Sign in

Delta Investment Tracker
Track Stocks, Crypto, ETF’s, Funds, Forex, Indices & more!

Bitcoin and Ethereum surged to hit simultaneous all-time highs early last week, tapping $65K and $2.5K respectively as Litecoin rose above $300 for the first time in three years.

Yet the buying party came to an abrupt end when the highly-anticipated Coinbase listing failed to push prices even higher. Euphoria turned to fear as traders sold the news, prompting Bitcoin to plunge 15% before bouncing.

Wall Street hits double-digit return

  • The S&P 500 is now up 11% so-far this year, and global equities are not far behind, up over 9%.
  • Sectors in the weekly driving-seat were utilities (as bond yields fell) and materials (commodities rose).
  • If sustained this would be a rare third straight year of double-digit S&P 500 returns. We have only seen this twice before since the 1970’s: the 5-year bull run into the 2000 tech bubble, and between 2012–14.
  • With P/E valuations already high at 22x, versus a 10-year average 16x, the earnings outlook needs to keep improving to support this performance.

While Bitcoin and Ethereum are resting at the key milestones of $60K and $2k respectively, smaller altcoins are darting ahead, pushing the total crypto market cap beyond $2 trillion for the first time.

BNB is the biggest winner of the week with 50% gains, making the market cap of the coin more than $60 billion, bigger than traditional banks including Santander. Close behind, other altcoins have also made big gains, with Zcash, Litecoin, and IOTA all boasting a 16% increase.

Wall Street lifted by job data

  • US stocks jumped last week, with the SPX500, DJ30, and NASDAQ100 all up significantly.
  • In the SPX500, Energy stocks were a pain point, as the price of oil tumbled on the back of an agreement between OPEC and its allies to gradually begin increasing production between May and July.
  • The job market has shown signs of improvement as the NFP report showed that there were 916,000 non-farm job openings last month, while economists polled by Reuters predicted an average of 647,000. The figure for February 2021 has been revised upwards to show 468,000 jobs…

Wall Street ends Q1 on a positive note

  • Despite some perceived market nervousness, Q1’s closing saw continued strong equity markets and better market breadth. This was led by US exceptionalism with a double-driver of more stimulus and vaccine rollout leadership.
  • Last week’s ISM report came in at 65, its highest level since 1983.
  • Looking into Q2, April is historically a good month for equities, with average S&P returns being favourable, only surpassed by July.
  • In Europe, The PMI for the Euro area stood at 62.5 in March, after 57.9 in February. This is its highest level since June 1997.

As corporations like Visa and PayPal join Wall Street banks in expanding their crypto offerings, Ethereum is setting new all-time highs above $2K.

Prices began rising on Wednesday as the market was uplifted by crypto-themed April Fool’s pranks. The Teletubbies tweeted about Bitcoin to advertise their own imaginary cryptocurrency TubbyCoin, and long-term critic Peter Schiff briefly admitted that he was wrong about the cryptoasset.

Bitcoin is navigating choppy seas, with waves of conflicting sentiment rocking the market below the critical high watermark of $60K.

Prices sank to lows of $50K early in the week on mixed headlines. Two top-tier Wall Street banks announced they were filing for Bitcoin ETFs, while Ray Dalio warned that in “a certain set of circumstances’’ the cryptoasset could be banned in the U.S.

Wall Street finishes in the green

  • All three major US stock indices closed the week on a high, with gains on Friday putting them into positive territory for the week. The SPX500 edged out the DJ30 and NASDAQ100, but the trio each gained around 1.5% during the week.
  • Small-cap stocks lagged the major indices last week, with the Russell 2000 benchmark down by close to 3%.

As Americans celebrated Saint Patrick’s Day with a feast of $1,400 stimulus checks, the crypto market turned a fitting shade of green.

Prices surpassed $60K early in the week, with two out of five stimulus checks landing in the crypto market, according to a recent survey. This influx of funds was matched by growing institutional interest, with Morgan Stanley announcing three Bitcoin investment products to meet growing demand.

Wall Street turns red after all-time highs

  • All three major US stock indices lost ground last week after both the DJ30 and SPX500 reached fresh all-time highs.
  • The majority of the SPX500’s 11 sectors didn’t move beyond a percentage point in either direction from a weekly perspective.
  • Energy was the major outlier, tumbling 7.7% on the back of a significant decline in the price of oil.
  • Financial stocks also fell back last week, despite the Federal Reserve upgrading its outlook for the US economy.
  • The DJ30 fell by 0.7% on Friday taking it into negative territory for the week.
  • A…

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store