface. In 2016, their CEO Randall Stephenson gave an impassioned speech on racial injustice.
When a person struggling with what’s been broadcast on our airwaves says, ‘black lives matter,’ we should not say ‘all lives matter’ to justify ignoring the real need for change.
Stephenson conveniently gave that speech one week before the explosive documentary ‘The 13th’ was released.
And yet, AT&T remained an active member of ALEC two years after that speech. Can we really trust such a company?
In 2016, one of Home Depot’s cofounders donated $7 million to Trump’s campaign. He recently said that he planned on donating to his 2020 reelection campaign.
Lowe’s, meanwhile, has an African-American CEO. They donated $25 million in grants for minority-owned businesses. Your hardware store choice should be clear.
In 2017, L’Oréal fired black transgender model Munroe Bergdorf after she spoke out against white supremacy.
Now they’re on Instagram saying, “speaking out is worth it.”
In a fiery response, Bergdorf claims,
You dropped me from a campaign in 2017 and threw me to the wolves for speaking out about racism and white supremacy.
Take your business to companies like Glossier instead.
This is the most obvious company in opposition to Black Lives Matter on the list. And yet, they’ve started posturing as allies.
How many billions of dollars would Fox have to donate to undo the damage they’ve done to the black community? How much money have they donated?
So far, it appears to be none.
The same organization that blacklisted Colin Kaepernick for protesting police brutality is now claiming that black lives matter.
Until they force the Washington Redskins to change their name, let’s assume it’s just lip service.
Amazon is a bit more complicated. While Jeff Bezos is no saint, he’s far from the worst tech billionaire out there. He’s issued several statements in support of Black Lives Matter.
However, Amazon has been accused of promoting discrimination through its home security app Ring.
They’ve been accused of selling facial recognition products to police that disproportionately misidentifies black faces.
85% of their black employees hold unskilled jobs, many in warehouses, where worker mistreatment has been well-documented.
After holding out for years, one of the richest companies on Earth just announced it would donate $10 million to social justice organizations.
While it’s a start, Amazon can do much better.
Support local businesses whenever possible and research the companies you invest in. If they don’t support all of us, then we shouldn’t support them. And, sadly, they won’t listen until we speak with our wallets.
Disclaimer: The opinions in this article do not necessarily reflect the views of CCN.com.
This article was edited by Samburaj Das.
Bitcoin to $400K, Reversing BTC Transactions, Fake Gold loans
Опубликовано: 30 июн. 2020 г.
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Bitcoin Still Up 27% This Year Despite Dismal June Performance
Record Breaking Unmoved Bitcoin Data Sparks Expectation of Imminent Bull Run | Markets and Prices Bitcoin News
The amount of bitcoin that has not moved in over a year is at an all-time high. The last peak was in 2016, before the bitcoin bull run that saw the price spike to $20K. Several forecasting models have predicted that the price of bitcoin will reach $20K this year and the next bull run could start as soon as next month.
The amount of bitcoin that has not moved in over a year is at 61.59% of the entire supply on Monday, an all-time high, according to blockchain data intelligence provider Glassnode. The company tweeted Sunday:
The last time we saw this amount of bitcoin that had not moved in over a year was in early 2016 – preceding BTC’s bull run to $20K.
Furthermore, the amount of bitcoin that has not moved in over two years is at about 44%, also approaching a new all-time high. This data shows “that we are in a period of sustained hodling,” Glassnode asserted in its latest publication of The Week On-Chain, published Monday. “This clear hodling behavior is macro bullish for bitcoin, supporting the narrative that BTC is a store of value,” the company added, elaborating:
As we have seen in the past, long-term hodling is usually followed by bull markets.
Glassnode continued, “It shows that investors overwhelmingly believe that, at current prices, BTC is worth holding rather than selling — suggesting that sentiment favors the price going up.”
While the all-time-high unmoved coins data has sparked an expectation among some traders of an imminent bull run, Twitter user “Joseph” pointed out that this may not be the case. He examined “the last two times the previous supply last active peak was breached.” One was in 2012, which did directly precede a bitcoin bull run. However, he explained that in 2014, the bottom “wasn’t in yet,” adding that “there was an extended consolidation period remaining before the bull run.”
Meanwhile, the topic of when the next bitcoin bull run will be has gained much attention. Analyst Willy Woo recently tweeted about a new pricing model he was working on that suggests that a bull run could be a month away. Several sources have predicted that the price of bitcoin will return to $20K in 2020.
When do you think the next bitcoin bull run will be? Let us know in the comments section below.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Bitcoin’s Mining Difficulty Has Rarely Been This Static in a Decade