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Decentrader Market Update for July 15, 2020

by · 5 months ago

Decentrader brings you the most timely and relevant updates on the financial, Bitcoin, and cryptocurrency markets.

Positive coronavirus vaccine news boosts market confidence

U.S. stock market futures are up significantly following news that Moderna’s candidate for a COVID-19 vaccine successfully produced antibodies in each trial participant. Particularly noteworthy is the bolstered confidence in airline and cruise stocks, as investors are seemingly optimistic about the return of holiday travelers and tourism. At the same time, the Dow Jones Industrial Averaged pumped more than 500 points.

Following JPMorgan Chase’s better-than-expected quarterly earnings report, Goldman Sachs has reported its own boast-worthy numbers. The American multinational investment bank and financial services company saw its stock surge by more than 4% after demolishing analysts’ expectations with reported earnings of $6.26 per share and the best equities trading quarter in over a decade.

Finally, Apple shares are up after 2% after the European Union’s general court ruled that the tech giant won’t need to pay $15 billion in disputed Irish taxes.

Bitcoin volatility disappears as BoE considers CBDC

It is truly the dog days of summer for Bitcoin, which is lazing about with hardly any noteworthy price movements to speak of. The first and foremost cryptocurrency’s volatility is approaching lows not seen since the 40% price crash in November 2018. 

However, the market structure was objectively more bearish two years ago, having reached the end of a long-term descending triangle in which every post-$20,000-peak rally was sold off. This time, analysts and industry pundits are a bit more split on Bitcoin’s next move — though nearly everyone agrees it will be a volatile one.

Bitcoin aside, central bank digital currencies remain a hot topic in the cryptocurrency space — particularly after the Bank of England is reportedly mulling over the idea of launching its own CBDC.