Microsoft To Introduce Xbox Gaming On TVs Without The Console

Tech giant Microsoft is currently developing streaming hardware that people can hook up to their televisions to use its Netflix-like cloud gaming service. With this technology, Xbox gaming will now be available on TVs without using a console.

Connect Your Xbox To Your TV Without A Console

US-based Microsoft wants to make it easier for people to access their Xbox games on their televisions. Microsoft announced earlier today that it is developing dedicated streaming hardware that users can hook up to their televisions and access Xbox games directly without using a console.

The tech giant believes that the future of gaming is subscription-based. People will pay money and gain access to a wide range of games per month. The Xbox Game Pass is designed to offer such a service. It allows users to access games developed by Microsoft and by third-party studios. The introduction of the Xbox Cloud Gaming last year has turned it something like Netflix for games. The service allows gamers to play games hosted on remote servers and stream to users over the internet.

The company is now pushing its cloud gaming products to other platforms. Microsoft wants to make it possible for people to access its cloud gaming services via iPhones, iPads, PC and now televisions.

Microsoft is still working on ways to make this happen. One way the company proposes is to partner with manufacturers to add cloud gaming to smart TVs. The tech giant is also developing streaming devices that users can plug into their television or computer monitor to stream games directly from the cloud. However, Microsoft is yet to provide details on how the device will look like.

Microsoft Is Expanding Its Xbox Subscription Reach

Microsoft’s stock is up by 1% at the moment. It is currently trading at $256 per share. Despite the positive news, Microsoft’s stock price has been trading around the $250 region since the start of the week.

Microsoft
MSFT stock chart. Source: FXEMPIRE

Microsoft said is currently working with mobile carriers like Telstra in Australia in a bid to offer a new Xbox subscription model. Its cloud gaming service is also expected to launch in Australia, Brazil, Mexico and Japan before the end of the year.

For a look at all of today’s economic events, check out our economic calendar.

Is The Bitcoin Bear Market Here? JPMorgan Analysts Seem To Think So

The prices of most cryptocurrencies have dropped by nearly 50% in recent weeks, sparking fears that the bull cycle is over and we are at the beginning of a bear market. Analysts at JPMorgan already think the bear market is close.

The Bear Market is Here

JPMorgan strategists have revealed that they think the Bitcoin bear market is getting closer. The leading cryptocurrency’s price has been stuck below the $40k region for the past few weeks and has struggled despite some positive news in the market.

JPMorgan strategists led by Nikolaos Panigirtzoglou said, “We believe that the return to backwardation in recent weeks has been a negative signal pointing to a bear market.” The analysts added that Bitcoin’s relatively depressed share of the total cryptocurrency market cap is another trend that indicates that a bear market might be close.

The strategists based their analysis on the 21-day rolling average of the 2nd Bitcoin futures spread over spot prices. They stated that the backwardation displayed is an unusual development, and it reflects how week Bitcoin demand is from institutional investors at the moment. The analysts pointed out that in 2018 when Bitcoin’s price plunged by 74%, the Bitcoin futures curve was also in backwardation.

Bitcoin has lost a chunk of its market share to altcoins. The leading cryptocurrency currently accounts for roughly 40% of the total crypto market cap, down from 70% at the start of the year. According to some analysts, retail investors shifting to altcoins is another sign that the Bitcoin bear market is close.

BTC/USD pair
BTC/USD chart. source: FXEMPIRE

Bitcoin’s Price Still Trading Below $40k

Bitcoin’s price has been struggling for the past few weeks. The leading cryptocurrency’s price is trading below $40k despite the wave of positive news in the market recently. El Salvador became the first country to officially adopt Bitcoin as a legal tender ad more Latin American countries are looking to make similar moves. The crypto space is also gaining fast adoption, with numerous institutional entities like Interactive Brokers and Victory Capital coming into the market. With the prices still down, it would be interesting to see how the market performs in the coming days and weeks.

Could This Be The End? Lordstown Motors Says It Could Go Out Of Business

Startup electric-car manufacturer Lordstown Motors warned that it might be forced out of business as it is running low on cash. The company’s stock has been plummeting since then, and it could sustain further losses in the coming hours.

Lordstown Motors is going bankrupt

Lordstown Motors, an electric vehicle manufacturer in Ohio, has revealed that it could go out of business soon if it doesn’t get additional funding. The company stated that its ability to stay in business depends on completing the development of its electric vehicles, obtaining regulatory approval, starting commercial-scale production and launching the sale of such vehicles. The company can only achieve this with additional funding.

In its SEC filing, Lordstown Motors revealed that it had $259.7 million in cash left as of March 31. The company recorded a loss of $125.2 million in the past three months. When contacted by CNN, Lordstown Motors declined to comment beyond the statement in its SEC filing. The company maintains that it is focused on starting production in a few months.

Analysts have questioned the company’s viability in recent months. Hindenburg Research predicted that Lordstown Motors’ stock price would decline after questioning the validity of the contracts the company was telling investors it had.

Lordstown Motors’ stock price has taken a hit

The company’s stock price has taken a hit since it announced that it could soon go out of business. At the time of this report, Lordstown Motors’ stock price is down by 9%. The stock is currently trading at $9.86 per share, down from $15 yesterday. Overall, the stock price is down by 37% since its announcement yesterday.

<em>Lordstown’s stock chart. Source: </em><a href="https://www.fxempire.com/stocks/ride/chart"><em>FXEMPIRE</em></a>
Lordstown’s stock chart. Source: FXEMPIRE

The electric car industry is becoming more competitive as the traditional vehicle manufacturers are now making their way into the sector. Ford recently launched the electric version of its F-150, one of the best-selling pickups in the United States. Tesla, the leading electric car manufacturer, is also set to start production of its Cybertruck later this year. The massive competition in the electric car industry could affect the performance of startups like Lordstown Motors in both the long and short term.

It’s Official! Bitcoin (BTC) is Now a Legal Tender in El Salvador

Bitcoin has enjoyed an amazing journey over the past decade, and things might get better in the coming months and years. El Salvador has taken the first step by becoming the first country in the world to make Bitcoin a legal tender.

Bitcoin (BTC) is now a legal tender in El Salvador

The leading cryptocurrency has become an official legal tender in El Salvador. The country’s parliament passed the bill earlier today, making it the first country in the world to make such a move.

President Nayib Bukele sent the law to the Congress, and it was passed, with 62 out of the 84 members voting for it. Thanks to this latest development, Bitcoin’s use case in El Salvador has grown.

The law states that its purpose is to regulate the cryptocurrency as unrestricted tender that offers liberating power to the citinze. Businesses in El Salvador can now display the prices of their goods and services in BTC, and customers can also pay for them using the leading cryptocurrency. The El Salvador residents can pay their taxes in BTC, and all exchanges in Bitcoin are not subject to capital profits tax in the country.

The El Salvador government will now embark on a project to ensure the necessary training and mechanisms that would help its citizens gain access to Bitcoin transactions. El Salvador made the move to make Bitcoin a legal tender due to the lack of financial services in the country. Currently, roughly 70% of residents don’t have access to financial services. With Bitcoin, anyone can send and receive money and also pay for goods and services with ease.

The president submitted the bill to Congress after revealing last weekend that he intends to make Bitcoin a legal tender. Bitcoin’s price is up 4.5% since the announcement this morning.

BTC/USD chart. Source: FXEPMPIRE
BTC/USD chart. Source: FXEPMPIRE

More Latin American countries want to support cryptocurrencies

Latin America is looking like the center of cryptocurrency adoption. With El Salvador leading the way, other countries in the region are looking to support cryptocurrencies in various ways. The leaders of Argentina, Panama, Paraguay, Brazil, Mexico and Colombia are reportedly in favor of supporting cryptocurrencies in varying degrees.

Clover Health is the Next Stock Getting Attention on Reddit

Day traders on Reddit have pumped numerous stocks over the past few months. They have now turned their attention to Clover Health, with the company’s stock rising by over 100% at some point today.

Reddit traders turn to Clover Health

Reddit traders have been responsible for pumping a few stocks over the past year. The GameStop stock rally gained popularity and was covered by major news outlets globally. However, the day traders on Reddit also pumped other stocks, including AMC, despite the company taking a hit due to the closure of public places because of the pandemic.

The traders have now turned their attention to Clover Health. The company’s shares went up by over 100% earlier today. Shares of Clover Health, a Medicare insurance start-up that went public through Chamath Palihapitiya’s SPAC, rallied by 100% earlier today. This comes after recording a 32% surge in stock price yesterday.

At the time of this report, the company’s stock price is trading at $19.65, up by 65% over the past 24 hours. At the start of the US trading session, 300 million Clover Health shares were trading in the market, up by 13 million from yesterday. Its daily trading volume is also higher than the 30-day average volume of 22 million shares.

Clover Health’s stock price has been rallying thanks to the attention it has received from Reddit’s WallStreetBets forum. The forum now has over 10 million participants, and it is one of the largest gathering of day traders in the world.

Reddit users favor broken businesses

The Reddit day traders seem to favor struggling businesses and pumping their stock prices higher. It began with GameStop towards the end of last year, with the company struggling to stay afloat. The traders pumped its price by hundreds of percentages.

AMC price chart. Source: FXEMPIRE
AMC price chart. Source: FXEMPIRE

This was followed by AMC. The theater chain took a hit following the closure of public places due to the pandemic. AMC had to sell some of its assets to settle some debts. The traders pumped AMC’s price, with the stock rising by 110% in June alone.

The traders are also focusing on another stock. Wendy’s is up by 15% so far today, and it could rally higher if more people enter the market.

South America is Leapfrogging the Other Continents in Making Bitcoin a Legal Tender

South American countries are warming up to cryptocurrencies, and some are making moves to make Bitcoin a legal tender. The continent could be jumping ahead of others in cryptocurrency adoption thanks to the acceptance of its leaders.

El Salvador and Paraguay are making headlines in the Bitcoin world

Cryptocurrencies have gained adoption in virtually every country globally. However, no country has raised Bitcoin’s status to be a legal tender. El Salvador intends to be the first country to make Bitcoin a legal tender.

The country’s president, Nayib Bukele, is set to introduce a bill this week that would make El Salvador the first country globally to make Bitcoin a legal tender. The bill is subject to the parliament’s approval, but there is optimism that it would pass.

El Salvador currently uses the US Dollar as its official currency but is looking to add Bitcoin to the list. The president said Bitcoin would not be replacing the US Dollar, but the country needs a currency that doesn’t face constant inflation challenges.

The Deputy of the Nation of Paraguay revealed yesterday that Paraguay is set to make an important decision regarding Bitcoin and PayPal. A politician in the country, Rejala Helman, changed his profile picture with laser eyes and indicated that Paraguay is making a big Bitcoin announcement later this week. Laser eyes are an indication that the individual is a big supporter of Bitcoin and other cryptocurrencies.

Panama set to follow El Salvador’s footsteps

Another South American country is planning to follow El Salvador’s footsteps regarding Bitcoin. Gabriel Silva, a Panamanian congressman, is set to propose legislation that would see the country adopt Bitcoin and other digital currencies on a national scale.

Silva said it is important that Panama is not left behind in the new economy. He wants Panama to be a tech and entrepreneurship hub and supporting cryptocurrencies would make it possible.

BTC/USD chart. Source: FXEMPIRE
BTC/USD chart. Source: FXEMPIRE

Despite the adoption news coming from South America, Bitcoin’s price has largely underperformed over the past few days. The BTC/USD pair is down by 8% over the past 24 hours, and it is currently trading just above $33,000.

France Fines Google $267 Million for Abusing Position. The Probes in Europe Continues

France’s competition regulator has fined search engine giant Google $267 million after accusing it of abusing its market power in the online advertising sector. This latest development follows a tradition of US tech companies getting into trouble with European regulators.

France fines Google $267 million

The French Competition Authority announced earlier today that it had fined Google 220 million euros ($267 million). The search engine giant was accused of abusing its position in the market by unfairly sending business to its own service and discriminated against competitors in the online advertising industry.

According to the report, Google has agreed to pay the fine and is set to end some of its selfish practices. The investigation conducted by the regulatory agency revealed that Google favored its DFP advertising server and SSP AdX listing platform. By so doing, publishers of sites and applications favored doing business with Google. They also sold their impressions to the search engine giant. Hence, causing suffering to Google’s rivals and publishers.

Isabelle de Silva, head of the French Competition Authority, said this decision is the first of its kind in the world. France is the first country to critically look at the complex algorithmic auction processes that the online advertising space works with. She added that Google’s act has made it tough for competitors in the online advertising sector and increased the company’s dominant position.

Thanks to the fine and Google changing its policies, France is sure to create a level playing field for all advertisers and to enable publishers to make the most of their advertising spaces. The sanction came after French newspaper Le Figaro, the Belgian press group Rossel and US-based News Corp filed a complaint against the Alphabet Inc. company.

GOOG stock price. Source: FXEMPIRE
GOOG stock price. Source: FXEMPIRE

The stock price of Alphabet Inc., Google’s parent company, is down by two points during Monday’s pre-market session. The Alphabet shares are currently trading at $2,449.70.

US Tech Giants can’t seem to catch a break in Europe

European regulators are clamping down on major US tech companies due to the massive control they have within the EU. The need to regulate the activities of tech companies led to the roll-out of the GDPR in the region.

Last week, social media giant Facebook faced two antitrust probes in the United Kingdom and the EU. In recent months, EU regulators have also looked into the activities of Amazon, Apple, Microsoft, Facebook and Google.

Crypto adoption Continues CoinShares Lists Physically-Backed Cryptocurrency ETPs on Börse Xetra

The prices of the leading cryptocurrencies are down by nearly 50% from their recent all-time highs. However, that hasn’t stopped the wave of institutional adoption that has swept the market over the past few months.

CoinShares Adds Physically-Backed Crypto ETPs on Börse Xetra

CoinShares, the largest digital asset manager in Europe, has listed three physically-backed exchange-traded products (ETPs) on Germany’s Börse Xetra exchange. The exchange-traded products are set to make it easier for institutional investors to access the cryptocurrency market.

The digital asset manager listed ETPs of Bitcoin, Ethereum and Litecoin. According to a press release this morning, Frank Spiteri, CoinShares’ Chief Revenue Officer, revealed that since the CoinShares Physical platform was launched in January, it now has over $380m in assets under management. In addition, the platform is available in eleven countries as institutional demand for cryptocurrency-related products continues to increase.

“This cross-listing is another important step for CoinShares Asset Management, providing investors across Europe with easier access to digital assets. We look forward to leveraging the Company’s technology and expertise as we build on this momentum and move into new markets, investment exposures and strategic partnerships over the course of the year,” he added.

CoinShares listed the physically-backed crypto ETPs on Börse Xetra following the approval from the Swedish regulator. As a result, the digital asset firm now has the license to distribute the ETPs on various platforms across the European Union (EU). The cryptocurrency ETPs are available in Germany, Sweden, Italy, Spain, France, Belgium, the Netherlands, Denmark, Finland, Norway, Austria and Luxembourg.

Adoption Grows despite Crypto Prices still Battling

Cryptocurrencies continue to gain retail and institutional adoption despite the prices still down from their all-time highs. At the time of this report, Bitcoin (BTC) is trading at $36,600 on various cryptocurrency exchanges, up by 1% over the past 24 hours. However, it is over 40% down from its all-time high of $65,000.

BTC/USD chart. Source: FXEMPIRE
BTC/USD chart. Source: FXEMPIRE

Ether is up by 4% over the past 24 hours and is trading above $2,800. However, it is also down from its recent all-time high of $4,700 per coin. Litecoin has lost its position amongst the top ten cryptocurrencies by market cap. It is now the 14th in terms of market cap, and its price is performing excellently since the news broke.

US Equities Rally, Dollar Drops as Hiring Picked Up Last Month

US stocks performed excellently this afternoon while the Greenback fell following a pickup in hiring last month. The job data has bolstered confidence in the economy. However, the surge in hourly wages contributed to inflation worries in the country, leading the US Dollar to perform poorly.

US stocks rally, USD underperforms

US equities are performing excellently as the stock markets in the country open. This comes following an impressive job data presented a few hours ago. The United States added 559,000 jobs in May, one of the highest recorded in a while and just below the average forecast.

Following this impressive job data, US indices are performing excellently this afternoon. The S&P 500 is currently up by 0.5%, while the NASDAQ 100 also surged by 0.8%. Furthermore, the Dow Jones Industrial Average went up by 0.4%, the Stoxx Europe 600’s value is up by 0.2%, and the MSCI World index has seen a 0.5% increase.

S&P 500 chart. Source: FXEMPIRE

While the stocks are performing well, the US Dollar is having a tough time in the market. The Bloomberg Dollar Spot Index dropped by 0.5%, while the Euro gained 0.4% over the past few hours to now stay at $1.2176. The GBP also went up by 0.7% against the USD and now stands at $1.4198. The Greenback is basically losing against most of its major competitors as it is also down by 0.6% against the Japanese Yen.

The decline in the US Dollar’s performance is due to the increase in hourly wages, creating concern about the rising inflation wages in the country.

Will the job data continue to increase?

The economy of the United States and several other countries in the world is slowly recovering following the Coronavirus pandemic that plagued virtually every country last year. Due to the pandemic, millions lost their jobs.

However, the Biden administration is targeting at least 70% of Adult Americans should be vaccinated over the coming months. This would allow more businesses to open and more people to go back to work. In that case, the job data could continue to increase or maintain this level over the coming months, strengthening the equities market in the process.

For a look at all of today’s economic events, check out our economic calendar.

Get Ready to Mine ETH With Norton’s Latest Software

Cryptocurrency mining is a key part of the cryptocurrency space. However, crypto mining requires a lot of expertise and hardware before you can start. Cybersecurity firm wants to make it easier for you to mine cryptocurrencies on your computer with the help of their new Norton Crypto product. However, with Ethereum moving to the proof-of-stake protocol (PoS), it remains unclear if it is a good idea to offer crypto mining services.

Norton launches the Norton Crypto product

Cybersecurity firm Norton has revealed that it has launched Norton Crypto, a new feature designed to allow consumers to safely and easily mine cryptocurrency via the Norton 360 platform.

According to its blog post, the company said it is the perfect brand to offer this service as it would allow people to mine cryptocurrencies without compromising the security of their computers. At the moment, Norton would only allow customers to mine Ether (ETH). However, it intends to expand the functionality to cover other cryptocurrencies in the future.

Norton said it would store users’ cryptocurrency wallets in the cloud via its Norton Wallet. Furthermore, it would introduce a button that would allow users to withdraw their mined cryptocurrency to Coinbase exchange.

Gagan Singh, chief product officer at NortonLifeLock, stated that “We are proud to be the first consumer Cyber Safety company to offer coinminers the ability to safely and easily turn the idle time on their PCs into an opportunity to earn digital currency. With Norton Crypto, our customers can mine for cryptocurrency with just a few clicks, avoiding many barriers to entry in the cryptocurrency ecosystem.” The feature is expected to available to all Norton 360 customers in the coming weeks.

With Ethereum moving to a PoS protocol, does this service makes sense?

One of the key conversations in the crypto space in recent weeks is the massive use of energy in mining cryptocurrencies. Energy usage is said to cause environmental harm, and the industry is now seeking to become less energy-intensive.

ETH/USD chart. Source: FXEMPIRE

The PoS protocol doesn’t involve mining and is more energy-efficient than the proof of work (PoW) protocol. Hence, several crypto projects are migrating to the PoS protocol. Ethereum is already close to becoming a PoS protocol. When that happens, ETH would no longer be mined, making products such as the Norton Crypto irrelevant.

ETH’s price is down by 7% over the past 24 hours as it continues to struggle to reach the $3k mark.

For a look at all of today’s economic events, check out our economic calendar.

Will You Pay to Use Social Media? Twitter Launches Twitter Blue, its First Subscription Service

Social media companies mostly make their money from adverts. However, Twitter wants to change the game by launching a subscription service, and it is targeting over 300 million users over the coming years.

Twitter launches Twitter Blue

Leading social media company Twitter has launched Twitter Blue, its first subscription service. The company announced earlier today that the service is designed for power users willing to pay a monthly fee to gain access to exclusive features.

According to the company, the service is currently available to users in Canada and Australia. Twitter charges $3.49 (Canada) and $4.49 (Australia) in local currencies per month. However, it didn’t reveal when the service would be available to US users.

Per the announcement, the Twitter Blue service will come with an Undo Tweet feature, allowing users to set a customizable timer of up to 30 seconds to reverse a tweet if the user needs to fix it before tweeting again. Although users requested an edit feature, the Undo Tweet feature works differently. The feature allows subscribers to preview the nature of their tweets and adjust them before publishing.

Twitter added that the service contains other features such as a reader mode, bookmark folders, customize the Twitter app icons on mobile phones, dedicated customer support, and access to color themes for the app.

The company’s stock price went up by 1.3% during the pre-market trading session. The rally has continued, as investors positively welcomed this latest development.

TWTR/USD chart. Source: FXEMPIRE
TWTR/USD chart. Source: FXEMPIRE

Will users pay to use social media?

At the start of the year, Twitter set the goal of reaching 315 million monetizable daily active users before the end of 2023. It also wants to double its annual revenue to $7.5 billion by that time as Twitter makes generates of its money via advertising.

Traditionally, social media companies like Twitter and Facebook make most of their money from advertising. In fact, advertising currently makes up 86% of Twitter’s revenue. However, the social media company is looking to diversify its revenue source.

A large percentage of the people who use social media platforms use them for free. Hence, the idea of paying to enjoy special features such as the Undo Tweet might take a while for users to catch on to. The market is still new, and it might take a while before people decide if they will pay for social media services or not.

SEC Delays Decision on another Bitcoin ETF. Is the U.S Ready for a Bitcoin ETF?

The United States Securities and Exchange Commission (SEC) has delayed the decision on another Bitcoin exchange-traded fund (ETF) application. With Canada already listing a few Bitcoin and Ether ETFs, it remains unclear if the U.S. is ready for a crypto ETF.

SEC delays another Bitcoin ETF decision, again

The US SEC has extended the review period of the WisdomTree Bitcoin ETF application. The regulatory agency made this decision last week as it was supposed to finish the proposal review by May 30. However, it has now extended the review period by another 45 days, with July 14 as the new date to decide on whether to approve the ETF application or not.

According to the SEC, the extension allows the agency to have sufficient time to consider the proposed rule change and the comments received. Per the filing, the rule change is to allow the listing of WisdomTree Bitcoin Trust or BTCW. The initial prospectus was filed by WisdomTree on March 11, but CBOE proposed the rule change on March 26. The regulatory agency has only received four comments regarding the Bitcoin ETF proposal.

Is the U.S. ready for a Bitcoin ETF?

So far this year, the SEC has extended the review periods of two Bitcoin ETF applications; VanEck and WisdomTree. The situations are similar to how the SEC handled the previous Bitcoin ETF applications.

The SEC has rejected virtually all the Bitcoin ETFs submitted in the past, citing market manipulation as some of the things the crypto market has to correct before an ETF is launched. However, it currently has nine Bitcoin ETFs and two Ether ETFs to review and decide.

BTC/USD chart. Source: FXEMPIRE

Canada is one of the most progressive countries in terms of cryptocurrency ETFs. Over the past few months, the North American country has approved a few Bitcoin ETFs and three Ether ETFs. With institutional investors gaining exposure to cryptocurrencies via the Canadian ETFs, several experts are asking if the U.S. is ready to have one. Some experts claim that the crypto market reaching the $2 trillion mark shows that it has matured enough to handle a Bitcoin ETF. The entry of institutional players into the market over the past year is another indication that the market is maturing.

The appointment of Gary Gensler as the SEC chair was supposed to be the mark of a new dawn in the crypto space in the United States. However, it hasn’t worked out as most people expected it to so far.

Elon Musk at it Again, Tweet Sends Samsung Publishing’s Shares Soaring

Elon Musk is one of the people with huge influence in the global financial markets. In recent years, his comments and tweets have affected several cryptocurrencies and stocks. Yesterday, his tweet on Baby Shark sent the shares of Samsung Publishing rallying by roughly 10% during regular trading hours in South Korea.

Samsung Publishing’s stock price rises by nearly 10%

The shares of Samsung Publishing surged by nearly 10% during Wednesday’s trading session in South Korea. The company’s stock couldn’t maintain the surge in price but ended the day with a net gain of 6.29%.

While they share the same name, Samsung Publishing is not affiliated with the South Korean conglomerate Samsung Group. The company’s stock rally was caused by a tweet by Tesla and SpaceX CEO Elon Musk. Musk responded to a tweet by TV show South Park, stating that “Baby Shark crushes all! More views than humans.”

Despite the rally, Samsung Publishing’s stock price is still roughly 20% down from its all-time high of 59,000 Korean Won ($53.11). The stock is currently trading 47,300 Won ($42.58) following today’s rally. Samsung Publishing’s stock has performed excellently so far this year, and it is currently up by 97% year-to-date.

Elon Musk and his powerful tweets

If there is one man whose tweets and comments can pull an asset’s price into a bull run or drag it into a bearish trend, it is Elon Musk. The Tesla CEO airs his views on various financial assets via Twitter.

In recent months, his numerous show of support for Dogecoin (DOGE) was critical in pushing the cryptocurrency to achieve a 6,000% rise in value since the start of the year. Dogecoin’s price rallied to an all-time high of $0.73 last month before the market correction saw it lose 50% of its value. DOGE is now trading close to $0.40 per coin.

DOGE/USD chart. Source: FXEMPIRE

His various comments on Bitcoin and its negative impact on the environment via mining activities might have also played a part in plunging it into a bearish trend. Musk’s influence is huge, and it cuts across several markets. His tweets have also been linked to moves in the stock market, especially the famous GameStop stock that rallied earlier this year.

Dogecoin is Finally on Coinbase, 6000% Profits Later

Cryptocurrency exchange Coinbase has finally listed Dogecoin after the cryptocurrency recorded over 6,000% gain since the start of the year.

DOGE now on Coinbase Pro

One of the popular cryptocurrencies this year is Dogecoin (DOGE). Promoted by the likes of Elon Musk, Dogecoin’s popularity surged higher as it became the number one meme cryptocurrency for millions of people. Its massive rise this year led to an influx of other meme coins such as Shiba Inu, all looking to take advantage of the hungry market created by Dogecoin.

Coinbase is one of the leading crypto exchanges in the world. Unlike Binance, one of its major competitors, Coinbase is known for taking its time to analyze a coin before listing it. The crypto exchange has finally listed DOGE on its Coinbase Pro platform.

Starting yesterday, June 1, Coinbase Pro is offering its users the option to trade Dogecoin. In its blog post, Coinbase said, “Starting immediately, we will begin accepting inbound transfers of DOGE to Coinbase Pro. Trading will begin on or after 9 am Pacific Time (PT) Thursday, June 3, if liquidity conditions are met.”

Coinbase listing comes after a 6,000% rise in profit

Coinbase is late to the party in terms of listing Dogecoin. The cryptocurrency is available on numerous leading crypto exchanges, including Binance, Gemini, KuCoin, Bitfinex and others. Coinbase is listing the coin after its price surged by more than 6,000% since the start of the year.

At the start of the year, DOGE was trading at $0.004997. However, it went on a massive bull run that saw its price reach an all-time high of $0.7236 on May 7. The rally saw DOGE’s price increase by 6,000% within five months.

While the market correction has seen its price decline by roughly 50% to currently trade at $0.37 per coin, it is still up by over 4,000% year-to-date, making it one of the best investment vehicles so far in 2021.

DOGE/USD chart. Source: FXEMPIRE
DOGE/USD chart. Source: FXEMPIRE

Coinbase’s listing saw DOGE’s price go up by 14% over the past 24 hours, surpassing XRP to becoming the sixth-largest cryptocurrency by market cap. Dogecoin’s popularity could continue to increase as Elon Musk has teased with the idea of Tesla accepting the cryptocurrency as a means of payment. Only a few cryptocurrencies are as intriguing as Dogecoin at the moment!

AMC’s Stock is up by 17% as Company Sold More Shares

AMC Entertainment’s stock price surged today at pre-market trading as the company sold more than 8 million of its shares to investors. Despite the company’s stock price rising, the latest move further shows that AMC’s struggles are far from over.

AMC’s stock soars by 17%

The shares of theater chain AMC surged by roughly 17% earlier today, crossing the $30 mark at Tuesday’s pre-market trading session. The company’s stock price went up after it sold over 8 million shares to Mudrick Capital Management, raising $230.5 million in the process.

According to the company, the funds would be used for potential acquisitions, upgrading its theaters and reduce its financial leverage. Hence, allowing it to reduce its debt. CEO and President Adam Aron said raising millions of dollars is a positive result for the company’s shareholders.

AMC’s business hit by the pandemic, turned to a meme stock

The company’s business was hit by the Coronavirus pandemic as theaters in the United States and other parts of the world shut down for most of last year. AMC’s stock became a meme stock, with traders on Reddit pushing its price up by 1000% since the start of the year.

Despite the positives, AMC Entertainment still has a lot to deal with. The company has roughly $5 billion in debt and had to postpone $450 million in lease repayments due to the decline in revenue over the past year.

According to the AMC’s securities filing, its market cap on Friday, May 28, was $11.8 billion. The company said its valuation doesn’t accurately reflect AMC’s financial performance or prospects. Rather, it reflects t trading dynamics based solely on market volatility. AMC warned that traders who buy their Class A common stock could record losses if there is a decline in market prices due to a return to earlier valuations.

Per its statement, AMC believes that its stock price could dip as the Reddit traders pushing it higher might not do so for the long run. However, the CEO said that with the additional liquidity, increase in people vaccinated, and the imminent release of blockbuster new movie titles, AMC will go on the offense again.

Adoption Is Rising, but the Cryptocurrency Prices Aren’t

Cryptocurrency adoption continues to grow

Over the past year, people’s attention in the cryptocurrency market has been focused on price growth, and rightly so. Bitcoin went up by over 200% from its 2017 high to reach a new all-time high around $65k, while Ether rallied past $4,500 in an extended bull cycle.

However, there have been other notable developments in the crypto space, mainly the entry of traditional financial institutions. Over the past few months, numerous traditional financial institutions have entered the crypto space, providing crypto-related services to their clients.

JPMorgan, Goldman Sachs, and Morgan Stanley are already heavily involved in the market. Other leading banks looking to venture into the market include Citigroup, UBS, Cowen, and Deutsche Bank. BNY Mellon, the oldest bank in the US, has already entered the market and this week expanded its presence.

BNY Mellon is set to offer cryptocurrency custody services to its clients via its new digital asset unit in Dublin. The Digital Innovation Hub will serve as a custodian for cryptocurrencies such as Bitcoin and other digital assets like non-fungible tokens (NFTs). It will also provide custody services to central bank digital currencies (CBDCs) when they become available.

Argentina is fast becoming a hotbed for cryptocurrency mining activities. The citizens are taking advantage of the massive electricity subsidy by the government to mine Bitcoin and other cryptocurrencies. This has apparently drawn the attention of big mining companies such as Bitfarms, who are looking to set up shop in the South American country.

With Iran banning crypto mining activities until September and the lingering ban in China, Argentina, and its cheap energy could become one of the leading cryptocurrency mining countries.

Crypto prices have stagnated

Despite the numerous positive news from the cryptocurrency market, prices have stagnated. Bitcoin, the leading cryptocurrency, is only up by 0.2% over the past 24 hours. It is still struggling to reach the $40k mark.

Ether is faring better, with the ETH/USD pair up by 3.6% over the past 24 hours. However, it is still trading around $2,500 and might need a big bullish movement to reach $3,000 again. In general, all the coins in the top ten are trading in the green. However, the bullish movement needs to be stronger if the market is to erase the losses of the past few weeks.