Skip to content Skip to footer

Bitcoin Prices Hit 50k, Facebook Shares Climb But the Company is Still in Hot Water & Oil Prices Reach 7-year High

Contents

Bitcoin surges above $50,000

Bitcoin prices rose above $50,000 in today’s trading session, as the SEC delayed approval of a BTC ETF product.

Many, including Bloomberg Analyst Eric Balchunas, believe that the chances of approval are close to 75%, despite the SEC opting to conduct further diligence before giving the green light.

News of this comes a week after the Chinese government formally banned all cryptocurrency products from the country.

💡 There’s a catch…
According to Nate Geraci, ETF Store president, and Eric Balchunas, Bloomberg Intelligence senior ETF analyst. Investors shouldn’t get too excited because it will just be a future-based Bitcoin ETF.

In the U.S. however, Analysts at Bank of America have stated that, “We believe crypto-based digital assets could form an entirely new asset class”, adding that “Bitcoin is important with a market value of ~$900bn, but the digital asset ecosystem is so much more”.

BTCUSD hit an intraday high of $50,346, its highest level in 4-weeks.

Facebook shares climb as services resume

Shares in Facebook traded higher on Tuesday, as the company was able to iron out the issues which led to a global outage.

The company’s products, which include Instagram and WhatsApp were offline for several hours on Monday, with users across the globe unable to access these platforms.

However, today,  the company’s VP of Infrastructure Santosh Janardhan stated that the outage was due to “configuration changes on the backbone routers”.

💡 Facebook is still facing crisis
Recently, a former facebook employee, Frances Haugen told Congress that Facebook consistently chose to maximize its growth rather than implement safeguards on its platforms, just as it hid from the public and government officials internal research that illuminated the harms of Facebook products.

Santosh went on to add that, “This disruption to network traffic had a cascading effect on the way our data centers communicate, bringing our services to a halt”.

As of writing, shares in $FB were trading 2.03% higher.

Oil prices rally to 7-year high

On Tuesday, prices of WTI crude oil rose to its highest level in 7-years as OPEC opted no to increase output.

OPEC and its allies, which include Russia, decided in July to raise output by an additional 400,000 barrels per day, lasting till April 2022 at the very least.

This decision comes as the cartel has been under pressure to boost output, as demand for energies have risen in recent weeks.

💡 OPEC can influence world oil supplies and prices
The Organization of the Petroleum Exporting Countries (OPEC) can have a significant influence on oil prices by setting production targets for its members. OPEC includes countries with some of the world’s largest oil reserves. As of the end of 2018, OPEC members controlled about 72% of total world proved oil reserves, and in 2018, they accounted for 41% of total world crude oil production.

Despite this, OPEC+ remained on course, with the cartel expecting short-term bottlenecks in the supply chain to soon give way.

WTI crude rose to an intraday high of $79.55, its highest level since October 2014.


Eliman Dambell

Senior Market Analyst

“Look at market fluctuations as your friend rather than your enemy.”

– Warren Buffet

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 4th Floor Harbour Place 103 South Church St, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.
Website: www.tradeviewforex.com

TVM Global Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.
Website: www.tvmgloballtd.com

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.
Website: www.tradeview.eu

Tradeview Financial Markets S.A.C.

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.
Website: www.tradeviewlatam.com