All three major indexes moved sharply higher after U.S. House of Representative Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin both expressed hope for a breakthrough in partisan stimulus negotiations
Customers fall into this debt trap by giving up the locker facility and taking a credit line from the bank
Global investors spent the session digesting the rising number of COVID-19 cases and a chaotic U.S. presidential debate, while taking in better-than-expected U.S. private jobs data on the last day of a volatile quarterBitcoin’s price action has done little to reassure investors of its near-term outlook, as the cryptocurrency has largely been caught within the throes of an intense bout of sideways trading over the past couple of weeks.
This has led to the formation of a trading range between $10,200 and $11,200, with buyers and sellers largely reaching an impasse as it trades between these two range boundaries.
The cryptocurrency’s trading volume has been diving lower throughout the course of this consolidation phase, which indicates that traders are moving to the sidelines and awaiting directional clarity before diving into positions.
One bullish fundamental trend that bodes incredibly well for BTC’s macro outlook is the massive percentage of the crypto’s total supply that is controlled by long-term investors.
This trend indicates that a small group of active investors and traders are driving the recent volatility, while the cryptocurrency’s base supply remains dormant.
At the time of writing, Bitcoin’s price is trading down just under 1% at its current price of $10,750. This is around where it has been trading throughout the past day, as buyers and sellers have both been unable to catalyze any momentum.
This sideways trading has come about due to the formation of a trading range between $10,600 and $10,800.
While zooming out, the macro range that the benchmark digital asset has been caught within has a lower boundary at $10,200 and an upper boundary at $11,200.
Until either of these levels are surmounted, the cryptocurrency’s outlook remains somewhat unclear, although its ongoing consolidation bout beneath its resistance can be interpreted as slightly bullish.
Analytics platform Glassnode explained in a recent tweet that 63.3% of the total BTC supply has not been moved in over one year. They also note that a shocking 31.4% of the total supply hasn’t been moved in 3+ years.
“Percent of Bitcoin supply that hasn’t moved in… 1+ years: 63.3% (11.7 million BTC) 2+ years: 44.5% (8.2 million BTC) 3+ years: 31.4% (5.8 million BTC).”
Image Courtesy of Glassnode.
This trend is bullish for Bitcoin because it shows that most of its investor base are taking a long-term approach to their holdings and are unlikely to sell into any upwards movements it sees in the near-term.
Featured image from Unsplash. Pricing data from TradingView.
All three major indexes surged after U.S. House of Representative Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin both expressed hope for a breakthrough in partisan stimulus negotiations.
Chemcon Speciality Chemicals and Computer Age Management Services (CAMS) are set to make a debut on Dalal Street on October 1.
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The rate of death went down in patients over 65. Researchers also found that children of all ages became infected and spread the virus to others.
October will be an interesting month marked by market volatility on account of upcoming US Presidential elections, earnings especially for the BFSI sector, and local political events like the Bihar elections.
Programmatic advertising is the automated buying and selling of digital advertising.
The World Health Organization said open borders would help fight disease. Experts, and a global treaty, emphatically agreed. But the scientific evidence was never behind them.
With an entire nation waking up to the need to check lifestyle diseases to fight the pandemic, health startups are sniffing out new business opportunities, trying to ramp up their user base, strengthen revenue streams and expand business.
Chemcon Speciality Chemicals, Computer Age Management Services, Bank of Baroda, Sunflag Iron Steel, Mangalam Cement, Thomas Cook India are also among the stocks in focus today.
Trends on SGX Nifty indicate a gap-up opening for the index in India with a 113-points gain.
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On the lower side, the benchmark index will find strong support around the 10,800-mark, which is supported by a 100-day EMA on a weekly interval.
IPL 2020: Either Kings XI Punjab or the Mumbai Indians will be able to break their identical win-loss-win pattern tonight.
“Very important to change sentiment right now, we have to move on in life with the requisite social distancing norms, we are optimistic about the future, HDFC Bank is back to pre-Covid levels there is no strain on our balance sheet,” said Aditya Puri.
A one-year exemption on customs duty was given to TV makers by the CBIC for importing open-cell panels for manufacturing television sets.
Coronavirus India LIVE Updates: Total confirmed cases have risen to 62.2 lakh. India’s COVID-19 recovery rate stands at 83.3 percent.Last night, current United States President Donald J. Trump faced off against former Vice President and challenger Joe Biden in the first of three debates. Data shows, that following each debate, things have turned bad for the stock market, which could, in turn, mean even worse for Bitcoin.
Here’s why the stock market tumbling due to debates demoralizing investors could also spell bad news for the leading cryptocurrency by market cap.
Last night, the two top Presidential candidates went head-to-head as the world looked on. The two didn’t do anything to ease the minds of citizens, nor investors.
A “rocky” road to the election is expected to impact Bitcoin and prevent a new all-time high just yet, and last night was a preview as to why.
Neither candidate expects a peaceful transition of power, and already there are questions over the validity of the vote-counting process due to mail-in ballots causing all kinds of issues and turmoil.
Related Reading | Bitcoin Faces Pivotal Quarterly Close, Here’s Why
The uncertainty hanging over political started spilling into markets last night. While the Democratic and Republican leaders debated, the stock market spiked, then the moment the debate ended tanked.
Bitcoin price followed, dropping back down to $10,750, where it currently is attempting to close above the key level ahead of tonight’s monthly close.
This early sign of downward sell pressure due to fear and doubt may just be the beginning of more downside in Bitcoin and the stock market.
BTCUSD Versus S&P 500 Post-Debate Correlation Chart | Source: TradingView
As depicted in the chart above, the blue line representing the S&P 500 stock market index, began plummeting just as the debate came to a close. Bitcoin’s fall started shortly before that, as the higher risk asset class likely began to feel the pressure of the debate sooner.
The two assets are back trading as tightly correlated as ever, despite constant talk from crypto’s brightest minds expecting a decoupling of the crypto asset from traditional markets any day.
But data shows that post-debate, markets turn down due to the ongoing uncertainty over which candidate’s campaign will ultimately win.
Related Reading | Bitcoin Descending Triangle Hints At Third Downtrend Before Bear Market Finish
According to Ryan Detrick, chief strategist at LPL Financial, the S&P 500 historically posted declines across 5-day, 10-day, and one-month periods following each debate. With only the first of three debates beginning last night, the stock market could be in for a bumpy ride ahead. And due to the ongoing correlation with Bitcoin, the high-risk cryptocurrency market could take another hit.
If it doesn’t, however, the decoupling analysts are calling for will finally come to fruition, and Bitcoin shining while stocks tank, could be just another catalyst that fuels the cryptocurrency’s next bull market – which could be here as soon as the election is over.
Featured image from Deposit Photos, Charts from TradingView
While decentralized finance (DeFi) has seen a strong surge in 2020, Maker (MKR), a token strongly tied to DeFi, has underperformed. The cryptocurrency, relative to its competitors, is underperforming; where Aave’s LEND and Synthetix’s Synthetix Network Token surged hundreds of percent in this year alone, MKR only saw a 20-30% move higher.
The market may be changing its mind on MKR, though.
The coin is up 7% in the past 24 hours and seems poised to see further growth as the fundamentals of the underlying MakerDAO protocol align in favor of growth.
Santiment, a blockchain analytics firm, reports that the cryptocurrency has “the largest bullish divergence between daily active addresses and current price (based on historical means) of any top 100 #blockchain we track.” This suggests that MKR’s increasing user count is not being reflected in price action, but may soon be:
“On top of this, from a pure network activity perspective, $MKR currently has the largest bullish divergence between daily active addresses and current price (based on historical means) of any top 100 #blockchain we track.”
Chris Burniske, partner at Placeholder Capital, has echoed the optimism about Maker. He recently noted that most investors in the crypto space are currently “sleeping on MKR” despite the utility of the protocol “going through the roof” and as more research is done about how the coin captures value.
“People mostly sleeping on $MKR while utility goes through the roof, and conversations abound around its value capture model.”
Adding to this, stability fees were just reimplemented into the MakerDAO protocol after a long period of 0% rates. This means that MKR may begin to accrue value once again as the protocol begins generating fees, resulting in the buying back and burning of MKR tokens.
Featured Image from Shutterstock Price tags: mkrusd, mkrbtc, mkreth Charts from TradingView.com Maker (MKR) Surges 7% as Stability Fees Introduced, DeFi Regains Footing
The first prize winner of the Kerala state lottery #39;Akshaya AK-465#39; will take home Rs 70 lakh.
Prabhudas Lilladher has come out with its report on UTI Asset Management Company. The research firm has recommended to #39;#39;Subscribe#39;#39; the ipo in its research report as on September 28, 2020
Afghanistan player Rashid Khan was adjudged man of the match for his brilliant bowling that led SRH register their first win of the tournament.
Companies like Ashok Leyland, Kaveri Seeds, Deepak Nitrite, Sudarshan Chemical, etc. have strong fundamentals could benefit disproportionately if the MFs were to reallocate funds to mid and small-caps.
Geojit has come out with its report on UTI Asset Management Company. The research firm has recommended to #39;#39;Subscribe#39;#39; the ipo in its research report as on September 27, 2020
The study, published in the New England Journal of Medicine, offers a more complete picture of the vaccine#39;s safety in older adults, a group at increased risk of severe complications from COVID-19.
President Donald Trump and his Democratic challenger, former Vice President Joe Biden, are meeting in Cleveland on Tuesday for the first of three debates ahead of the November 3 election, when Trump is seeking a second term in office.
Russia#39;s Rosneft had expressed an interest in buying the federal government#39;s 53.29% stake in Bharat Petroleum (BPCL) when its chief executive Igor Sechin visited New Delhi in February, while India#39;s trade minister has said that Saudi oil giant Aramco was enthusiastic about the stake sale.
Brent crude dropped 23 cents, or 0.6%, to $41.03 per barrel by 0048 GMT. West Texas Intermediate fell 26 cents, or 0.7%, to $39.29. Here are some of the quotes making news at the first U.S. 2020 presidential debate on Tuesday between Republican President Donald Trump and Democratic challenger Joe Biden ahead of the November 3 election:
Malpass told Reuters in an exclusive interview that the initiative, part of $160 billion in coronavirus aid financing pledged by the multilateral lender, is aimed at helping countries procure and distribute vaccines early to healthcare and other essential workers and expand global production. He said the board was expected to consider the plan in early October.
Prabhudas Lilladher is bullish on Crompton Greaves Consumer Electricals has recommended buy rating on the stock with a target price of Rs 308 in its research report dated September 28, 2020.Chainlink recently saw a record-breaking rebound, closing an intraday rally with more than 30% gains on the day. The recovery kept climbing but has since turned around at the top of a downtrend channel that thus far has been holding.
Will the downtrend take the cryptocurrency lower? And what other factors back up any theories predicting more downside in the altcoin ahead?
Last week, after sweeping lows, Chainlink rebounded from under $8 back up to over $11 at the local high. The over 30% surge broke records for the most green day in all of 2020 – a year where the altcoin has been just about unstoppable.
The year started off with the cryptocurrency setting fresh highs, only to collapse during the Black Thursday carnage to nearly zero.
The bounce from lows sent Chainlink on a journey toward price discovery mode, and eventually peaked at $20 per LINK token.
From that peak, however, a downtrend channel has formed, and despite a record-breaking rally last week, the cryptocurrency was unable to break free. Failure to break out from the downtrend, could lead to new local lows.
LINKUSD Daily Downtrend Pitchfork Channel | Source: TradingView
Downtrend channels are subjective, extended across price action manually using technical analysis drawing tools. But technical analysis indicators are created using precise mathematical formulas, leaving little room for interpretation and user error.
These various tools, also suggest that Chainlink is ready for another dive lower.
According to the Bollinger Bands, a volatility measuring tool consisting of a moving average and two standard deviations, Chainlink was just rejected from the “mid-BB.” Rejections from this area, often are followed by a move to retest the lower band.
Reclaiming the middle-line, would suggest the opposite and send Chainlink towards the top of the band.
LINKUSD Daily Middle Bollinger Bands Rejection | Source: TradingView
The Bollinger Bands aren’t the only indicator backing up the idea behind the downtrend channel. The Ichimoku indicator also paints an extremely bearish picture.
The “at a glance” indicator says a lot about price action. Looking backward on the chart, the chikou span, or lagging span, shows the price line hanging onto weak support.
LINKUSD Daily Ichimoku Rejection | Source: TradingView
The chikou span traces back 26 trading sessions and helps plot support and resistance levels. The chikou span looks back, but the cloud looks ahead. The cloud itself is twisted bearish, suggesting bearish future price action.
Finally, the kijun-sen (red) is above the tenkan-sen (blue) line signaling bearish price action, and Chainlink itself is in the process of being pushed downward further by the kijun-sen.
Using the Ichimoku indicator to find potential levels of support lower than the previous level that held, points to targets of $6 and $4.80 per LINK token. Unless the cryptocurrency can burst upward out of the downtrend channel, that is.
Featured image from Deposit Photos, Charts from TradingView
Yearn.finance (YFI) took a strong hit around 24 hours ago when a yet-to-launch project related to protocol experienced a bug. For those that don’t know, Andre Cronje, founder of Yearn.finance, deployed a series of new contracts relating to a new, still-to-launch game called Eminence Finance.
Eminence is slated to be an Ethereum-based card game with a focus on guilds.
Users, largely YFI holders, deployed capital into the Eminence contracts despite no official launch or website.
Unfortunately, there was a bug in the deployed contracts that allowed a user to withdraw $15 million worth of DAI from the contracts by putting in much less.
Many immediately sold their YFI after the bug was exploited for that $15 million. The coin remains down around 15-20% since the bug was exploited as there remains uncertainty in the market.
Yearn.finance currently trades for $25,000, around 15% below the price the coin was at right before the bug was exploited.
The hack made some investors lose faith in YFI in the short term, presumably because it may suggest that there may be bugs in the other contracts the protocol uses.
Alex Kruger, an economist and analyst that has a focus on crypto, recently explained on his outlook on YFI:
“I don’t hold $YFI any longer. Do think it will recover – and make ATHs. Trust in founders matters, and Cronje simply made the $YFI trade more difficult. Will re-enter at some point, and trade it more actively (shorter time frames)…. At the time of the exploit Cronje’s involvement was unclear. Without his tweetstorm response, $YFI would have easily dumped another 30% fast. Regardless, if unable to appreciate the gross negligence involved, you have likely spent too much time in crypto.“
I don't hold $YFI any longer. Do think it will recover – and make ATHs. Trust in founders matters, and Cronje simply made the $YFI trade more difficult. Will re-enter at some point, and trade it more actively (shorter time frames). https://t.co/kUjQi4zLgc
— Alex (@classicmacro) September 29, 2020
YFI may bounce back, though, as many aren’t convinced that this is the end of the world for the coin.
A co-founder of Real Vision just announced that he thinks now is a good time to deploy capital into YFI as it marks a good entry point from a longer-term perspective.
Photo by Daoud Abismail on Unsplash Price tags: yfiusd, yfibtc Charts from TradingView.com Yearn.finance (YFI) Still Down 15% After EMN Bug as Uncertainty Remains
Corporate governance experts said by holding back the dividend to Vedanta’s shareholders despite having a dividend distribution policy could indirectly lead to a reduction in the company’s delisting price. Vedanta’s delisting process will open on October 5.
Apart from options, traders also punt on the stock through Grasim, which is a shareholder in Vi. The Dow Jones Industrial Average fell 131.4 points, or 0.48%, to 27,452.66, the SP 500 lost 16.13 points, or 0.48%, to 3,335.47 and the Nasdaq Composite dropped 32.28 points, or 0.29%, to 11,085.25.
The benchmark index bounced from 10,800 to current levels of 11,300 where daily Ichimoku Kijun is placed which can act as a hurdle on an immediate basis.
MSCI#39;s broadest index of Asia-Pacific shares outside Japan edged down 0.1% in early trade. It is headed for a monthly drop of 3.3%, the largest fall since March.
LIVE updates of the first presidential debate between Donald Trump and Joe Biden LIVE updates of the first presidential debate between Donald Trump and Joe BidenUniswap’s UNI token has been slowly grinding lower over the past few days, with buyers being unable to gain control over its short-term trend as the hype surrounding the token’s launch begins fading.
That being said, UNI’s buyers are now moving to establish its recent lows as a long-term base of support, as it has posted multiple positive reactions to the lower-$4.00 region.
Interestingly, the Uniswap governance token only appears to be loosely correlated to the rest of the market, which may mean that smaller Bitcoin fluctuations will only have a limited impact on where it trends in the near-term.
One analyst does believe that upside could be imminent, noting that it is imperative that bulls reclaim $4.70, as a break above this level could be the event that helps fuel its next strong uptrend.
Other investors are also noting that its fundamental strength still remains and that its upside potential is significant.
In the time following the release of the Uniswap governance token a couple of weeks ago, it has been subjected to some wild price swings.
Following its launch, the UNI price plunged down to lows of $1.00 before it garnered some significant momentum that sent it surging up towards $8.50.
This marked a local top, as its price has been sliding lower ever since. Bulls were able to establish $3.50 as a strong short-term bottom, with UNI now attempting to set a higher low as it consolidates above $4.00.
At the time of writing, the Uniswap token is trading up just over 1% at its current price of $4.29.
One analyst explained that Uniswap’s UNI token must surmount $4.70 in order to see further upside in the days and weeks ahead.
He believes that a break above this level could be enough to spark a fresh uptrend.
“UNI: There we go, bounce of around 10% since this area. Still, no clear trend direction given as $4.70 should be reclaimed, but at least a good entry.”
Image Courtesy of Crypto Michael. Chart via TradingView.
Many investors are pointing to the potential release of a V3 of Uniswap as one factor that could boost the token in the near-term. This is expected to provide the DEX with many new features that make it more similar to a centralized exchange.
This may spur growth for both its trading volume and its liquidity.
Featured image from Unsplash. Charts and pricing data from TradingView.
Chainlink is currently attempting to confirm $10.00 as a support level as it faces inflows of selling pressure that jeopardize its near-term outlook.
Despite the present weakness it is facing, a confirmation of this level as support would be incredibly bullish, as it would mark a mid-term support-resistance flip that potentially kicks off the next leg of its recovery.
On the flipside, a break below this level would be grim, and potentially cause the cryptocurrency to plunge down towards its recent $7.50 lows that were set just a handful of days ago.
While speaking about Chainlink’s present market structure, one analyst explained that although it is not “super bullish” at the present moment, it does appear to be positioned to see some strong upside.
He specifically points to the aforementioned support-resistance flip, explaining that a confirmation of $10.00 as support could be enough to boost LINK’s price towards $12.00 – marking a 20% rise from where it is currently trading at.
At the time of writing, Chainlink is trading down just under 2% at its current price of $10.15. Bears are aggressively trying to force it lower, but buyers have posted a strong defense of this price level.
This dip came about rather unexpectedly today, as LINK was previously showing signs of being stable within the upper-$10.00 region.
The instability within the aggregated crypto market contributed to this weakness, and may cause it to see further downside in the near-term.
Bitcoin, Ethereum, and most other major digital assets all tested their near-term support levels yesterday afternoon and have seen declining upwards momentum ever since.
This could place some pressure on Chainlink in the days and weeks ahead.
While sharing his thoughts on Chainlink’s present market structure, one analyst explained that LINK bulls must confirm $10.00 as a support level. An ability to do so could lead it to see further upside in the days and weeks ahead.
“LINK / USD: Price action is looking pretty good if we can flip $10 into some support over the next 24/48 hours, could be a good chance that we can soon retest $12 as resistance… Not super bullish at the moment, still ground to cover.”
Image Courtesy of Cactus. Chart via TradingView.
Whether or not $10.00 continues to be defended by Chainlink bulls may depend largely on how the aggregated market trends in the near-term.
Featured image from Unsplash. Charts from TradingView.
The strategy comprises buying an 11,300 call and selling one 11,500 and 11,800 call each. The sale of the deeper out of the money calls greatly reduces the upfront cost of the 11,300 call. All options expire on October 29.
Shareholders of Lakshmi Vilas Bank, led by institutions, unexpectedly voted against the appointment of Sundar as chief executive as well as the reappointment of six other directors on Friday. Shareholders alleged that part of the accountability for the bank’s deteriorating performance over the past few years rested with them.
ICICI Direct US$INR futures fell slightly on Monday on the back of a domestic equities rally along with a correction in the US dollar index after a strong weekly gain• India Grid Trust, Dr Lalchandani Labs, Opto Circuits, UTI AMC, Mazagon Dock Shipbuilders, Ashapura Minechem, Max Financial Services, Rushil Decor, Take Solutions, Ujaas Energy, Welspun Corp, Max Healthcare are also among the stocks in focus today.
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The change follows lawsuits by "Fortnite" video game maker Epic Games last month accusing Google and Apple Inc of anticompetitive conduct. Apps sold on the tech leaders#39; stores are required to use their payment systems so they can collect a portion of sales, which developers describe as a tax. The companies are defending the allegations.
.“Today, I#39;#39;m pleased to report that we#39;#39;re announcing our plan to distribute 150 million Abbott rapid point-of-care tests in the coming weeks… very, very soon. This will be more than double the number of tests already performed,†Trump told reporters in the Rose Garden of the White House on Monday.
Trends on SGX Nifty indicate a positive opening for the index in India with a 8 points gain.
The New Delhi- and San Francisco-based startup helps companies improve their sales funnel efficiency using analytics and data. The company wants to use the funds for product development, and for expanding the data science teams in India and the US.
