8/6/2023 0 Comments Crypto market watchThe report also noted that the USDC’s advantage over the USDT in terms of the free float supply on the Ethereum blockchain had reached an all-time high. The USDC has become the preferred stablecoin on the Ethereum blockchain, according to data.Īccording to data from blockchain analysis firm, CoinMetrics, the number of wallets that have over $1 million in USDC has overtaken those holding USDT, the largest stablecoin on the Ethereum blockchain. Shifting to UDSCĭue to the collapse of the connected Luna and TerraUSD stablecoin, many investors have changed their thinking about cryptocurrencies. Despite maintaining their positive outlook on cryptocurrencies, the Morgan Stanley team downgraded their outlook on alternative investments to “underweight” from “overweight,” noting the macroeconomic challenges. As mortgage rates rise, real estate is expected to be the next victim of this move. They noted that they expect the cryptocurrencies’ upside potential to be more significant in the future.įor the company, digital assets and hedge funds are now its preferred alternative asset class. It represents a potential 29% increase from the cryptocurrency’s current trading level.Īccording to the Morgan Stanley team, the recent decline in the cryptocurrency market has been more like a capitulation than a bear market. The strategists at Morgan Stanley maintained their price target of $38,000 for Bitcoin. In a note released Wednesday, Nikolaos Panigirtzoglou, a senior analyst at JPMorgan Chase, said that the company believes that Bitcoin has significant upside potential following its recent decline. The total market cap of all cryptocurrencies has dropped from around $3 trillion in November to around $1.3 trillion in May. Bitcoin has lost about 37% of its value for the year, while Ethereum has lost about 48%. Bye Bye.Rising inflation, a slowdown in China, and the war in Ukraine have caused investors to pull money out of risky assets such as cryptocurrencies. Do check out for all the news, market analysis, investment strategies and dozens of stock recommendations. On BSE, losers outpaced gainers as 2,165 stocks advanced, 1,428 declined and 166 remained unchanged. Nifty Midcap 100 and Smallcap 100 rose 0.97 per cent and 0.22 per cent, respectively. Nifty Bank and Auto added 0.39 per cent and 0.28per cent, respectively. Sectorally, Nifty Media soared 1.98 per cent while Nifty IT index added 1.4 per cent. HDFC Bank declined 0.4 per cent, followed by Nestle India, Hindustan Unilever and M&M that edged up to 0.3 per cent lower. On the other hand, HDFC fell 0.4 per cent to Rs 2,421. Infosys, Bajaj Finance, UltraTech Cement, Wipro and Reliance Industries were also among other top gainers. Axis Bank was up 2,08 per cent, Tech Mahindra rose 2.05 per cent and Tata Steel added 1.84 per cent. Titan Company was the biggest gainer from the 30-share pack, jumping 2.25 per cent to Rs 2,661.45. The analyst thinks a similar pattern is unfolding at the high, he said. He said a similar action was noticed from August 17 to August 19 above the trend line hurdle, but the market eventually saw a short-term downward correction. Nifty50 made an attempt to move into new swing highs, but was not able to close at the highs, said Nagaraj Shetti of HDFC Securities. NSE's barometer Nifty50 added 103 points to 17,936.35. The 30-pack Sensex rose 322 points to end the day at 60,115.13. Nonetheless, Monday's gains meant domestic stocks were up for the third straight session. The fact that the key indices failed to see a follow-up buying as the session progressed disappointed investors. It was a strong day of gains for domestic stocks, but that was really due to morning gains. Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street.
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