No Option for "Stop Orders" anymore
Joined 23/03/23 16:53
Markets Digest the Possibility of a Fed Pause and BoE Hikes 25 bps. The Thursday Market Outlook with Richard Snow gives a report on the latest changes in the ﬁnancial markets, providing timely fundamental, economic and technical analysis and a close examination of promising chart formations with live currency quotes which you can look forward to.
The Securities and Exchange Commission (SEC) issued a so-called Wells notice on Coinbase which saw the stock down heavily after-hours last night on Wall Street. Jeremy Naylor | Analyst, London | Publication date: Thursday 23 March 2023 This is a document indicating that the SEC is preparing to act against some parts of the business. IGTV’s Jeremy Naylor explains that as the story develops, and more is heard, traders will be able to make a better judgment. Coinbase shares plunge The crypto exchange Coinbase fell more than 22% yesterday late in the session, all-sessions on the IG platform, it trades outside of hours, and it was this trading that represented a big drop in the share price. Share price chart Let's take a look at what happened because it explains the situation quite well. We have subsequently this morning seen a little bit of a rebound, but that 22% drop came after the company was issued a so-called Wells notice by the Securities and Exchange Commission (SEC). The Wells notice is often one of the final steps before the SEC formally issues charges against the business, generally laying out the framework for what happens next. So we've got this drop that came through last night. We've subsequently seen a little bit of a rise on the session. CNBC said last night that based on discussions with the staff that potentially enforcement actions would relate to aspects of the company's spot market staking service, Coinbase Earn, Coinbase Prime and also the Coinbase Wallet business. Now the SEC is on high alert in the crypto industry in the wake of the failure of FTX. The recent gains we've seen in Coinbase have really all been about what's been happening with Bitcoin. Bitcoin has risen a whopping 47 and three quarter percent from the lows we had back on the 10th of March, all the way up to the highs we saw on Wednesday, yesterday, mid-session before the pullback. It's acting a little bit like a safe haven in the world of the markets. But Coinbase reflected this to some degree. But that knock yesterday was a really big pullback. But the investors are regrouping around the business and see this stock now up all-sessions, up 7% today. Where it'll open remains to be seen, but I suspect we could well see a little bit of a drop at the start later on today on Wall Street.
Mining in a banking crisis As banks continue to flounder, and lead many markets down, the ripple effects are felt across the board. IGTV caught up with John Meyer from SP Angel who said that while it was obvious that il was pricing in the worst, copper, nickel and other metals continue to show that there are areas of resilience.
Hope you are all doing well.
I was told by IG help desk in the email extract below that that they do not offer "Stop Orders" anymore. Can anyone confirm this statement?
"Please be advised that we are no longer offering stop orders. Due to some technical issues faced in conjunction with their low popularity, the desk have made the business decision to remove them from order offering.
We do not expect this feature to return.
We apologise for any inconvenience."
Can anyone confirm this statement?
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