Bitcoin Falters for a Second Day, Slides Below Technical Level
Bitcoin’s torrid rally has lost some steam this week, with the cryptocurrency falling for a second straight day Thursday to slip below its 10-day moving average.
The largest digital asset is down as much as 8.4% over a two-day slide and was trading at $34,546 as of 11:50 a.m. in Hong Kong, according to price data consolidated by Bloomberg. The second-largest, Ether, was up slightly, holding at about $1,330 as the wider Bloomberg Galaxy Crypto Index dropped 0.5%.
Bitcoin’s latest gyrations have seen it touch a record of almost $42,000 earlier this month before quickly dropping about 17%. Debate continues to rage over Bitcoin’s perceived value, with believers pointing to a maturing industry andinstitutional interest in the cryptocurrency as an inflation hedge while others see the return of another speculative bubble echoing its 2017 collapse.
Bitcoin is struggling to maintain its momentum from the end of 2020, falling below its 10-day moving average for a third time this month after a sustained run above the level since early December.
The digital asset is also on track for a second straight weekly decline, the first time that’s happened since the start of October. That drop did, however, precede a seven-week run that helped propel Bitcoin into its current bull rally.
— With assistance by Mark Cranfield
Sensex tanks 746 points; Nifty ends below 14,375
Axis Bank was the top loser in the Sensex pack
Equity benchmark Sensex plunged 746 points to close at 48,878.54 on Friday, tracking losses in index majors Reliance, HDFC twins and ICICI Bank amid a weak trend in global markets.
The 30-share BSE index ended 746.22 points or 1.50% lower at 48,878.54.
Similarly, the broader NSE Nifty tumbled 218.45 points or 1.5% to 14,371.90.
Axis Bank was the top loser in the Sensex pack, shedding over 4%, followed by Asian Paints, SBI, IndusInd Bank, ICICI Bank, Bajaj Finance, HDFC and Reliance.
On the other hand, Bajaj Auto, Hindustan Unilever, UltraTech Cement, TCS, Bajaj Finserv and Infosys were the gainers.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended in the negative territory.
Stock exchanges in Europe were also trading on a negative note in early deals.
Foreign institutional investors remained net buyers in the capital market as they purchased shares worth ₹1,614.66 crore on Thursday, according to exchange data.
Meanwhile, the global oil benchmark Brent crude was trading 1.80% lower at $55.09 per barrel.
Oil Futures Settle Flat
Crude oil futures settled flat on Monday as rising coronavirus cases and tighter lockdown measures in several countries across the world raised concerns about outlook for energy demand.
Recent data showing a drop in crude stockpiles, and Saudi Arabia’s decision to cut its oil output by 1 million barrels per day in February and March continued to support oil prices.
West Texas Intermediate Crude oil futures for February settled at $52.25 a barrel, up 1 cent from previous close.
Brent crude futures were down by about $0.50 at $55.49 a barrel a little while ago.
With the identification of cases of the new strains of coronavirus — from the U.K. and South Africa — Germany’s Chancellor Angela Merkel warned locals “these next winter weeks will be the hardest phase of the pandemic”.
Elsewhere, mainland China saw its biggest daily increase in Covid-19 cases in more than five months, as new infections in Hebei province, which surrounds the capital Beijing, continued to rise.
Investors fear that travel bans and the closure of schools and workplaces in Europe coupled with new movement restrictions in China could weigh on fuel demand.
Pre-market Movers In Healthcare Sector: DBVT, OBSV, APYX…
What’s moving these stocks in pre-market hours today?
1. DBV Technologies S.A. (DBVT) is up over 30% at $4.87 in pre-market trading Friday, following an update on Investigational Viaskin Peanut for children of age 4 to 11 years. The company said it has received written responses from the FDA to questions provided in the Type A meeting request related to Viaskin Peanut. DBV believes that the feedback received from the FDA provides a well-defined regulatory path forward. The FDA had refused to approve Viaskin Peanut last August.
2. ObsEva SA (OBSV) is up over 20% at $3.06 in pre-market hours today, adding to yesterday’s gain of 19%, on no news. The company’s Marketing Authorization Application for Yselty for the treatment of Uterine Fibroids is under review by the European Medicines Agency. The New Drug Application for Yselty is expected to be filed with the FDA during the first half of 2021. Last November, the company reported positive topline results of a phase 2a proof-of-concept trial of Ebopiprant in preterm labor, dubbed PROLONG.
3. Apyx Medical Corporation (APYX) is up over 4% at 9.66 in pre-market hours today on no news. Yesterday, the company reported preliminary revenue results for the full year and fourth quarter ended December 31, 2020. The total revenue for the fourth quarter of 2020 is expected to be in a range of approximately $10.9 to $11.3 million, up approximately 30% to 35% year-over-year, and well above analysts’ consensus estimate of $8.09 million.
SEGRO Plc Issues Rental Collection Update – Quick Facts
SEGRO plc (SGRO.L), a UK Real Estate Investment Trust, said it recorded continued strong rent collection for the full year to 31 December 2020 and the first quarter of 2021. The Group reported that, for the year ending 31 December 2020, to date it has collected 98 percent of all rents.
In respect of UK rents payable in advance relating to the first quarter of 2021, as at 14 January, the Group had received 88 percent of the 63 million pounds of rent due. The Group noted that this represents a higher collection level than at the equivalent time in each of the three previous quarters.