S&P 500’s Recovery Effort and a Dollar Tentative Reversal Look to Fed, Recession Update
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10/06/21 10:53
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The US Securities and Exchange Commission (SEC) has sued cryptocurrency platform Coinbase the second lawsuit in two days against a major crypto exchange. Angeline Ong | Presenter, Analyst and Content Editor, London | Publication date: Wednesday 07 June 2023 IGTV’s Angeline Ong takes a look at the differences between the SEC’s crackdown on Binance and Coinbase, and why this could be a gamechanger for the crypto industry. (Video Transcript) SEC cracks down on cryptos The crypto crackdown is escalating as the SEC has issued a lawsuit against Coinbase, the second in two days against a major crypto exchange. Now on Monday, the SEC targeted Binance, the world's largest cryptocurrency exchange. The two cases are of a different nature though with the SEC accusing Binance and its CEO, Chang Ping Tao of operating a "web of deception", while with Coinbase, the regulator considers it is operating illegally because it failed to register as an exchange. Now, if successful, these lawsuits could trigger a major change in the crypto world, asserting the SEC's jurisdiction over it. So far, the industry's argument is that tokens do not constitute securities and should not be regulated by the SEC. Coinbase share price chart Just checking in on Coinbase, which is on all-session stock on IG. It fell almost 10% in the previous session. -
By tradinglounge · Posted
Spotify Inc., Elliott Wave Technical Analysis Spotify Inc., (SPOT:NASDAQ): Daily Chart, 7 June 23, SPOT Stock Market Analysis: We have witness an outstanding up move in Spotify as we rallied over 100% from the bottom at around 70$. It looks like we are looking for a potential top soon as we seem to be having different reasons to believe so. SPOT Elliott Wave Count: Wave (v) of {v}. SPOT Technical Indicators: Above all averages. SPOT Trading Strategy: Looking for a down move to begin the correction soon. TradingLounge Analyst: Alessio Barretta Source : Tradinglounge.com get trial here! Spotify Inc., SPOT: 4-hour Chart, 7 June 23 Spotify Inc., Elliott Wave Technical Analysis SPOT Stock Market Analysis: As you can see we are looking at a potential ending diagonal in wave {v} as we encounter resistance which is visible on the daily chart and I highlighted the area in yellow. We have RSI bearish divergence suggesting we could be due a pullback. SPOT Elliott Wave count: Wave (v) of {v}. SPOT Technical Indicators: Above all averages. SPOT Trading Strategy: Looking for a sudden drop to confirm the end of the uptrend. -
Stocks in Asia managed to move higher overall, though weakness in Japan was the outlier. A poor performance from China's trade data raised hopes that some form of stimulus might eventually come to pass in the world's second-largest economy, as the slowdown intensifies. Markets remain relatively quiet overall, as the focus shifts to next week's clutch of central bank meetings. Yesterday's more hawkish RBA may give the Bank of Canada cover to raise rates once again, defying general expectations of a pause.
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