WEEK OF FEBRUARY 19, 2024
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Important Prices
What’s Moving The Markets?
Bezos Sells $6B Of Amazon Stock
Jeff Bezos, the founder and former CEO of Amazon.com, has sold approximately $6 billion worth of Amazon stock in three separate transactions, with the most recent sale involving about $2 billion in shares sold at an average price of $169.50 per share.
US Inflation Falls To 3.1%
Inflation has dropped to 3.1%, exceeding expectations and indicating a notable decrease from December’s 3.4% rate, with the January CPI playing a crucial role in shaping the Fed’s potential interest rate cut in the coming months.
UK Economy Falls Into Recession
The UK economy entered a recession in late 2023, as indicated by two consecutive quarters of economic decline, with GDP falling by 0.3% in the final quarter, surpassing economists’ consensus forecast of 0.1%.
Bitcoin Breaks $52,000
Bitcoin surged past the long-awaited $50,000 milestone to reach $52,000+ after a sudden influx of funds, leading to the liquidation of millions of short positions, signaling a resurgence in momentum for the leading cryptocurrency despite a rocky start to the year.
Genesis Gets Approval To Sell $1.6B Of Crypto
Genesis has been granted permission by a New York court to sell $1.6 billion worth of Bitcoin and Ethereum trust shares to repay creditors after filing for bankruptcy in January; the shares, from Grayscale Bitcoin Trust, Grayscale Ethereum Trust, and Grayscale Ethereum Classic Trust, are estimated to be worth $1.38 billion and $207 million respectively.
Ripple Acquires New York Crypto Trust
On Tuesday, Ripple Labs announced the acquisition of New York crypto trust company, aiming to expand its US market presence, enhance regulatory compliance, and potentially diversify beyond its payment services, amidst ongoing legal battles with the SEC.
S&P Outlook
Bear Case: The bears have successfully established a new supply zone beginning at 5049.50, a strategic position they aim to defend rigorously should the price enter this territory. A key objective will be to push and keep the price below the 4934 pivot, which has historically served as a strong support level. This move would confirm the bears’ dominance and potentially lead to further declines.
Bull Case: For the bulls, the immediate goal is to sustain the price above the 4934 level, ideally 4960 to foster continued upward movement. The 5049.50 mark could present a significant hurdle due to the dense supply zone established there. Should the price dip below 4934, the bulls have established a fallback support at 4904, a demand zone solidified in January, to mitigate the downside and possibly reignite bullish momentum.
EARNINGS RELEASE CALENDAR
FOR WEEK OF FEBRUARY 19th
Economic Data Calendar
