Nasdaq on track to confirm correction territory after Powell comments

(Reuters) – U.S. stocks slumped on Thursday with the Nasdaq on track to confirm correction territory, as Federal Reserve Chair Jerome Powell’s remarks failed to soothe market worries about a jump in longer-term U.S. bond yields. The benchmark 10-year Treasury yield spiked to 1.533% as Powell did not comment on any changes in Fed’s asset purchases to tackle the jump. It still held below last week’s one-year high of 1.614%. Investors were expecting that the Fed might introduce Operation Twist in which the central bank shifts its bond purchases to the long end of the yield curve from the shorter end. “The market has been worried about the rise in long-term interest rates and the Fed chairman in his commentary didn’t really push back towards this increase in rates and the market took it as a signal that yields could rise further which is what has happened,” said Scott Brown, chief economist at Raymond James in Florida. Wall Street’s fear gauge touched a near one-week high at 28.16 points. The Nasdaq wiped out all of its year-to-date gains and was down about 10% from its record closing high on Feb. 12.  Nick Note: In other words the bottom held. This trade has become a titty twister. A near death experience. All this crap about long interest rates rising is something we predicted and now have a trade for. Long rates have NO EFFECT on the stock market, Banks or business. They are ALL short term borrowers. Meaning they are creatures of short term rates as set by the FED. Investors (real Ones) and savers live up the hill in long rate land. The Yield cure has been flatter then a 8 year old school girls chest. But that baby is about to blossom into a pair of 44’s Triple D’s.

PS their is no inflation, their will be NO inflation… Its a freeging deflation that is reflating the dead man walking economy..

Police uncover ‘possible plot’ by militia to breach Capitol

WASHINGTON (AP) — Capitol Police say they have uncovered intelligence of a “possible plot” by a militia group to breach the U.S. Capitol on Thursday, nearly two months after a mob of supporters of then-President Donald Trump stormed the iconic building to try to stop Congress from certifying now-President Joe Biden’s victory. The threat appears to be connected to a far-right conspiracy theory, mainly promoted by supporters of QAnon, that Trump will rise again to power on March 4. That was the original presidential inauguration day until 1933, when it was moved to Jan. 20. Online chatter identified by authorities included discussions among members of the Three Percenters, an anti-government militia group, concerning possible plots against the Capitol on Thursday, according to two law enforcement officials who were not authorized to speak publicly and spoke on condition of anonymity. Members of the Three Percenters were among the extremists who stormed the Capitol on Jan. 6. The announcement comes as the Capitol police and other law enforcement agencies are taking heat from Congress in contentious hearings this week on their handling of the Jan. 6 riot. Police were ill-prepared for the mass of Trump supporters in tactical gear, some armed, and it took hours for National Guard reinforcements to come. By then, rioters had broken and smashed their way into the building and roamed the halls for hours, stalling Congress’ certification effort temporarily and sending lawmakers into hiding. “The United States Capitol Police Department is aware of and prepared for any potential threats towards members of Congress or towards the Capitol complex,” the agency said in a statement. “We have obtained intelligence that shows a possible plot to breach the Capitol by an identified militia group on Thursday, March 4.” Police did not identify the militia group in the statement. The U.S. House was abruptly wrapping its work for the week Wednesday night given the threat of violence. An advisory sent earlier this week to members of Congress by Timothy Blodgett, the acting House sergeant-at-arms, said that the Capitol Police had “no indication that groups will travel to Washington D.C. to protest or commit acts of violence.” But that advisory was updated in a note to lawmakers Wednesday morning. Blodgett wrote that the Capitol Police had received “new and concerning information and intelligence indicating additional interest in the Capitol for the dates of March 4th – 6th by a militia group.” In her testimony to the House panel, acting Capitol Police Chief Yogananda Pittman said her investigators had collected “some concerning intelligence,” but declined to provide any details publicly, saying that it was “law enforcement sensitive” and that she would provide a private briefing for the subcommittee members. Lawmakers, congressional staffers and law enforcement officials are still on edge after the attack last month, even as the security posture around the Capitol remains at an unprecedented level. On Wednesday, federal agents were seeking to determine whether there was an increase in the number of hotel rooms being rented in Washington, as well as monitoring flights to the area, car rental reservations and any buses being chartered to bring groups into the capital, a person familiar with the matter told The Associated Press. The person could not publicly discuss details of the security planning and spoke on condition of anonymity.

The FBI and Department of Homeland Security also sent a joint intelligence bulletin to local law enforcement officials Tuesday warning that a group of militia extremists had discussed trying to take control of the Capitol on March 4 and encouraging thousands of people to come to D.C. to try to remove Democrats from power.

There has been a noticeable decline in online activity on some social media platforms surrounding efforts on March 4, and there was already considerably less online chatter than during the lead-up to Jan. 6, a day that Trump repeatedly had promoted for a his rally and encouraged thousands to come to the nation’s capital.  Several QAnon groups still operating on the social media messaging platform Telegram warned followers to stay away from any events on March 4, claiming it was a setup for Trump supporters. “If there are groups out there planning and advertising events on or around March 4 anywhere in the country (DC included) we strongly urge everyone to avoid them entirely,” one Telegram user wrote late last month in a QAnon group that has more than 65,000 followers. There’s also a very large fence in place around the U.S. Capitol that blocks off all avenues of entry including on the streets around the building, which was put in place after Jan. 6. Also, thousands of accounts that promoted the Jan. 6 event that led to a violent storming of the U.S. Capitol have since been suspended by major tech companies like Facebook and Twitter, making it far more difficult for QAnon and far-right groups to organize a repeat of the mass gathering on Thursday. Twitter banned more than 70,000 accounts after the riots, while Facebook and Instagram removed posts mentioning “stop the steal,” a pro-Trump rallying cry used to mobilize his supporters in January. And the conservative social media platform Parler, which many of Trump’s supporters joined to promote false election fraud conspiracy theories and encourage friends to “storm” the Capitol on Jan. 6, was booted off the internet following the siege. Capitol Police say that they have stepped up security around the Capitol complex since January’s insurrection, adding physical security measures such as the fencing topped with razor wire around the Capitol and members of the National Guard who remain at the complex. The statement said the agency was “taking the intelligence seriously” but provided no other specific details on the threat. “I think they are definitely prepared for any threats that may come our way in the next couple days,” said Rep. Jennifer Wexton, D-Va., who was one of several lawmakers briefed privately by the police. Wexton added that she still questioned the long-term security plan for the Capitol and said Pittman, the acting chief, “has not come up with proactive ways to fix the issues that they had.” So far, about 300 people have been charged with federal crimes for their roles in the riot. Five people, including a Capitol Police officer, died. Since his defeat, Trump has been promoting lies that the election was stolen from him through mass voter fraud, even though such claims have been rejected by judges, Republican state officials and Trump’s own administration. He was impeached by the House after the Jan. 6 riot on a c harge of incitement of insurrection but was acquitted by the Senate. Nick Note: This is beyond stupid,,, their will  be no attack

Haze blurred the view of Beijing

https://youtu.be/0VP2jv5BRIE

The coronavirus may have originated in China but its economic impact is being felt most acutely elsewhere. From Europe to North America, advanced nations are battling to contain a resurgence in infection rates and are bracing themselves for double-digit falls in output this year. They can only look with envy to China, where the economy has already recovered. Here is picture during lockdown”

No business during lockdown no smog

China did it right shit it down completley and totally….. test the shit out of everyone and only open up once the plague is under control. See how China loofs once it reopened:

Nick Note: America is making a BIG mistake opening prematurely. In a few months sufficient numbers of people will have been vaccinated.

Biden Slams Texas And Mississippi’s ‘Neanderthal Thinking’ In Dropping Covid-19 Restrictions And Mask Mandate

President Joe Biden and federal health experts hit back Wednesday against Texas and Mississippi dropping their Covid-19 business restrictions and mask mandates, with Biden criticizing the decisions as “a big mistake,” joining a chorus of public health experts and officials who have spoken out against the orders being lifted while cases remain high and coronavirus variants spread. With the U.S. on the “cusp” of widespread vaccinations, the “last thing” it needs is “Neanderthal thinking that ‘in the meantime everything’s fine, take off your mask, forget it,’” Biden told reporters Wednesday, after White House Press Secretary Jen Psaki criticized the decision at an earlier press briefing, saying, “This entire country has paid the price for political leaders who ignored the science when it comes to the pandemic.” Dr. Anthony Fauci also criticized the states’ decisions as “ill-advised” and “really quite risky” at a town hall Wednesday with the United Food and Commercial Workers International Union, noting that in the past when cases have plateaued as they are now, “when you pull back on measures of public health, invariably you’ve seen a surge back up.” “The CDC have been very clear that now is not the time to release all restrictions,” Centers for Disease Control and Prevention Director Dr. Rochelle Wallensky said at a briefing Wednesday about the dropped measures, noting residents are “empowered to do their own thing here” by continuing to wear a mask and social distance “regardless of what the state decides.” The comments follow a series of high-profile figures who spoke out against Texas Gov. Greg Abbott’s decision Tuesday: Texas politician and former Rep. Beto O’Rourke slammed the move as a “death warrant for Texans,” while Rep. Alexandra Ocasio-Cortez (D-N.Y.) said Texas’s dropped restrictions “endangers the entire country and beyond.” Local leaders throughout Texas also criticized Abbott, with San Antonio Mayor Ron Nirenberg saying lifting the measures is a “huge mistake” akin to “cut[ting] off your parachute just as you’ve slowed your descent.”Health officials in Texas have also responded to the governor’s decision with outrage: Houston Health Department official Dr. David Persse said Tuesday he was “at a bit of a loss for words,” and Memorial Hermann Health System CEO Dr. David Callender told KHOU11, “I think the typical response I’ve heard today from our people is, what is he thinking?”

“It’s critical, critical, critical, critical that they follow the science” by wearing a mask, washing hands and social distancing, Biden told reporters Wednesday. “I know you all know that, but I wish the heck some of our elected officials would.”

Abbott announced Tuesday that all restrictions on businesses in the state and the statewide mask mandate will lift starting March 10 as cases in the state have gone down, declaring, “It is time to open Texas 100%.” Mississippi Gov. Tate Reeves also announced Tuesday his state would end its Covid-19 restrictions and mask mandate, which only applied to certain counties, as well. The decisions are part of a broader trend of states lifting or easing restrictions as Covid-19 cases have dropped nationwide. These steps have been taken over the objection of health officials, who have warned against relaxing restrictions while more transmissible coronavirus variants spread nationwide. Wallensky noted last week that the recent decline in cases now appears to be plateauing as variants have taken hold, calling the new trend a “very concerning shift” in the course of the pandemic. As coronavirus variants remain a concern, a February study found that Houston was the first city in the country to record every major variant that has been documented by genome sequencing so far. The study found 28 cases linked to variants, including the strains that were first identified in the United Kingdom, South Africa and Brazil.  Nick Note: How do you spell STUPID…….TEXAS!

US closes lower with data, stimulus talks in focus

Equities on Wall Street finished Wednesday’s session in the red after negative data reports pushed investor sentiment lower. The ADP National Employment Report showed that the number of jobs in the United States private sector grew at a slower pace in February than analysts anticipated, while the services sector activity in the same month declined compared to January levels. Meanwhile, traders await the agreement between the Republicans and Democrats on the coronavirus rescue package. The talks are expected to continue later on Wednesday, Senate Majority Leader Chuck Schumer noted. The Dow Jones decreased by 0.38% or more than 100 index points at the closing bell with Salesforce falling more than 3%, while the S&P 500 surrendered 1.30% concurrently as Etsy plummeted over 12%. The Nasdaq 100 dipped 2.88% to end the session with losses dragged down by Moderna’s drop of nearly 11%. The euro stood flat against the dollar, changing hands for 1.20642 at 4:00 am ET.  Nick Note: The lows will hold and stimulas will pass. And i belive we will get a zoom zoom zzooooommmmm!

Biden, Dems OK Tighter Income Limits for COVID-19 Relief

https://youtu.be/ZVqszSsuVgo

President Joe Biden and Democrats agreed Wednesday to tighten the upper income limits at which people could qualify for stimulus checks, a Democratic official said, a major concession to moderates as party leaders prepared to move their $1.9 trillion coronavirus relief bill through the Senate. The COVID-19 relief measure Senate Democrats planned to unveil will also retain the $400 weekly emergency jobless benefits that were included in a House-approved version of the legislation, the official said. The person spoke on the condition of anonymity to describe internal Democratic conversations.

The changes came with Republicans, who may unanimously oppose the legislation, lashing the bill as an overpriced Democratic wish list that lavishes help on many who don’t really need it.

In a 50-50 Senate where Democrats must remain united, party moderates have been pushing to refocus the bill’s spending more closely on those must hurt by the pandemic and resulting economic slowdown. As part of Democrats’ legislative thrust on what is Biden’s top initial legislative priority, individuals earning up to $75,000 — and couples up to $150,000 — would get $1,400 checks per person. The version the House approved last Saturday would gradually phase down those amounts and reach zero for individuals making $100,000 and couples earning $200,000.

But under Wednesday’s agreement, those checks would end for individuals making $80,000 and couples earning $160,000, the official said.

But Biden and party leaders stood firm and will retain the $400 weekly emergency jobless benefits, which are paid on top of regular state payments. Moderates have wanted to trim those payments to $300 per week, with some saying the higher amount could discourage people from returning to their jobs. On Tuesday, Biden took to Twitter to signal he wouldn’t budge from his demand that lawmakers add a fresh $1,400 payment to the $600 that millions of individuals received from a December relief measure. That new installment comprises nearly a quarter of the overall bill’s cost. “The fact is that $600 is not enough. The Senate needs to pass the American Rescue Plan and finish the job of delivering $2,000 in direct relief,” Biden wrote in one of his infrequent uses of a medium his predecessor, Donald Trump, at times used over 100 times daily. The huge relief package is a too-big-to-fail moment for the fledging president, who would be politically staggered if Congress — controlled narrowly by Democrats but controlled nonetheless — failed to deliver. Conquering the virusthat’s killed half a million Americans and flung the economy and countless lives into tailspins is Biden’s top initial priority. So far, Republicans are following the template they set during Barack Obama’s presidency. Senate Minority Leader Mitch McConnell, R-Ky., said he hoped GOP senators would oppose the bill unanimously, as their House counterparts did early Saturday when that chamber approved its version of the measure. “The new administration made a conscious effort to jam us,” McConnell told reporters. “We’ll be fighting this in every way that we can.”

Democrats are using special rules that will let them avoid GOP filibusters that would require them to garner an impossible 60 votes to approve the legislation.

The Senate bill was expected to largely mirror the House-approved package, with the most glaring divergence the Senate’s dropping of language boosting the federal minimum wage to $15 hourly.President-elect Joe Biden is hoping to jump-start the economy with his sweeping $1.9 trillion American Rescue Plan.  Schumer said Senate debate would commence as soon as Wednesday and predicted, “We’ll have the votes we need to pass the bill.” Democrats want to send a final package to Biden by March 14, when an earlier round of emergency jobless benefits expires. The bill has hundreds of billions of dollars for schools and colleges, COVID-19 vaccines and testing, mass transit systems, renters and small businesses. It also has money for child care, tax breaks for families with children and assistance for states willing to expand Medicaid coverage for low-income residents. It was clear there were still moving parts. Senate Democrats were removing $1.5 million for a bridge between New York state and Canada and around $140 million for a rapid transit project south of San Francisco after Republicans cast both as pet projects for Schumer and House Speaker Nancy Pelosi, D—Calif. Aides to both Democratic leaders said the projects weren’t new and had been supported by the Trump administration. Sen. Angus King, I-Maine, said he wants the bill’s $350 billion for state and local governments to specify minimum amounts for municipal governments and has called for $50 billion to improve broadband coverage.

Despite every Democrats’ huge leverage because all their votes are needed, none have so far threatened to sink the legislation if they don’t get their way. All are aware of how that would rattle Biden’s presidency and Democrats’ ability to be productive during this Congress.

“We want to get the biggest, strongest bill that can pass, and that’s what we’re going to do,” Schumer said. There were indications loose ends were falling into place. In one sign, 11 Democratic senators wrote Biden urging him to use a huge, upcoming infrastructure bill to create regularly paid relief and jobless benefits that would be automatically triggered by economic conditions. Some progressives had wanted those payments included in the COVID-19 bill. Democrats’ push to include it in later legislation suggested an effort to satisfy progressives while avoiding jeopardizing the current package. Progressives, though, were still smarting over the virtual certainty that the Senate bill will lack the minimum wage boost, up from $7.25 hourly locked in since 2009. The chamber’s nonpartisan parliamentarian said last week that including that increase violated Senate budget rules. Opposition by moderates including Manchin and Sen. Kyrsten Sinema, D-Ariz., has left Democrats without the votes needed to salvage it. Nick Note: Making sausage is a ugly process. The market as i write this is swooning on the mistaken belief the happy checks are in question. I believe the stimulus bill will be passed without any Republican support. Now that the filibuster is gone it takes a simple majority in congress to pass. Which the Democrats have with MRSSS Harris vote.

‘When will it end?’: How a changing virus is reshaping scientists’ views on COVID-19

CHICAGO (Reuters) – Chris Murray, a University of Washington disease expert whose projections on COVID-19 infections and deaths are closely followed worldwide, is changing his assumptions about the course of the pandemic. Murray had until recently been hopeful that the discovery of several effective vaccines could help countries achieve herd immunity, or nearly eliminate transmission through a combination of inoculation and previous infection. But in the last month, data from a vaccine trial in South Africa showed not only that a rapidly-spreading coronavirus variant could dampen the effect of the vaccine, it could also evade natural immunity in people who had been previously infected.

“I couldn’t sleep” after seeing the data, Murray, director of the Seattle-based Institute for Health Metrics and Evaluation, told Reuters. “When will it end?” he asked himself, referring to the pandemic. He is currently updating his model to account for variants’ ability to escape natural immunity and expects to provide new projections as early as this week.

A new consensus is emerging among scientists, according to Reuters interviews with 18 specialists who closely track the pandemic or are working to curb its impact. Many described how the breakthrough late last year of two vaccines with around 95% efficacy against COVID-19 had initially sparked hope that the virus could be largely contained, similar to the way measles has been. But, they say, data in recent weeks on new variants from South Africa and Brazil has undercut that optimism. They now believe that SARS-CoV-2 will not only remain with us as an endemic virus, continuing to circulate in communities, but will likely cause a significant burden of illness and death for years to come. As a result, the scientists said, people could expect to continue to take measures such as routine mask-wearing and avoiding crowded places during COVID-19 surges, especially for people at high risk. Even after vaccination, “I still would want to wear a mask if there was a variant out there,” Dr. Anthony Fauci, chief medical advisor to U.S. President Joe Biden, said in an interview. “All you need is one little flick of a variant (sparking) another surge, and there goes your prediction” about when life gets back to normal. Some scientists, including Murray, acknowledge that the outlook could improve. The new vaccines, which have been developed at record speed, still appear to prevent hospitalizations and death even when new variants are the cause of infection. Many vaccine developers are working on booster shots and new inoculations that could preserve a high level of efficacy against the variants. And, scientists say there is still much to be learned about the immune system’s ability to combat the virus. Already, COVID-19 infection rates have declined in many countries since the start of 2021, with some dramatic reductions in severe illness and hospitalizations among the first groups of people to be vaccinated.

WORSE THAN FLU

Murray said if the South African variant, or similar mutants, continue to spread rapidly, the number of COVID-19 cases resulting in hospitalization or death this coming winter could be four times higher than the flu. The rough estimate assumes a 65% effective vaccine given to half of a country’s population. In a worst-case scenario, that could represent as many as 200,000 U.S. deaths related to COVID-19 over the winter period, based on federal government estimates of annual flu fatalities. Nick Note: this is like the seasonal flue. We will have to be diligent and wait for and get the booster shots…      Continue reading “‘When will it end?’: How a changing virus is reshaping scientists’ views on COVID-19”

International air traffic drops 85.6% in January – IATA

The International Air Transport Association (IATA) announced that passenger traffic fell in January 2021, both compared to pre-COVID levels (January 2019) and compared to the immediate month prior (December 2020).

Because comparisons between 2021 and 2020 monthly results are distorted by the extraordinary impact of COVID-19, unless otherwise noted all comparisons are to January 2019 which followed a normal demand pattern.

  • Total demand in January 2021 (measured in revenue passenger kilometers or RPKs) was down 72.0% compared to January 2019. That was worse than the 69.7% year-over-year decline recorded in December 2020.
  • Total domestic demand was down 47.4% versus pre-crisis (January 2019) levels. In December it was down 42.9% on the previous year. This weakening is largely driven by stricter domestic travel controls in China over the Lunar New Year holiday period.
  • International passenger demand in January was 85.6% below January 2019, a further drop compared to the 85.3% year-to-year decline recorded in December.

2021 is starting off worse than 2020 ended and that is saying a lot. Even as vaccination programs gather pace, new COVID variants are leading governments to increase travel restrictions. The uncertainty around how long these restrictions will last also has an impact on future travel. Forward bookings in February this year for the Northern Hemisphere summer travel season were 78% below levels in February 2019,” said Alexandre de Juniac, IATA’s Director General and CEO.

International Passenger Markets

  • Asia-Pacific airlines’ January traffic plummeted 94.6% compared to the 2019 period, virtually unchanged from the 94.4% decline registered for December 2020 compared to a year ago. The region continued to suffer from the steepest traffic declines for a seventh consecutive month. Capacity dropped 86.5% and load factor sank 49.4 percentage points to 32.6%, by far the lowest among regions.
  • European carriers had an 83.2% decline in traffic in January versus January 2019, worsened from an 82.6% decline in December compared to the same month in 2019. Capacity sank 73.6% and load factor fell by 29.2 percentage points to 51.4%.
  • Middle Eastern airlines saw demand plunge 82.3% in January compared to January 2019, which was broadly unchanged from an 82.6% demand drop in December versus a year ago. Capacity fell 67.6%, and load factor declined 33.9 percentage points to 40.8%.
  • North American carriers’ January traffic fell 79.0% compared to the 2019 period, up slightly from a 79.5% decline in December year to year. Capacity sagged 60.5%, and load factor dropped 37.8 percentage points to 42.9%.
  • Latin American airlines experienced a 78.5% demand drop in January, compared to the same month in 2019, worsened from a 76.2% decline in December year-to-year. January capacity was 67.9% down compared to January 2019 and load factor dropped 27.2 percentage points to 55.3%, highest among the regions for a fourth consecutive month. Nick Note: this is the best information on the REAL state of the airlines. Despite their publicity stunts reality is things are pretty bad. All the pictures of cleaning robots and disinfection crews is not able to overcome the reality. Airlines have spread the plague far and wide. And as a result of their out and out payoffs and lobbying they have spread the plague far and wide. and are responsible for millions of deaths and trillions in economic damage. Because the virus is spread passenger to passenger all the cabin cleaning does no do shit. Unless everyone on the plane is sealed in a bubble with separate air suupplies like in a hazmat suit infections will spread. The great white hope is WORKING vaccinations. Make sure everyone on the plane is tested 24 hours before they fly and ALL are vaccinated. So it means traveler health certificates which are not something new. It also shows you the great recovery potential  in business that can be expected as countries get their populations vaccinated. You can extrapolate the loss in business of the airlines to hotels, restaurants and theaters. I present this as a way to show you the bomming RECOVERY that lies ahead.

Senate likely to pass virus bill on Friday or Saturday – Hoyer

The House vote on President Joe Biden’s $1.9 trillion Covid-19 relief bill will be held on Friday, the majority leader announced. Biden on Tuesday indicated the congressional vote on the legislation would be close, speaking after GOP Senator Susan Collins said she doesn’t expect a single Republican vote in favor of it. Budget Committee Chair Bernie Sanders said the Senate’s parliamentarian could rule as soon as Wednesday on whether a proposed minimum-wage hike can be included in the fast-track bill. While the package that the House is expected to vote on in coming days includes the president’s plan to phase in a $15-per-hour minimum wage, two moderate Democratic senators currently say they oppose that component of the legislation. Senate leaders meantime previewed what’s next. Majority Leader Chuck Schumer said he expects Biden’s second, longer-term economic package “very soon” after the pandemic-aid bill. Minority Leader Mitch McConnell warned that he believes Democrats will include tax hikes in that next bill, predicting the majority party would push for a corporate tax rate in excess of Biden’s 28% proposal. Nick Note: a trillion here a trillion there. eventually its enough to buy one hell of a bubble rally

Bitcoin price tops $50,000 again….I canot wait till its time to short this shit

below is a example of the endless promotion to real in the suckers. within the next 3 years bitcoin will be under 500 if it exists at all

  • After starting off the week with a sudden crash that saw it record its sharpest-ever gross drop in a few hours, Bitcoin has regained the $50,000 level.
  • This comes on the back of Square Inc. tripling down on its Bitcoin stash, NYAG and Tether settling their legal battle and high activity of whales on Coinbase.

Bitcoin started off this week with a flash crash that sent shockwaves across the market. The top cryptocurrency had recorded a new all-time high at $58,419 on February 21 and looked set to hit the $60,000 mark for the first time. It then crashed following record inflows into exchanges, losing 21% in hours. However, Bitcoin has recovered and reclaimed $50,000.

Bitcoin dipped just below $46,000  for the first time since February 11. As CNF reported, BTC whales were behind the dip, with a sizeable number disposing of their BTC holdings. On-chain analytics firm Santiment revealed that BTC whales with at least 1,000 BTC had dropped by 1.9%. Additionally, BTC inflow into exchanges had spiked eleven-fold. The selling pressure weighed on the flagship cryptocurrency, and it inevitably dipped. The sudden dip had led to speculation that institutions were, at last, getting into the profit-taking mode. These investors, which include some of the largest Wall Street firms, have been key players in the BTC rise. With hundreds of millions of dollars coming into the market, demand has been extremely high, boosting the price. Square Inc., the payments processor led by Bitcoin bull Jack Dorsey, proved that institutions are still all in with its latest BTC purchase. The company revealed that it had taken advantage of the slight price dip to build upon an earlier purchase. In a press release, the company stated, “Square also announced today that it has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million. Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.” Nick Note: As far as i am concerned Bitcoin is computer based tin fish for a another poing in time. Its amazing how the stupidity stays the same through the ages…. Below is James Grant… quite a contrast from the bloggers….