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As institutional funds flood into Bitcoin and Ethereum, the crypto market is more buoyant than ever. Bitcoin has risen 10% to almost hit $19K, and Ethereum has blasted past the $500 milestone.

The continued rally comes amid surging institutional adoption, with big name analysts flipping bullish as they catch on to the digital gold narrative, and Silicon Valley firms including Airbnb following PayPal with planned support for cryptocurrency.

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These bullish catalysts pushed Bitcoin higher all through last week, then as the weekend hit, other major cryptos took the party to the next level.


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Wall Street ends week lower

  • That being said, November was very strong, and indices will most likely end the month at overall gains.
  • On the back of vaccine hopes, energy stocks such as Chevron and Exxon gained this week, enjoying their strongest month since April.
  • However, increasing coronavirus cases across Europe and the US may dampen investor sentiment if we fail to see Pfizer and Moderna’s vaccine’s approved by the FDA.

Largest trade agreement ever


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The Bitcoin buying frenzy continued this week, with cryptocurrency markets rallying alongside stocks on the prospect of a Biden presidency coupled with a split Congress. This would likely lead to legislative gridlock, leaving Biden unable to push through planned tax hikes.

News of a COVID-19 vaccine briefly dented the crypto rally on Monday, before the upswing continued. Bitcoin then hit a 2020 high above $16K on Friday, just as new covid cases in the US reached another daily record of over 180,000.

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Delta has partnered with eToro to allow users to invest via an accredited and bespoke platform.


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Coronavirus vaccine news lifts markets

  • Following the news, markets went into rally mode, finishing the week on a high note, with the SPX500 closing at a record high on Friday and the DJ30 and NASDAQ100 also registering gains. Despite closing higher on Friday, The NASDAQ ended the week lower.
  • The major winners were the travel, energy and banking sectors, and oil, however, other sectors such as tech also joined in.
  • Thursday’s Unemployment Claims report totalled 709,000, lower than the forecasted 740,000, another decline from the 757,000 in the previous week. While more than 21 million Americans are still collecting benefits, the total is declining gradually. …


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Crypto Roundup, November 9, 2020

As results seesawed for days during the US election, Bitcoin emerged as a clear winner. The leading cryptocurrency hit highs above $15K, before pulling back slightly as media networks announced that Joe Biden will be entering the White House.

The crypto rally was accompanied by a weakening dollar, which fell on expectations that president-elect Biden will push through more coronavirus stimulus measures. This boosted the S&P 500 to deliver its best week since April with 7% gains, but Bitcoin stole the show with a 13% surge.

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Elsewhere, the rally was supported by more bullish news. Demand has surged for PayPal’s crypto products, and central banks around the world — including in Canada, Thailand and Brazil — are pushing ahead with plans for digital currencies. …


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Biden Named Next US President

  • While Wall Street generally favours republicans, the mix of a more “predictable” president with a Republican-controlled Senate could signal stability for many investors.
  • Following a high-volatility week in markets, both the SPX500 and NASDAQ100 finished nearly flat on Friday, while the DJ30 registered slight losses.
  • That being said, the three major indices registered significant gains this week, some posting their best weekly results since April.
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Delta has partnered with eToro to allow users to invest via an accredited and bespoke platform.

Ant Group IPO Suspended


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While Bitcoin is making its way through the stratosphere, the stock market is still firmly earthbound. The leading cryptocurrency briefly eclipsed $14K this week, outperforming traditional asset classes as lockdowns return across Europe and political tensions ratchet higher in the run up to the US election day.

This week’s surge tops off a fantastic month for Bitcoin, which made 22% gains in October as gold traded sideways and the S&P 500 dropped 2%.

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In the news, events continue to show the mainstreaming of Bitcoin by big financial institutions. Singapore’s largest commercial bank, DBS, has launched a digital asset exchange for Bitcoin and three other top cryptocurrencies, and fully-licensed Swiss financial institution Gazprombank has been approved to offer Bitcoin services. …


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Wall Street Posts Worst Week Since March

  • As a result, Wall Street marked its worst week since March.
  • The DJ30 tumbled 6.47% this week, the SPX500 fell 5.64% and the NASDAQ100 ended the week 5.51% lower.
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Delta has partnered with eToro to allow users to invest via an accredited and bespoke platform.

US GDP Data Beats Estimates

  • The gain came after a 31.4% plunge in the Q2, which was the worst ever in history. …


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Bitcoin has shown resilience over the past week, holding firm above the newly conquered $11k level as cryptocurrency exchange OKEx suspends withdrawals, sending a tremor through the market.

Despite falling three percent as the news hit, Bitcoin soon bounced on boosted fundamentals: The soaring hashrate has once again hit all-time highs, and representatives from U.S. regulatory agencies have made positive comments about cryptocurrency.

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Wall Street Recovers to End the Week

  • The correction seen midweek is attributed to Treasury Secretary Mnuchin’s stop to stimulus negotiations and to the surging probability of a new global lockdown.
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Delta has partnered with eToro to allow users to invest via an accredited and bespoke platform.

Earnings Season Kicks Off

  • The six largest US banks posted a cumulative net income of $25 billion in Q3.
  • Both JP Morgan and Citi reported loan loss provisions well below analysts estimates, which is very positive. Goldman Sachs also reported strong numbers, thanks to trading and investment banking. …

About

Sofie Hendrick

Employee at Delta Crypto Portfolio Tracker

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