Welcome to another edition of Qume Market Mondays!
· Bitcoin closed at a weekly loss of 1.3% from last week, whereas stock indices in the traditional markets closed at modest weekly gains, implying a weakening correlation between S&P 500 and bitcoin, which a few weeks ago were significantly correlated.
· A twitter hack last week featured bitcoin in its most high profile fraud ever when Twitter accounts of some of the most prominent US business and political leaders including ex-president Barack Obama, Joe Biden, Jeff Bezos, Warren Buffet and Elon Musk were hacked Wednesday. These accounts sent out tweets promising to double the bitcoin of anyone sending funds within 30 minutes. The twitter hack did not affect trading activity as such and bitcoin trading volumes on futures and spot exchanges remain lower than usual.
· With bitcoin volatility falling and staggering low trading volumes, bitcoin is now generating bearish signals with the quarterly returns just a bit above 0 per cent.
SNX by Synthetix network and LEND by Aave are the latest winners of yield farming in the DeFi markets.
SNX and LEND have seen a meteoric rise in price as a significant amount of capital has been pushed into these two platforms by yield farmers.
The total amount of capital locked-in Synthetix is up by 146% since 22 June and is still increasing but as it happened with COMP, many suspect that prices of both SNX and LEND will go down in the future.
Top gainer in the pandemic?
· While bitcoin is far behind this year’s list of top gainers, Tesla has registered gains of around 249% and leading the charts are two glove-making companies from south-east Asia, Top Glove and Supermax.
· Due to the Coronavirus, the demand for rubber/latex gloves shot up, by which Top Glove Corporation Berhad is up around 388% and Supermax corp is up 1183%.
Source — Bloomberg
Lebanon’s economic crisis is spiraling out of control. While Lebanon’s economy minister is confident of an international bailout, the hyperinflation struck economy is wiping out businesses and pushing families into poverty and uncertainty.
If there is a bailout from the IMF, Lebanon may be expected to increase taxes, fight corruption and come up with a medium-to-long-term plan to improve its fiscal deficit.
Google became the latest foreign investor in Reliance’s digital arm — Jio Platforms. It invested $4.5 billion for a 7.7% stake.
This makes Google the second-largest minority shareholder in the company after Facebook.
Almost one-third of Reliance Jio was sold in this capital raising cycle, accounting up to 1.52 trillion rupees in investments.
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