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Tag Archives: Seller
Gautam Adani’s business loses $50 billion in market value after short seller report
New Delhi
CNN
—
The value of Gautam Adani’s business empire has crashed by more than $50 billion this week since Hindenburg Research, a US firm that makes money from short selling, published a blistering report accusing it of fraud.
India’s Adani Group has denounced Hindenburg’s allegations as “baseless” and “malicious,” and it is considering legal action. But the sharp sell-off in shares, which began Wednesday, accelerated Friday after US hedge fund billionaire Bill Ackman said he found the short seller’s report credible.
Hindenburg Research published an investigation on Adani’s conglomerate late on Tuesday, accusing it of “brazen stock manipulation and accounting fraud scheme over the course of decades.” It said it had taken a short position in Adani Group companies, meaning it would benefit from a drop in their value.
Shares of those companies — some of which had surged over 500% in the last few years — plunged when India’s stock market opened Wednesday. The rout resumed Friday when trading resumed following a market holiday on Thursday.
Shares of Adani Transmission, Adani Total Gas and Adani Green Energy — three of the group’s seven listed companies — were down 20% each on Friday, while shares of Adani Enterprises, the conglomerate’s flagship company, fell 18%. Friday’s losses wiped out almost $39 billion in market value.
According to the Bloomberg Billionaires Index, Adani is still Asia’s richest man with a personal fortune worth $113 billion, $30 billion more than fellow Indian entrepreneur Mukesh Ambani. Friday’s losses will reduce that gap.
Hindenburg said Thursday that it stood fully by its report and believed any legal action would be “meritless.”
“If Adani is serious, it should also file suit in the US where we operate. We have a long list of documents we would demand in a legal discovery process,” the short seller said in a post on Twitter.
Hindenburg isn’t the first research firm to express concern about the finances of Adani’s sprawling empire, which has borrowed $30 billion to become established in industries ranging from logistics to mining, and is aggressively growing in diverse sectors such as media, data centers, airports and cement.
Ackman weighed into the debate on Twitter Thursday, saying he found the Hindenburg investigation “highly credible and extremely well researched.”
“We are not invested long or short in any of the Adani companies … nor have we done our own independent research,” Ackman added.
Hindenburg’s claims come at a sensitive time. Adani Enterprises is aiming to raise 200 billion rupees ($2.5 billion) by issuing new shares this month. The offer will close on Tuesday.
A college dropout and a self-made industrialist, Adani is the world’s fourth richest man, ahead of Bill Gates and Warren Buffet. He is also seen as a close ally of India’s prime minister, Narendra Modi.
The 60-year old tycoon founded the Adani group over 30 years ago.
India’s Adani begins record share sale as short seller triggers $44 billion rout
MUMBAI, Jan 27 (Reuters) – Shares of India’s Adani Enterprises (ADEL.NS) sank 15% on Friday as a scathing report by a U.S. short seller triggered a rout in the conglomerate’s listed firms, casting doubts on how investors will respond to the company’s record $2.45 billion secondary sale.
Seven listed companies of the Adani conglomerate – controlled by one of the world’s richest men Gautam Adani – have lost a combined $43.5 billion in market capitalisation since Wednesday, with U.S. bonds of Adani firms also falling after Hindenburg Research flagged concerns in a Jan. 24 report about debt levels and the use of tax havens.
Adani Group has dismissed the report as baseless and said it is considering whether to take legal action against the New York-based firm.
“There were heavy positions in Adani group (shares), the way they have risen in the last couple of years,” said Neeraj Dewan, director at Quantum Securities in New Delhi.
“This is a classic case of panic selling…,” he said, noting the concerns were also spreading to Indian banks with exposure to Adani group’s debt.
The index tracking state-run banks (.NIFTYPSU) was down 4.6%, while the main Nifty Bank index (.NSEBANK) fell 2.7%.
CLSA estimates that Indian banks were exposed to about 40% of the 2 trillion Indian rupees ($24.53 billion) of Adani group debt in the fiscal year to March 2022.
The stunning selloff has cast a shadow over Adani Enterprises’ secondary sale which began on Friday. The anchor portion of the sale saw participation from investors including the Abu Dhabi Investment Authority on Wednesday.
The firm has set a floor price of 3,112 rupees ($38.22) a share and a cap of 3,276 rupees. But by midday on Friday, the stock had slumped to 2,875 rupees – well below the lower end of the price offering.
As of 0700 GMT, investors, mostly retail, had bid for around 200,000 shares, compared with the 45.5 million on offer, according to BSE exchange data. Bidding for retail investors will close on Jan. 31.
Shares of other listed Adani firms also plummetted, with Adani Transmission Ltd (ADAI.NS) Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Ports (APSE.NS) sinking 20% each.
In its report, Hindenburg said key listed Adani Group companies had “substantial debt”, putting the conglomerate on a “precarious financial footing”, and that “sky-high valuations” had pushed the share prices of seven listed Adani companies as much as 85% beyond actual value.
Billionaire U.S. investor Bill Ackman said on Thursday that he found the Hindenburg report “highly credible and extremely well researched.”
Hindenburg said it held short positions in Adani through its U.S.-traded bonds and non-Indian-traded derivative instruments, meaning it is betting that their price would fall.
Adani Group has repeatedly faced and dismissed concern about debt levels. It defended itself in a presentation titled “Myths of Short Seller” on Thursday, saying deleveraging by promoters – or key shareholders – was “in a high growth phase”.
Jefferies in a client note said Adani Group had shared details of debt and leverage levels, and that it does not “see material risk arising to the Indian banking sector”.
Adani Group’s consolidated gross debt stood at 1.9 trillion rupees ($23.34 billion), Jefferies said.
Adani has said its debt is at a manageable level and that no investor has raised any concern.
Adani Enterprises’ net profit for the period ended Sept. 30, 2022 doubled to 9 billion Indian rupees ($110.31 million) while its total income nearly tripled to 795 billion Indian rupees, according to its share sale prospectus.
The company’s total liabilities as of September 2022 stood at 869 billion rupees ($10.64 billion), the prospectus showed.
The Adani conglomerate has been diversifying its business interests and last year bought cement firms ACC (ACC.NS) and Ambuja Cements (ABUJ.NS) from Switzerland’s Holcim (HOLN.S) for $10.5 billion. ACC was down 15% on Friday, while Ambuja plunged up to 25%.
Reporting by M. Sriram and Chris Thomas; Editing by Aditya Kalra, Christopher Cushing and Kim Coghill
Our Standards: The Thomson Reuters Trust Principles.
GM is the top car seller in America, retaking the title from Toyota
New York
CNN
—
One year after losing the title it held for nearly a century as the top car seller in America, General Motors is back on top.
GM
(GM) reported Wednesday US sales of 2.3 million vehicles. Strong fourth quarter sales, up 41% from a year ago, allowed it to end the year with sales up nearly 3% from the 2.2 million US vehicles it sold in 2021, when it suffered a 13% decline.
Meanwhile Toyota
(TM), which had captured the top sales spot in 2021, had its full-year sales fall nearly 10% to 2.1 million, despite posting a 13% increase in fourth quarter sales.
In each of the last two years, industry-wide auto sales were limited by a shortage of parts, primarily computer chips, needed to build the cars and trucks consumers wanted. Total US new vehicle sales are expected to be down to just less than 14 million vehicles when the final sales results are reported across the industry later this week.
That would be the lowest sales total since the country was just climbing out of the Great Recession more than a decade go. Sales bottomed out at 10.5 million in 2009, the year GM and Chrysler declared bankruptcy and received federal bailouts, and had only climbed back to 12.7 million by 2011, the last year the industry sales fell below 14 million.
Sales had been 17 million in 2019, the year before the pandemic upended both the economy and supply chains.
Most forecasts say the supply chain problems are getting better, and that should allow automakers to increase production in 2023. They point to the better sales that took place in the fourth quarter than earlier in the year as a proof of that, even with higher car prices and rising interest rates making it more expensive for buyers than in the past.
That in turn has led them to forecast a modest increase in sales this year to just north of 14 million vehicles once again.
But many experts caution that their forecast of increased sales depend on the US economy not falling into recession, and instead simply experiencing slower growth. And uncertainty about what will happen to the economy is making the outlook for car sales far more uncertain than in years previous, they say.
“I’ve been forecasting the car market for decades now. This next year is the most challenging,” said Charlie Chesbrough, chief economist for Cox Automotive. “Normally we an idea which way it is headed. But this year it could be up or down.”
There are a number of factors supporting new car sales in the coming year, even if the economy stumbles. One is the fact that car rental companies have not be able to buy the supply of new cars they need in the last two years, as automakers limited the supply of cars available for lower priced fleet sales, selling all or virtually all the cars they had to consumers instead.
“Rental companies have been running at half of the purchases that they’re accustomed to,” said Ivan Drury, director of insights at Edmunds.
And Drury said if automakers start to see weakness in consumer demand, they can bring back incentives, including lower rate financing, that they haven’t had to offer in recent years when there was more demand than supply.
“The incentives recently have been virtually nothing,” he said.
So far demand is still strong, as there is pent-up demand from potential buyers who have delayed purchases because they couldn’t find the vehicle they wanted. But both Drury and Chesbrough say the higher average prices and higher interest rates are already driving buyers out of the market.
A turn in the economy, especially if historically low unemployment rates start to rise, could quickly result in lower new car sales.
NVIDIA GeForce RTX 4080 Becomes Newegg’s Best Seller, RTX 4090 Takes 3rd Spot
NVIDIA’s RTX 40 series graphics cards including the GeForce RTX 4090 & RTX 4080 seem to be pretty popular amongst PC users looking for the best graphics for their computer rigs. Newegg knows this, as the NVIDIA GeForce RTX 4080 has hit its top spot in best-selling graphics cards, with the flagship RTX 4090 GPU taking 3rd place among shoppers.
NVIDIA GeForce RTX 4080 Takes Up Best Selling GPU Spot At Newegg Followed By RTX 4090 In A Close 3rd Spot
This news does come as a surprise as recent reports have shown that the GeForce RTX 4080 has had lacking sales throughout the marketplace. Newegg reports that the store’s top seller is the Gigabyte GeForce RTX 4080 Gaming OC graphics card ($1,269.99). Interestingly enough, the previous generation graphics cards, such as NVIDIA’s GeForce RTX 3060 and RTX 3060 Ti models, remain a favorite in the top 5 spots with consumers due to the lower pricing found in the RTX 30 series GPUs.
AMD’s Radeon RX 6700 XT and Radeon RX 6600 are even farther behind the highest-priced RTX 4090 GPU, even though NVIDIA’s graphics card is currently $1,599.99 and both AMD models are $479 and $329, respectively. However, Newegg’s competitor Amazon shows different top-selling graphics cards that differ from the PC seller.
WHAT? WHY? HOW?https://t.co/O2C0qlyOcH pic.twitter.com/Ej5O3vGpxr
— Hassan Mujtaba (@hms1193) December 13, 2022
Amazon reveals that the top-selling graphics card is the NVIDIA GeForce RTX 3060. The RTX 4080 and 4090 cards are much further behind in sales. For instance, NVIDIA’s GeForce RTX 4090 is in 15th place, while the RTX 4080 is almost twice as far back, sitting in 28th place. What could cause such a dramatic difference in sales? A few factors come into play with comparing Newegg and Amazon. Amazon is a worldwide seller of more than just PC hardware & components. The online retail giant also sells books, clothing, movies, and more, while Newegg is more centralized in what you would find through them.
Also, there has always been a history of review moderation on the internet, with Amazon seemingly in the spotlight for third-party sellers “fluffing” their products to a five-star rating. And, because retailers do not show sales in numbers of units sold, Newegg or Amazon could have outsold the other on specific GPUs, making it more difficult to say what is genuinely the best-selling graphics card.
AMD has released the Radeon RX 7900 XT and XTX variants ($899 and $999), and on Newegg’s website, the cards are at the bottom of the list, even with fantastic pricing. This could dramatically change over the next month as the tech giant has reportedly shipped around 200,000 units for its Q4 2022 supply. We may have to wait to see the best-selling card of 2022 after the year’s end to see if AMD’s numbers change.
News Source: Tom’s Hardware
Kenya’s Ruto: From village chicken seller to president
SAMBUT, Kenya Aug 15 (Reuters) – In the rolling red hills outside the western Kenyan town of Eldoret, residents remember William Ruto as a barefoot schoolboy who used to sell chickens at a roadside stall.
Even then he possessed a fierce intelligence, they recalled, as they welcomed his ascent on Monday to his country’s presidency with a mixture of pride and disbelief. read more
“I could not imagine somebody who did not have shoes for all his life in primary school could become president,” said a grinning Esther Cherobon, who was in Ruto’s year at school.
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“We imagine all leaders are from rich families.”
He was always the boy with the highest marks in the school in Sambut village, she said, where part of the institution he attended – a one-room mud building with a rusting iron sheet roof – still stands.
Ruto takes office as Kenya faces a convergence of challenges. Billions of dollars in loans that outgoing President Uhuru Kenyatta borrowed to finance an infrastructure splurge are falling due.
The worst drought for 40 years has devastated the north, forcing 4 million people to rely on food aid.
Now 55, Ruto made Kenya’s class divisions the centrepiece of his campaign to become Kenya’s fifth president, promising to reward low-income “hustlers” and pouring scorn on Kenya’s political dynasties.
That was a barely veiled jab at his opponent Raila Odinga – who Ruto defeated in a tight ballot whose outcome Kenya’s electoral commission took almost a week to announce – and Kenyatta, son of the nation’s first vice president and president, respectively.
POLITICAL DANCE
Kenya’s Deputy President William Ruto and presidential candidate for the United Democratic Alliance (UDA) and Kenya Kwanza political coalition, poses for a picture after being declared the winner of Kenya’s presidential election, at the IEBC National Tallying Centre at the Bomas of Kenya, in Nairobi, Kenya August 15, 2022. REUTERS/Thomas Mukoya
But Kenyan politics is often a dance performed with convenient partners rather than rooted in political differences, and the circumstances of Ruto’s rise were no exception.
He shot to prominence as a youth organizer for former strongman President Daniel arap Moi, becoming one of Kenya’s youngest lawmakers and ministers.
He had supported Odinga during hotly disputed elections in 2007, when 1,200 people were killed after political violence sparked ethnic cleansing.
Both he and Kenyatta faced charges at the International Criminal Court over the violence, in a cases that later collapsed. A Kenyan lawyer is now on trial, accused of interfering with witnesses in Ruto’s case – accusations he denies.
Ruto then switched sides and became Kenyatta’s deputy president in 2013. But they fell out after the 2017 election, when Kenyatta reconciled with Odinga and distanced himself from Ruto.
Ruto insiders describe him as a gifted orator with a fierce work ethic.
During this campaign he chose a wheelbarrow to represent Kenya’s casual workers, though he himself – now a wealthy business magnate – travelled in a pimped-up sports utility vehicle emblazoned in party colours and nicknamed The Beast.
Odinga sought to undermine Ruto’s popularity by questioning the probity of his extensive business empire.
In July, a court ordered Ruto’s vice presidential pick Rigathi Gachagua to repay 202 million shillings ($2 million) which it determined were the proceeds of corruption. Gachagua and Ruto have dismissed the judgement as politically motivated. Gachagua has said he would appeal the ruling.
As president, Ruto has promised to reign in borrowing, publish opaque contracts with China, tackle corruption and disburse loans to small businesses. read more
Poor Kenyans, already reeling from COVID-19, are also grappling with global price increases of food and fuel. Many are angered by Kenyatta’s failure to reign in rampant corruption.
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Editing by Duncan Miriri, James Macharia Chege and John Stonestreet
Our Standards: The Thomson Reuters Trust Principles.
This Steam Top Seller Is Vampire Survivors With Guns
Vampire Survivors is a very simple gothic roguelike that snuck onto Steam Early Access at the end of 2021. By the start of this year it had begun blowing up, and the game that lets you “be the bullet hell” has since racked up over 100,000 positive reviews. Now it has a spiritual sibling out called 20 Minutes Till Dawn that asks the all important question: what if Vampire Survivors had guns? The answer is it would be another Steam hit.
While not nearly as big as Vampire Survivors, 20 Minutes Till Dawn managed to draft off of the former’s success thanks to small but significant tweaks to its core formula. Both games are about maneuvering around a 2D map trying to survive a horde of enemies while negotiating a steady stream of random upgrade trade-offs. But where combat in Vampire Survivors is 99% automated, 20 Minutes Till Dawn functions like a twin-stick shooter complete with limited bullets in the chamber and regular reload animations.
Created in just a few months by solo developer Flanne and released in June, it’s horror-based but trades 8-bit-style pixel art for lo-fi anime vibes. Its difficulty curve is also steeper. You move slower while shooting, reloading takes time, and rather than a hit point meter your life is represented by just a few discrete heart icons (complete with veins and regular pulsing). In this case more challenge equals more agency, and where Vampire Survivors can occasionally feel like an auto-battler, 20 Minutes Till Dawn requires more constant vigilance, especially early on in each new run.
Initially you’re mowing down swarms of baby Cthulhu-looking creatures and demonic trees. Later serpentine gargoyles join the mix as well as mini-boss encounters that require you to switch up your tactics. Collecting the runes they leave behind lets you level up and earn upgrades like magical ice daggers, baby dragons, and, of course, more bullets and wider spreads for your guns (the runes are also spent outside of each run on permeant unlockable and upgrades). Enemies take longer to kill at first, and sometimes 20 Minutes Till Dawn can feel a bit rougher around the edges than the smooth dopamine drip of Vampire Survivors, but the greater sense of control over my character and each run keeps me coming back.
The Hades-like meta progression is still where the most fun is, and level-ups come early and often. There’s also an array of extra characters and starting guns to unlock that offer even more room for experimentation. As the name suggests, you’re trying to survive against a clock counting down from 20 minutes (Vampire Survivors lasts Till minute 30). There’s even a compressed 10-minute mode where you can experience the full cycle of horde survival in half the time.
It’s common for certain sub-genres of games to consistently do very well on Steam. Even still, 20 Minutes Till Dawn’s meteoric rise is noteworthy. Chris Zukowski reported on the whole mini-cycle at his blog, showing how it made all the right moves to capitalize on a trail blazed by Vampire Survivors. He’s quick to point out, though, that it only worked because 20 Minutes Till Dawn is a fun game that delivers its own smart spin on the formula. Flanne had been working on an homage to Final Fantasy Tactics called Spiritlink Tactics for five years when he pivoted, and now he’s devoting all of his time to continuing to update his surprise hit.
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Logitech G502 Lightspeed Wireless Gaming Mouse
Gaming!
Uses exclusive ultra-fast wireless tech to make sure your mouse is faster than you are, can be sued alongside special software for highly-customizable performance, and has 11 buttons to mess around with, a hyper-fast scroll wheel, and RGB lighting too.
Update 0.7.4 just came on July 30, adding a new character called Luna who can use black holes to crowd-control enemy mobs. Like its Early Access inspiration, it feels as if 20 Minutes Till Dawn is only going to keep getting better.
Xenoblade Chronicles 3 Is Already Switch eShop’s Top Seller, Unsurprisingly
It’s the launch weekend for Xenoblade Chronicles 3, and although there was a lot of demand for the physical versions of the game, it seems plenty of people are still picking up the digital version of the title.
For some, these purchases may have even been due to the delays associated with the fancier collector’s versions. According to the eShop charts in the US, Xenoblade Chronicles 3 is now out in front of Minecraft.
Even games like Nintendo Switch Sports and Mario Kart 8 Deluxe – two titles that just received DLC updates. Digimon Survive has also snuck into the sixth spot, with Live A Live in 9th place, at the time of writing.
It’s the same situation in locations like the UK – Xenoblade is out in front, ahead of games like Among Us, FIFA 22, and Mario Kart. And in Japan, the game is also in the top spot. To add to this, it’s charting on websites like Amazon as well.
Once again, it’s not a bad start for an RPG series like this. The previous game Xenoblade Chronicles 2 sold over 2 million copies, and the original game’s Definitive Edition on Switch has shifted more than 1.5 million copies.
Have you contributed to Xenoblade Chronicles 3’s digital or physical sales? Can you see this going on to become the best-selling entry in the series? Leave your thoughts down below.
Bitcoin, Ethereum, Dogecoin Recover Thanks To ‘Dip Buying’ And Seller Exhaustion — Analyst Says Watch Out For These Two Key Levels Says This Analyst – Bitcoin – United States Dollar ($BTC)
Major coins traded higher Tuesday evening as the global cryptocurrency market cap rose 1.9% to $1.8 trillion.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | 2.4% | -14.3% | $38,171.80 |
| Ethereum (CRYPTO: ETH) | 1.1% | -17.4% | $2,628.45 |
| Dogecoin (CRYPTO: DOGE) | 1.3% | -13.4% | $0.13 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Anchor Protocol (ANC) | +19% | $2.88 |
| Hedera (HBAR) | +13.8% | $0.23 |
| Arweave (AR) | +10% | $26.90 |
See Also: How To Buy Bitcoin (BTC)
Why Is It Moving? Cryptocurrencies moved higher alongside stock futures Monday evening. S&P Futures and Nasdaq Futures were seen trading 0.54% and 0.78% higher at 4,323.25 and 13,969.75, respectively, at press time.
Fear has not subsided in the cryptocurrency markets. The “Fear & Greed Index” by Alternative flashed “Extreme Fear;” the index was signaling “Neutral” last week.
Edward Moya, a senior market analyst with OANDA, attributed the gain in cryptocurrencies to “dip buying” and seller exhaustion
“Bitcoin was getting dangerously close to the low levels that were seen after it lost over half its value in January. Cryptos remain the ultimate risky asset and the escalation Russia-Ukraine will likely keep the volatility elevated with swings to 20% in either direction.”
Moya noted that both monetary tightening and current Russia-Ukraine geopolitical tensions are “getting closed to being priced in.”
“This Crypto winter has been brutal but it might end once we get past that first Fed rate hike.”
Cryptocurrency trader Justin Bennett tweeted that the apex coin needs to reclaim the $38,600 and $39,600 levels. He said that there’s a “good chance” that Tuesday marked the low for the next few weeks.
Still cautiously bullish $BTC while above $35k.
There’s even a good chance that Tuesday marked the low for the next few weeks. More on why I think so in tomorrow’s YouTube video.
But for now, #Bitcoin needs to reclaim $38,600 and $39,600. Those are the levels to watch.
— Justin Bennett (@JustinBennettFX) February 22, 2022
On-chain analytics firm Glassnode noted in a newsletter that a hallmark of bear markets is a lack of on-chain activity. The company said this week’s Bitcoin on-chain activity is “languishing at the lower-bound of the bear market channel, which can hardly be interpreted as a signal of increased interest and demand for the asset.”
Bitcoin — Number Of Active Entities, Source Glassnode
Glassnode said that the total magnitude of coin supply held in an unrealized loss is now higher than it was during May-July 2021 time frame but only half as severe as the 2018 bear market and the March 2020 flush-out.
Currently, 28.7% of Sovereign Supply or 4.70 million BTC (approx. $178.9 Billion) is “underwater,” according to Glassnode, which “poses headwinds” for bulls to establish a strong market recovery.
Read Next: Coinbase Pays Out $250K Bounty To Ethical Hacker Who Prevented Nuking Of Entire Crypto Market By Reporting Critical Flaw
Bitcoin, Ethereum, Dogecoin Recover Thanks To ‘Dip Buying’ And Seller Exhaustion — Analyst Says Watch Out For These Two Key Levels Says This Analyst – Bitcoin – United States Dollar ($BTC)
Major coins traded higher Tuesday evening as the global cryptocurrency market cap rose 1.9% to $1.8 trillion.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | 2.4% | -14.3% | $38,171.80 |
| Ethereum (CRYPTO: ETH) | 1.1% | -17.4% | $2,628.45 |
| Dogecoin (CRYPTO: DOGE) | 1.3% | -13.4% | $0.13 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Anchor Protocol (ANC) | +19% | $2.88 |
| Hedera (HBAR) | +13.8% | $0.23 |
| Arweave (AR) | +10% | $26.90 |
See Also: How To Buy Bitcoin (BTC)
Why Is It Moving? Cryptocurrencies moved higher alongside stock futures Monday evening. S&P Futures and Nasdaq Futures were seen trading 0.54% and 0.78% higher at 4,323.25 and 13,969.75, respectively, at press time.
Fear has not subsided in the cryptocurrency markets. The “Fear & Greed Index” by Alternative flashed “Extreme Fear;” the index was signaling “Neutral” last week.
Edward Moya, a senior market analyst with OANDA, attributed the gain in cryptocurrencies to “dip buying” and seller exhaustion
“Bitcoin was getting dangerously close to the low levels that were seen after it lost over half its value in January. Cryptos remain the ultimate risky asset and the escalation Russia-Ukraine will likely keep the volatility elevated with swings to 20% in either direction.”
Moya noted that both monetary tightening and current Russia-Ukraine geopolitical tensions are “getting closed to being priced in.”
“This Crypto winter has been brutal but it might end once we get past that first Fed rate hike.”
Cryptocurrency trader Justin Bennett tweeted that the apex coin needs to reclaim the $38,600 and $39,600 levels. He said that there’s a “good chance” that Tuesday marked the low for the next few weeks.
Still cautiously bullish $BTC while above $35k.
There’s even a good chance that Tuesday marked the low for the next few weeks. More on why I think so in tomorrow’s YouTube video.
But for now, #Bitcoin needs to reclaim $38,600 and $39,600. Those are the levels to watch.
— Justin Bennett (@JustinBennettFX) February 22, 2022
On-chain analytics firm Glassnode noted in a newsletter that a hallmark of bear markets is a lack of on-chain activity. The company said this week’s Bitcoin on-chain activity is “languishing at the lower-bound of the bear market channel, which can hardly be interpreted as a signal of increased interest and demand for the asset.”
Bitcoin — Number Of Active Entities, Source Glassnode
Glassnode said that the total magnitude of coin supply held in an unrealized loss is now higher than it was during May-July 2021 time frame but only half as severe as the 2018 bear market and the March 2020 flush-out.
Currently, 28.7% of Sovereign Supply or 4.70 million BTC (approx. $178.9 Billion) is “underwater,” according to Glassnode, which “poses headwinds” for bulls to establish a strong market recovery.
Read Next: Coinbase Pays Out $250K Bounty To Ethical Hacker Who Prevented Nuking Of Entire Crypto Market By Reporting Critical Flaw