Bitcoin price could attempt a close above $10,000 as Morgan Stanley predicts a V-shape global recovery by the fourth quarter.
Economists at the investment banking giant expect global GDP to shrink by 8.6 percent year-on-year but rebound to 3.1 percent by Q1/2021.
Aspects of a full recovery could increase investors’ risk appetite, thereby benefiting Bitcoin alongside the global stock market.
Bitcoin’s likelihood of testing and maintaining a price floor above $10,000 looks promising as Morgan Stanley makes an encouraging global market forecast.
Economists at the investment banking giant said that they expect the global economy to print a V-shaped recovery by Q4/2020. Led by Chetan Ahya, the financial veterans cited a recent upside in growth data and policy action undertaken by global central banks as significant reasons behind the recovery.
More than 90 percent of economies could fall into recession this year. Source: World Bank, Bloomberg
They predicted a mild-recession heading further into the year, noting that the global GDP may shrink by 8.6 percent on a year-on-year basis. Nevertheless, with the economy in a new expansionary cycle and factory output improving post-lockdown, the GDP may start recovering in Q4/2020.
Morgan Stanley’s economists anticipate a rebound of 3.1 percent by the end of Q1/2021.
Bitcoin
A non-correlated asset otherwise, Bitcoin’s proximity with macroeconomic catalysts has grown in the wake of the pandemic.
The cryptocurrency suffered significant losses during the February-March trade session, falling by more than 60 percent. Its wild move downhill coincided with a global market rout, wherein stocks, commodities, ETFs, and bonds fell in tandem. Investors dumped these assets to seek safety in cash.
U.S. Dollar Index chart from TradingView.com showing the greenback’s strength in March 2020. Source: TradingView.com
But the intervention of governments and central banks took some pressure off the market. The U.S. Federal Reserve sent its benchmark interest rates to near-zero and launched an open-ended bond-buying program. The U.S. Congress, at the same time, introduced a $3 trillion stimulus package.
Central banks took similar measures in the Eurozone, Japan, Australia, and China. The result was a significant recovery across the global stock market.
Bitcoin rebounded, likewise.
Further Recovery and $10,000
With Morgan Stanley predicting a recovery ahead of Q1/2021, it could allow institutional investors to regain their confidence in the risky markets. So far, they have rubbished the stock recovery as retail-driven, citing examples of bankrupted companies like Hertz, whose equities swang high by as much as 80 percent.
“What you’re getting right now is this great disconnect between fundamentals and finance,” Mohamed El-Erian, chief economic adviser at Allianz, told CNBC. “Take Hertz. A company in a bankruptcy procedure that saw its share price go up […] now they’re talking about issuing stocks, warning investors they may be worthless.”
Eminent investors, including Scott Minerd, the global chief investment officer for Guggenheim Partners LLC, and billionaire Jeffrey Gundlach of DoubleLine Capital LP, have also called stocks overvalued. Prominent asset manager Jeremy Grantham wrote that the stock market is rising on a one-side optimism.
A majority of financial bigwigs expect a sharp pullback owing to a potentially bumpy economic recovery, as well as fears of a second-wave of virus infections. That could lead to a seismic capital shift from risk-on assets to safe-havens like bonds, gold, and even an oversupplied U.S. dollar.
A similar correction is taking place. On Monday, both Bitcoin and futures tied to the U.S. benchmark S&P 500 dived lower. Analysts believe the price action could remain, at best, choppy with a hint of an extended move to the downside.
#bitcoin is still moving in worrying closeness with the S&P 500 – not good pic.twitter.com/KDFNmnQ44d
— Lark Davis (@TheCryptoLark) June 11, 2020
Meanwhile, the next dip, coupled with an optimistic global market forecast, could open doors for institutional investors to join the rally. As the stock market resumes its uptrend, it would leave Bitcoin in a similar bullish bias. That could lead the cryptocurrency towards or above $10,000. origin »
Two financial giants, Goldman Sachs and Morgan Stanley, say that the global economy seems to be bottoming out. Is the worst of the COVID-19 market rout behind us? According to the top economists at Goldman Sachs and Morgan Stanley, it is.
The world is finally cozying up to Bitcoin in a pretty serious way, and that has even been fueled by the current Coronavirus global pandemic that has many central banks encouraging the use of cashless means of payment.
Economists believe the COVID-19 pandemic, which has spread across Europe and America in recent days, could push the global economy to the brink of recession. JP Morgan analysts have forecasted a coronavirus-driven economic recession to hit America and Europe by July 2020.
Coinspeaker Morgan Stanley Buys E*Trade (ETFS) for $13B in an All-Stock DealMorgan Stanley’s acquisition of E*Trade has caused a stir in the global investment community. E*Trade has been a leading online broker that has produced stellar results for the greater part of a decade.
Trading in virtual currency has started making a shift from being speculative assets last year as giants like Fidelity, TD Ameritrade, and JP Morgan enters the space, said Breanne Madigan, Head of Global Institutional Markets at Ripple.
Daniel Masters is the Executive Chairman at Coinshares, a leading digital asset management firm. The Coinshares Group manages nearly $700 million of assets on behalf of a global investor base. Daniel has a long history in the financial markets and was once the global head of energy and trading at JP Morgan.
Last week marked the launch of Phemex, a cryptocurrency derivatives exchange launched by Jack Tao, previously the global development leader of Morgan Stanley Electronic Trading’s benchmark strategy.
A global economic recession could be around the corner. The International Monetary Fund, JP Morgan CEO Jamie Dimon, and analytics firm Moody’s Analytics all seem to believe that a recession is inevitable.
Former employees of JP Morgan, Intel, and TrustToken have come together to start a new firm and have released a new stable coin called USD Digital (USDD) token, backed by US Dollar. However, the new stable coin has a twist to its business model, where the institutions using the token would share the revenue. The […]
In a recent interview with CNBC’s Squawk Box, Anthony Pompliano, the co-founder of Morgan Creek Digital, has argued that the United States must tokenize the dollar to remain competitive in the shifting global financial landscape.
The Co-Founder of Morgan Creek Digital and widely known as a “bitcoin bull”, Anthony Pompliano was recently involved in an interesting discussion with CNBC’s Squawk Box. As per Bitcoinist, the expert shared his opinions on what will allow Bitcoin to retain its store-of-value given the potential that rests in digitalized national currencies. He seems to […]
Morgan Creek Digital co-founder and serial bitcoin bull, Anthony Pompliano, said that he would tokenize the dollar immediately if he was the US government. This is the only way that it might retain its status as a world reserve currency, he suggested.
Overseas Chinese Banking Corporation (OCBC) has joined JP Morgan’s Interbank Information Network (IIN) as the first Singaporean bank in the consortium. Business Times reported that OCBC joins a long list of 112 APAC banks that have joined this network, September 20, 2019.
Despite worries of an impending global recession, Jamie Dimon is still feeling rather positive about the state of the U.S. economy — but his sentiment might be misguided. The J.P. Morgan Chase chairman says his gut feeling is that the American economy isn't nearing a turn for the worse — telling reporters at the Business […]
The post Jamie Dimon Quashes Recession Fears — Here's Why He's Wrong appeared first on CCN.com
The blockchain space is growing and global banks are moving with it. Since the launch of JP Morgan’s blockchain settlement system, Interbank Information Network (IIN) on Quorum, a platform built on Ethereum, over 300 banks have joined in.
Cryptocurrency exchange Gemini has announced that the former global head of financial crimes at Morgan Stanley will be its chief compliance officer.
The post Gemini Adds Former Morgan Stanley Executive as Chief Compliance Officer appeared first on Bitcoin Magazine.
FINSUM 2019 kicked off today, at the Japanese capital of Tokyo. Organized by the NIKKEI INC, and Japan’s Financial Services Agency (FSA), the 3-day event is going to be a mega ‘fintech, blockchain, crypto and the future of finance’ bonanza.
Anthony Pompliano, the founder of Morgan Creek Digital, a large digital assets company, has recently affirmed that the creator of Bitcoin, the person who created the alias of Satoshi Nakamoto, should receive the Nobel Peace Prize for his contribution to the world.
Whoever the real Satoshi Nakamoto is, one long-time Bitcoin enthusiast thinks he, she, or they should win the Nobel Peace Prize. The recommendation came from Anthony “Pomp” Pompliano, a partner at Morgan Creek Digital Assets.
Today’s Bitcoin (BTC) News There is tension, and according to Anthony Pompliano, the co-founder of the asset management firm, Morgan Creek Digital Assets, global banks are diversifying away from the USD, hedging against possible downturns.
On July 31, Morgan Creek’s Co-founder Anthony Pompliano and gold bug and Chief global strategist of Euro Pacific Capital Inc. participated in the much-anticipated debate dubbed, “The Golden Debate” aired on CNBC Africa.
Anthony Pompliano, Co-Founder and Partner at Morgan Creek Digital appeared on CNBC’s Squawk Box today alongside Meltem Demirors, Chief Strategy Officer at Coinshare. Anthony stated that countries embracing bitcoin will be groundbreakers and will have notable advantages in moving forward.
The US dollar will struggle to remain the global reserve currency, in the coming decades, having already completed its tenure as a GRC. “The US dollar has been the world’s dominant reserve currency for almost a century,” wrote, bank’s strategist Craig Cohen in a report earlier this month. “We believe the dollar could lose its […]
The CEO of America’s biggest bank, J. P. Morgan Chase, doesn’t believe it is worth losing sleep over Libra for the time being. Dimon is of the view that in the short term, Libra will have little to no effect on banks and global payments in general.
As the influx of new players into the crypto-ecosystem grows, the industry has come a long way from its inception a decade ago. The industry has forced mainstream institutions such as Facebook and JP Morgan to join the race.
By CCN Markets: TP ICAP, the world’s largest global inter-dealer broker, with a $2 billion market capitalization, is opening its doors to bitcoin trading. In yet another example of institutional crypto appetite, the London firm will execute bitcoin futures trades on behalf of its clients.
Anthony ‘Pomp’ Pompliano of Morgan Creek Digital believes Bitcoin is about to experience an epoch-defining next 18 months. ‘A Perfect Storm for Bitcoin’ Speaking to Bloxlive TV earlier in June, Pompliano said the next 18 months will be crucial for Bitcoin.
Since the introduction of cryptocurrencies in the global financial landscape, most users and people across sectors are split between the importance of central banks, and the idea of decentralized networks.
By CCN: Morgan Stanley’s chief economist expects a global recession in three quarters if the trade war escalates, CNBC reported Sunday. In May Donald Trump hiked tariffs on Chinese imports from 10% to 25%.
This article was originally published by 8btc and written by Lylian Teng. The bitcoin price has broken $8,000 for the first time since July 2018, with most cryptocurrencies trading in the green.
JP Morgan Chase Global Head of Agency Collateral Management, Michael Albanese, has joined crypto startup Tradewind as CEO, the…
The post JP Morgan Exec Leaves The Company, Joins Crypto Startup Tradewind appeared first on Invest In Blockchain.
CryptoNinjas
Digital Assets Data, a financial technology, and data company focused on the crypto-asset industry, has launched with the support of a $6 million USD raise from leading investors, including Distributed Global, Digital Currency Group, Morgan Creek, Galaxy Digital, Jump Capital, CMT Digital,.
Coinspeaker J. P. Morgan Blockchain Tops Ripple Signing Up 201 Global BanksJPMorgan rapidly expands its Interbank Information Network (IIN) reporting a whopping 201 banks joining its blockchain.
Основательница Global Coin Research рассказала, почему Поднебесная откажется от наличных денег. Джойс Янг, которая создала компанию Global Coin Research, рассказала в интервью одному из учредителей криптовалютного инвестиционного фонда Morgan Creek Capital Энтони Помплиано о том, что реально происходит в Китае, где формально запрещена торговля криптовалютами, а также ICO.
The global banking giant intends to expand its use of the shared ledger technology, while inviting fintech firms to experiment with its DLT platform J. P. Morgan bank has been actively following the recent fintech trends.
Anthony Pompliano, the co-founder of Morgan Greek Digital and a popular Bitcoin Proponent, recently spoke with Joyce Yang, the Founder of Global Coin Research, about the current cryptocurrency scenario in Asia.
It’s a perfect storm for the U. S. economy, one that won’t end well for the Dow Jones Industrial Average. Mark Yusko, Morgan Creek Capital Management CEO and CIO, painted a grim picture for the foreseeable future, advising investors to run as fast as they could away from U.
Many had predicted that 2019 would be the year that institutional investment floods into crypto. The timing could not be better as markets are still over 80% down from their all-time highs. Multi-billion dollar global asset manager Morgan Creek Digital (MCD) has acknowledged this with its latest investment.
One of the world’s top 20 banks by asset value, is ditching plans to create its own digital asset – and abandoning all of its cryptocurrency experiments. Instead, it’s betting on a SWIFT. Citibank is not following in the footsteps of JP Morgan with the creation of its own cryptocurrency, believing there are better ways of making improvements to existing financial transaction systems, CoinDesk reports.
Emerging markets and their respective currencies are on the rise, which historically has had some correlation with the price of Bitcoin. According to Morgan Stanley, the global emerging markets benchmark is expected to rise by around 8 percent in 2019, primarily due to the increase in interest in the Chinese stock market following the optimistic prospect of the trade deal.
A recent CoinDesk report revealed Ripple’s CEO, Brad Garlinghouse’s viewpoint on JP Morgan Chase’s official announcement of its stablecoin, JPM Coin. While Garlinghouse appears to encourage and applaud JP Morgan Chase for their new endeavor, he supposedly feels discomfort with respect to the global financial services’ approach in using the said token. The JPMCoin was […]
Компания Figure, базирующаяся в Сан-Франциско, за короткий промежуток времени привлекла $65 млн, увеличив общую сумму финансирования до $120 млн, пишет TechCrunch. Помимо венчурной фирмы Morgan Creek, в раунде, принесшем стартапу $65 млн, приняли участие RPM Ventures, DST Global, DCG и Nimble Ventures.
Despite the bearish run of 2018, there’s no stopping Bitcoin from emerging a de-facto global reserve currency. It may sound like wishful thinking at a time when the broader crypto market is only just showing the signs of a possible recovery, but the forecast is actually coming from a respected voice in the crypto space […]
Bitcoin Is Fast Evolving Into a Global Reserve Currency, Says Morgan Creek Digital Founder was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
This week, as usual, was full of activities, most of it focused on the future of cryptocurrencies and cryptocurrency adoption. Top among the stories were predictions on the future price of Bitcoin which have been mostly bullish.
Adam Jones, Global Auto Analyst at Morgan Stanley, warned that the production of an electric vehicle by either Tesla or Rivian could be bad news for traditional car makers in Detroit. Why? This wildly profitable segment of the vehicle industry is one that auto companies don’t mess around with.
“S**t f**k, I agree with Nouriel,” said one cryptocurrency enthusiast in reference to NYU economist and vocal bitcoin bear Nouriel Roubini. Agreeing with Nouriel Roubini for a cryptocurrency lover was an unbelievable thing.
Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
