tl;dr
Bitcoin (BTC-USD) is set to rise 9.7% on a weekly basis as a softer-than-expected retail inflation report earlier in the week fueled rate cut hopes. The world's oldest cryptocurrency caught a bid on Monday as traders awaited the key inflation report slated to come later in the week. BTC rose ~8% and...
Bitcoin (BTC-USD) is set to rise 9.7% on a weekly basis as a softer-than-expected retail inflation report earlier in the week fueled rate cut hopes. The world's oldest cryptocurrency caught a bid on Monday as traders awaited the key inflation report slated to come later in the week. BTC rose ~8% and crossed the $66K mark on Wednesday after soft reports on consumer inflation and retail sales bolstered expectations that the Federal Reserve could commence interest-rate cuts sooner this year. The cryptocurrency then continued to trade in a narrow range of $64.6K-$66.7K for the rest of the week. "The market has seen a swift pickup of Bitcoin price to $66K after the CPI data was lower than expected. The market rallied as this is seen as a possible bullish shift," -Lucy Hu, senior analyst, Metalpha said. The U.S. Consumer Price Index eased on a monthly basis in April, while the retail sales, flatlined from a month before after downwardly revised increases in the previous two months. "Global investors should continue paying attention to other macro indicators in the coming months," Hu added. "After CPI data showed that inflation had cooled in April, the market is now attributing greater probability to the Fed easing monetary policy this year. As a result, asset prices across the board rallied, including equities and Bitcoin," said Cory Klippsten, CEO of Swan, a Bitcoin financial services firm. Notable News Coinbase Global (COIN) closed lower on Thursday following a media report that CME Group (CME) is planning to start Bitcoin (BTC-USD) trading in hopes of profiting from the increasing demand from money managers to add exposure to crypto. MicroStrategy (MSTR) stock rose after MSCI (MSCI) said it will add the software-turn-bitcoin-proxy stock to its MSCI World Index as of the close on May 31, 2024. Robinhood Markets (HOOD) said trading volumes in April increased for options and declined for equities and crypto compared with trading volumes in March. Bitcoin (BTC-USD) will continue to oscillate in the $55K-$75K trading range for at least the current quarter, contended Michael Novogratz, Founder and CEO of crypto investment firm Galaxy Digital Holdings (OTCPK:BRPHF). Coinbase (COIN) has resolved a "system-wide outage" that may have caused failures when sending crypto or withdrawing fiat. Bitfarms (BITF) ousted Geoffrey Morphy as its president and CEO, effective immediately, after he filed a suit against the company. Bitcoin, Ether prices Bitcoin (BTC-USD) was up 2.1% to $66.7K at 3:15 pm on Friday, and Ether (ETH-USD) rose ~4.5% to $3.4K.
More about Coinbase Global Inc
Coinbase Global Inc Summary
Company: Coinbase Global, Inc.
Business: Provides financial infrastructure and technology for the crypto economy.
Headquarters: Wilmington, Delaware.
Industry: Finance, Finance Services
Market Cap: 51,463,897,000
Current Price: $41.09
Dividend Yield: None
P/E Ratio: 5.1
EPS: 15.83
Beta: 0.357
Volume: 3,777,835,000
52-Week Range: $258.75 - $3.27
Price/Sales: 1.156
More about CME Group Inc
CME Group Inc. (Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, The Commodity Exchange) is an American global markets company. It is the world's largest financial derivatives exchange, and trades in asset classes that include agricultural products, currencies, energy, interest rates, metals, stock indexes and cryptocurrencies futures.
Industry: FINANCE, SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES
Market Cap: 76.595 billion
PE Ratio: 24.2
EPS: 4.45
Dividend Yield: 8.79%
52-Week High: $227.54
52-Week Low: $15.64
Volume: 5,615,500,000
Change from 52-Week High: -0.033
Change from 52-Week Low: 0.032
More about MicroStrategy Incorporated
MicroStrategy Incorporated Summary
MicroStrategy Incorporated provides global business analysis software and services. The company is headquartered in Tysons Corner, Virginia.
Industry: Technology
Sector: Services-Prepackaged Software
Market Cap: $25.54 billion
Dividend Yield: None
EPS: -10.66
P/E Ratio: 32.62
Profit Margin: -0.174
Revenue: $489.59 million
Net Income: $1665.55 million
Debt to Equity: -0.775
Current Ratio: -0.055
More about MSCI Inc
MSCI Inc. (formerly Morgan Stanley Capital International and MSCI Barra) is an American finance company headquartered in New York City. It serves as a global provider of equity, fixed income, hedge fund stock market indexes, multi-asset portfolio analysis tools, and ESG products. MSCI Inc. publishes the MSCI BRIC, MSCI World, and MSCI EAFE Indexes.
Sector: TRADE & SERVICES
Industry: SERVICES-BUSINESS SERVICES, NEC
Revenue: 39,414,833,000
Net Income: 555.8
EBITDA: 2,616,667,000
Market Cap: 34.01
PE Ratio: 5.74
EPS: 14.63
Dividend Yield: 0.084
Beta: 0.148
More about Robinhood Markets Inc
Robinhood Markets Inc Summary Company: Robinhood Markets Inc
Industry: Finance, Security Brokers, Dealers & Flotation Companies
Market Cap: 16,284,831,000
Stock Price: $132.36
Dividend Yield: None
P/E Ratio: 0.14
EPS: 2.306
Beta: 0.0622
Volume: 2,042,000,000
52-Week High: $20.39
52-Week Low: $0.401
More about Bitfarms Ltd
Bitfarms Ltd Stock Analysis
Industry: Technology, Services-Computer Programming, Data Processing, etc.
Market Cap: $682.5 million
Dividend Yield: 0%
P/E Ratio: -0.4
EPS: $0.558
RSI: -0.711
Volume: 146,366,000
Current Price: $4.38
Support Level: $0
Resistance Level: $0.71