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Well, it was quick. Bitcoin went from a death cross to almost a bull market in just a few days.
Bitcoin formed this death cross what market technicians call the point when the 50-day moving average falls below the 200-day moving average over the weekend. It was a sign that more sales could be on the way.
And the sale lasted a few days. Bitcoin fell from over $ 36,000 to under $ 29,000 between Sunday and Tuesday, and lost more than half of its value from its all-time high.
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Le Quotidien du Barron
A morning briefing on what you need to know in the day ahead, including exclusive commentary from the editors at Barron’s and MarketWatch.
Then the sale stopped. Bitcoin is back at nearly $ 34,000 on Wednesday, an 18.5% rebound. Another 1.5 percentage point and Bitcoin will have gained 20%, which would be considered a bull market.
While with all the volatility, the typical bullish and bearish market designations may not apply to cryptocurrency.
Al Root
*** Join Barrons editor-in-chief Lauren R. Rublin, medical journalist Josh Nathan-Kazis and RBC analyst Luca Issi on Thursday at noon to discuss gene therapy and other biotechnology innovations. Register here.
*** Fauci calls the Delta variant the greatest threat to defeating the coronavirus
White House chief medical adviser Dr Anthony Fauci called the Delta Covid variant the greatest threat to US efforts to defeat the virus, with infections doubling about every two weeks.
Delta, first identified in India, now accounts for around 20.6% of new cases in the United States and is expected to become the dominant strain, said Dr Rochelle Walensky, director of the Centers for Disease Control and Prevention. The delta is estimated to be 60% more transmissible than the Alpha variant first identified in the UK. The World Health Organization says the delta has been confirmed in 92 countries and has the potential to be more deadly than the other variants, with the ability to sample the most vulnerable. The White House said on Tuesday that the United States would likely fall short of President Joe Bidens’ targets of administering vaccines to 70% of adults and having 160 million people fully immunized by July 4. Although 70% of adults 27 and older have received at least one stroke by July 4, vaccinating all adults will require a few more weeks, the White House Covid-19 response coordinator said, Jeff Zients. The target of 160 million fully vaccinated adults will be reached by mid-July at the latest.
Whats Next: Fauci said studies have shown the Pfizer – BioNTech vaccine to be 88% effective against the Delta variant two weeks after the second dose, and he urged Americans to get the vaccine completely to crush the outbreak.
Janet H. Cho
*** Morgan Stanley bans unvaccinated employees and customers from New York offices
Investment bank Morgan Stanley told its staff on Tuesday that employees, customers and visitors will need to prove that they have been fully vaccinated before they are allowed to enter the company’s New York offices.
The policy will go into effect on July 12, according to a memo signed by human resources director Mandell Crawley as quoted by the Financial Times. Unvaccinated employees should continue to work remotely. The bank has already created spaces for vaccines only in some of its divisions. The bank said the move would allow it to speed up the transition to normal working conditions in the office, with the removal of previous restrictions, social distancing and face covers for vaccinated staff.
What’s next: Morgan Stanley could follow Goldman Sachs by requiring employees to disclose their immunization status. Such disclosure is voluntary at Morgan Stanley, as at JPMorgan.
Pierre Brianon
*** New Antitrust Regulator To Review Amazon MGM Deal
The Federal Trade Commission will examine Amazon.com’s proposed takeover of Hollywood studio MGM. New regulator chair Lina Khan has criticized the size and influence of online retailers.
Amazon announced an $ 8.5 billion equity and debt deal last month to boost its video streaming capabilities as it competes with Netflix and Disney. MGM’s library includes the James Bond film franchise and TV shows such as The Handmaids Tale and Vikings. The FTC shares antitrust review duties with the Department of Justice, which reviewed Disney’s acquisition of 21st Century Fox and AT&T’s takeover of Time Warner, a deal it tried unsuccessfully to block. The FTC has pushed to review the Amazon-MGM deal because it already has an open and wide-ranging antitrust investigation into Amazon’s business practices, the Wall Street Journal reported. The FTC and Amazon have not commented on the report. Amazon produces its own video content for Prime and has purchased sports broadcasting rights, such as Thursday Night Football from next year. But MGM is one of the smaller studios in Hollywood.
Whats Next: Khan FTCs, confirmed to the commission last week, made a name for themselves in antitrust circles for criticizing Amazon, and widely argued that U.S. antitrust law enforcement needs major changes to bring it under control dominant companies.
Liz Moyer
*** Home prices peaked in May, increasing the fastest since 1999
The median price of existing homes rose 23.6% to a record $ 350,300 in May, the highest year-over-year jump in at least 22 years, the National Association of Realtors. More buyers, lower borrowing rates and less available housing have pushed up prices.
As in previous months, sales increased the most among the more expensive homes. Home sales valued at over $ 1 million more than doubled in May from a year ago. Despite this, overall sales of existing homes fell 0.9% in May, the fourth consecutive month of decline. Affordability now appears to be keeping some buyers away, NAR chief economist Lawrence Yun said. Mortgage applications have slowed this spring, a sign that some buyers are waiting for the boiling market. Claims fell 17% from a year earlier in the week ended June 11, according to the Mortgage Bankers Association. Blackstone Group announced Tuesday that it has agreed to pay $ 6 billion for Home Partners of America, a company that buys and leases more than 17,000 single-family homes across the United States, and offers tenants the option of buying possibly their home.
And second: Homes only spent around 17 days on the market in May, and sellers are receiving multiple offers, fueled by low mortgage rates. More than half of homes sold for above their list price in May, real estate broker Redfin said.
Shaina Mishkin and Janet H. Cho
*** The peloton is preparing for the return to the office
Once home darling, Peloton Interactive is stepping up a gear for the return to the office.
Peloton is launching a corporate wellness program that includes subsidized memberships, special offers on equipment and bespoke corporate features for employees like group challenges. Shares rose 8.4% on Tuesday. Companies can get aggregated and anonymized data reports on employee activity. Peloton said Wayfair, Samsung, SAP, Accenture Interactive and Sky were among the first companies to offer the Peloton Corporate Wellness program to its employees. Bloomberg News reported on Tuesday that Peloton was working on an armband that tracks users’ heart rates. Bloomberg cited the programming code for the Peloton app for iPhone and iPad, which described the device. A spokesperson for Peloton declined to comment.
Whats Next: Some analysts have questioned whether Peloton can maintain its growth fueled by the pandemic. Offering programs for large companies could be an area for the company to attract new customers.
Connor smith
***
Dear Quentin,
My fiance and I are currently planning a wedding, re-evaluating where we would like to buy a house. She is about to start her 10 month unpaid internship in order to complete her Masters.
Throughout all of this, the biggest issue we have faced is marriage. We’ve been together for almost 11 years and have been engaged for a year.
For a very long time I thought we were on the same page — small wedding, no engagement photos, saving money, buying a house, why get married in debt?
As we begin to peel the layers of the onion, his thoughts have dramatically changed. She is now planning a wedding with over 80 guests in a rented venue. She wants engagement photos. She wants to provide food on the plate or in the form of a buffet.
Her parents offered almost $ 10,000 to help, but I insisted that money is better suited for a down payment on a house.
All of these things add up, even though we set a strict budget of $ 15,000, and we don’t even have a quarter of that saved. I have money in stocks and I have savings, but I firmly refuse to touch either for this happy occasion.
Her parents offered almost $ 10,000 to help, but I insisted that money is better suited for a down payment on a house when the time comes.
I’m seen as just someone who doesn’t want to move, and she asked me if I really wanted to get married.
How should I go about it? I don’t want to block her every moment. I want her to have an amazing day that we will remember for the rest of our lives, but she has yet to come up with a plan on how we can save that money. I’m starting to feel like she’s looking at me to foot the bill almost entirely on my own.
Marriage makes love void. Please tell me if I’m pinching my pennies a bit too much, or if I’m just on the money.
Frustrated with finances
Read the Moneyists’ response here.
Quentin Fottrell
***
Newsletter edited by Liz Moyer, Mary Romano, Matt Bemer, Ben Levisohn
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