Bitcoin’s moves definitely follow the market. There’s no question, and that’s been especially true on days when the market has been down a lot, Tom Essaye, founder of Sevens Report Research, told Barron’s. Click here to read the full article.
What’s in Today’s Report:
Futures are slightly lower following a busy night of mixed earnings reports and ahead of today’s ECB decision.
Politically, Italian PM Draghi formally resigned and there will be elections in Italy this fall, which is adding to general macro-economic uncertainty.
Earnings overnight were mixed although TSLA posted solid results and the stock rallied 3% after hours.
Today will be a busy day for economic data and earnings and the key event is the ECB Decision. A 25 bps hike is expected although a 50 bps hike is very possible. From a stock standpoint, markets will be hoping for a 50 bps hike because that will boost the euro and weigh on the dollar (the dollar being this high is a problem for U.S. corporate earnings). Outside of the ECB we also get Jobless Claims (E: 240K) and Philadelphia Fed (E: -3.3).
On the earnings front, results continue to roll in and so far this season they are decidedly mixed (not good, but not materially worse than feared, either). Some results we’re watching today include: T ($0.59), FCX ($0.80), UNP ($2.38), COF ($5.09).
Bitcoin is much more of a momentum and risk-driven asset than it is the independent store of value that people want it to become, it’s not there yet…said Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter. Click here to read the full article.
The losses quickly spread to broader markets as experts started warning its default could…market analyst Tom Essaye, author of the Sevens Report, wrote in a note last week. Click here to read the full article.
The Sevens Report Research founder Tom Essaye said that Bitcoin needs to have more widespread legitimate adoption for… Click here to read the full article.
In order for Bitcoin to resume that rally, I think you’re going to need to see more widespread…said Tom Essaye, a former Merrill Lynch trader. Click here to read the full article.
Bitcoin is always going to be volatile and the manic run-up we had was never sustainable. The question is…said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. Click here to read the full article.
“For people to say Bitcoin shouldn’t influence equity prices on a short-term basis, that’s crazy. We live in a 24/7 market and at least in the short term…” said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. Click here for the full article.
“We’ve seen a rollover in a lot of the momentum plays in the market — not just Bitcoin, but Tesla…” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, said by phone. Click here to read the full article.
