Ether Breaks $2,500 for the First Time in Wake of Berlin Fork

BeInCrypto

BTC and ETH On-Chain Analysis — NUPL Values Imply Further Growth

Despite increasing considerably, the current NUPL value for Bitcoin (BTC) is lower than any of those reached during the previous four market peaks. Similarly, the NUPL value for Ethereum (ETH) is considerably lower than that during the 2016, 2017, and 2018 peaks. What is NUPL? NUPL was created in order to determine the total amount … Continued

BeInCrypto

Bitcoin (BTC) Launches to New All-Time High

BTC has continued its ascent today, so far reaching a high of $64,854. New BTC all-time high BTC had been struggling to move above the $61,500 resistance area since reaching the level for the first time on March 13. Yesterday, it finally managed to break out and has reached a new high of $64,854 on … Continued

BeInCrypto

BTC, ETH, XRP, HOT, DASH, EOS, CRV — Technical Analysis April 15

XRP (XRP) might have reached a short-term top. Holo (HOT) has broken out from a descending resistance line. Dash (DASH), EOS (EOS), and Curve DAO Token (CRV) are in the process of breaking out from horizontal resistance levels. Bitcoin (BTC) Bitcoin broke out above the $61,500 area on April 13. It reached an all-time high … Continued

Barrons.com

Massachusetts Regulator Seeks to Revoke Robinhood’s Broker License in the State

Massachusetts’ top securities regulator has sued to revoke Robinhood’s license to act as a broker in the state, escalating a legal fight with the trading app. Robinhood, in turn, sued to block Massachusetts from asserting its authority to regulate Robinhood under a rule that went into effect last year. William Galvin, the Secretary of the Commonwealth of Massachusetts, claims that Robinhood “has continued a pattern of aggressively inducing and enticing” young investors since he first sued the company in December over its practices.

Bloomberg

Asia Stocks Set to Track U.S. Rally; Yields Slide: Markets Wrap

(Bloomberg) — Asian stocks look poised to gain after surprisingly robust economic data helped propel U.S. indexes to records. Yields on benchmark 10-year Treasury notes declined.Futures pointed higher in Japan, Hong Kong and Australia. U.S. contracts were steady after all-time highs for equity benchmarks overnight. Real estate, health care and technology shares led gains. The financial sector underperformed amid the slide in bond yields, even after Citigroup Inc. and Bank of America Corp. posted better-than-forecast trading revenue. The U.S. dollar fell for a fourth straight day.Traders suggested international concerns may have helped fuel the rally in Treasuries, with many investors caught positioned for higher yields. The ruble slid as the Biden administration imposed new sanctions on some Russian debt, individuals and entities in retaliation for alleged misconduct related to the SolarWinds hack and the U.S. election.Chinese data will be under the microscope on Friday. The nation is expected to report the highest quarterly economic growth since it began releasing such figures 30 years ago. But investors will need to look beyond that number to assess the state of the economy’s post-pandemic recovery.The latest U.S. numbers show consumer demand — the engine of American growth — boosting the recovery in the world’s largest economy, owing in large part to government stimulus. Positive data, along with confidence in the continued support of central banks and some upbeat corporate earnings reports, has helped push equities to all-time highs this week. The rally in government bonds highlights persistent risks, however, with some countries facing spikes in Covid-19 infections and setbacks in their vaccine rollout.The bond market’s surge is “one of the more confusing dynamics in markets” at the moment, said Michael Arone, investment strategist at State Street Global Advisors. “Part of it is that you saw the 10-year make a very rapid move over a very short period of time, so this could be a pause before it starts to move higher again.”Elsewhere, Bitcoin gained and Coinbase Global Inc. fell despite news that three funds at Cathie Wood’s Ark Investment Management bought shares at Wednesday’s debut of the digital-asset exchange. Oil held recent gains, and copper is on course for the best week in about two months.Some key events to watch this week:China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksS&P 500 futures were flat as of 7:40 a.m. in Tokyo. The index rose 1.1% to an all-time peak.Nasdaq 100 futures were steady after the index gained 1.6%.Nikkei 225 futures added about 0.3%.S&P/ASX 200 futures were up 0.2%.Hang Seng futures rose 0.4% earlier.CurrenciesThe Bloomberg Dollar Spot Index was steady.The euro was at $1.1969.The Japanese yen was at 108.71.BondsThe yield on 10-year Treasuries declined six basis points to 1.58%.CommoditiesWest Texas Intermediate crude was at $63.41 a barrel.Gold traded at $1764.05 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Quartz

Grab’s record breaking SPAC merger left more than $2 billion on the table

Grab’s record-breaking deal to merge with a special purpose acquisition company (SPAC) will raise an eye-popping $4.5 billion in cash. A quick recap: Singapore-based Grab is poised to have a market value of around $39.6 billion after it combines with a SPAC called Altimeter Growth. Altimeter is basically a $500 million pot of money listed on Nasdaq that was looking for a target to merge with (which is why SPACS are sometimes called “blank check” companies).

Bloomberg

JPMorgan Sells $13 Billion of Bonds in Largest Bank Deal Ever

(Bloomberg) — JPMorgan Chase & Co. sold $13 billion of bonds Thursday, the largest deal ever by a bank, taking advantage of some of the cheapest borrowing costs in years to boost its capital after the Federal Reserve let pandemic relief measures lapse.The deal, which followed the bank’s best quarter ever, hit the market as corporate borrowers continue to see heavy demand for debt that provides a decent premium over Treasuries. Order books grew to about $26 billion, allowing JPMorgan to trim the interest on the debt from the relatively high spreads it initially offered, according to a person with knowledge of the matter.The jumbo offering may have been related to recent changes in regulatory relief for banks, according to Bloomberg Intelligence analyst Arnold Kakuda.Treasuries liquidity disappeared in March 2020. In response, the Fed told banks they didn’t have to factor in Treasuries or deposits when calculating their supplementary leverage ratios, which tells them how much capital to set aside to back up their holdings. That exemption went away two weeks ago.Banks were left in the position of needing to sell Treasuries or add capital, and JPMorgan’s sale of unsecured debt will help it meet total loss-absorbing capacity, or TLAC, requirements, and put the ratio back in balance, Kakuda said.The bank signaled Wednesday that it would do something. “We have levers to manage SLR and we will,” Chief Financial Officer Jennifer Piepszak told analysts on a quarterly earnings call. The company declined to comment further on Thursday.Including today’s sale, JPMorgan has raised $22 billion in the U.S. dollar investment-grade bond market this year, more than any other major U.S. bank, according to data compiled by Bloomberg.“Banks are always going to be hefty issuers, which lends a certain opportunism to tapping the markets especially when funding is still so cheap,” said Jesse Rosenthal, a senior analyst at CreditSights.The longest portion of the five-part offering, a 31-year security, will yield 107 basis points above Treasuries, according to the person, who asked not to be identified discussing a private transaction. The sale follows strong first-quarter earnings, including a 15% increase in fixed-income, currency and commodity trading revenue and a $5.2 billion release from its credit reserves. Rival Goldman Sachs Group Inc. also sold bonds Thursday.The previous largest bond sale by a bank also came from JPMorgan, a $10 billion offering in April 2020, the Bloomberg-compiled data show. JPMorgan is the sole bookrunner of the sale, and the proceeds are marked for general corporate purposes.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Reuters

Investor Einhorn says Palihapitiya, Musk poured ‘jet fuel’ on GameStop

Investor David Einhorn said on Thursday that prominent venture capitalist Chamath Palihapitiya and entrepreneur Elon Musk threw “jet fuel” on the GameStop Corp trading frenzy in January when the video retailer’s shares rose by 2,000% and later prompted a hearing in U.S. Congress. Einhorn, who runs hedge fund Greenlight Capital, also said U.S. lawmakers seeking answers to how day traders were able to wrest control of GameStop’s share price from established hedge funds should probe regulators instead of investors.

Reuters

North American oil bankruptcies hit highest first quarter level since 2016: Haynes and Boone

Bankruptcies by North American oil producers rose to the highest first-quarter level since 2016, according to a report released on Thursday by law firm Haynes and Boone, as some energy firms struggled to recover from the 2020 crash in oil prices. There were eight bankruptcies by North American oil and gas producers in the first quarter of 2021, versus 17 in the first quarter of 2016 – the last time U.S. crude futures dipped under $30 a barrel. HighPoint Resources Corp was the largest debt-holder to file for the quarter, with $905 million in secured and unsecured debt.

Reuters

Citigroup profit jumps, plans Asia and EMEA exits as Fraser makes her mark

Citigroup Inc trounced first-quarter profit expectations, thanks to a rebound in the broader economy and a jump in investment banking activity, and said it will exit some overseas businesses as new chief executive Jane Fraser starts to make her mark on the country’s third-largest lender. Citigroup’s share price was broadly flat in afternoon trading. “Our first impression is the incoming CEO Jane Fraser is striking the right cord on messaging a sense of urgency to undertake strategic changes that enhance the profitability profile,” UBS analyst Saul Martinez wrote in a note.