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On May 29, U.S. Treasury Secretary Bessenter stated at a White House press conference on the 28th that whether the U.S. and Iran can reach a potential agreement depends on whether U.S. President Trump supports it. Earlier that day, U.S. media, citing U.S. officials, reported that U.S. and Iranian negotiators had reached a basic agreement on the terms of a memorandum of understanding, pending final approval from Trump. Bessenter did not directly answer several related questions at the press conference, instead stating that "both teams have been in constant communication and consultation," and emphasizing that "everything depends on what the president wants to do." Bessenter said that Trump has several clear "red lines": Iran must hand over its highly enriched uranium, Iran cannot develop nuclear weapons, and the Strait of Hormuz must remain open.Foreign central banks held $12.829 billion in U.S. Treasury securities in the week ending May 22, compared with a decrease of $20.238 billion in the previous week.On May 29, it was reported that Pushilin, the Russian-appointed leader of the Donetsk region, posted on social media on the 28th that Ukrainian armed forces attacked a maintenance crew vehicle of a local water company, resulting in the deaths of three employees and serious injuries to one. Pushilin said that doctors were doing their best to save the seriously injured employee.Dell (DELL.N) reported an 88% surge in first-quarter sales, driven by demand for AI products, prompting the company to raise its full-year outlook. The company said Thursday it now expects full-year revenue to reach $165 billion to $169 billion, up from its previous range of $138 billion to $142 billion. It also raised its midpoint of adjusted earnings per share guidance to $17.90 from $12.90. Dell reported first-quarter profit of $3.44 billion, or $5.24 per share, compared with $965 million, or $1.37 per share, in the same period last year. Excluding certain one-time items, adjusted earnings per share were $4.86, exceeding analysts expectations of $2.96 surveyed by FactSet. Revenue surged 88% to $43.84 billion. The sales growth was driven by the Infrastructure Solutions segment, whose revenue nearly tripled to $29 billion. This growth was driven by AI-optimized servers and traditional servers. Dell expects its second-quarter revenue to be between $44 billion and $45 billion, with a median adjusted earnings per share of $4.80. According to a FactSet analyst survey, analysts expected revenue of $35.1 billion and adjusted earnings per share of $2.99. Dells stock price surged in after-hours trading, rising more than 12% at one point.Following the release of its financial report, Dell (DELL.N) shares surged in after-hours trading, currently up over 9%.

Cryptoverse: Bitcoin’s no longer the king of the swingers

Skylar Shaw

Sep 07, 2022 16:05

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There are several names for bitcoin. buzzy, seductive, perplexing, and even false. yet never monotonous.


But lately, it's been unsettlingly subdued.


The king of the swingers has been unusually stalling at approximately $20,000 and hasn't gone much higher than that since June.


This is bad news for exchanges and traders who make money off of bitcoin's wild price swings and gives ether, its archrival cryptocurrency, a chance to step up its game by switching to a leaner, meaner blockchain.


According to Martin Leinweber, digital asset product strategist at MarketVector, "Bitcoin is not dead, it's simply uninteresting right now, therefore traders are seeking for alternatives."


According to research company Coinglass, Bitcoin's average 30-day volatility, which measures how its price changes over a certain time period, has dropped to 2.7% from above 4% in early July.


Even during the most stressful months of the "crypto winter" of low prices, that figure has remained solidly below 5% in 2022, which is a change from the previous five years, when even times of lesser volatility were followed by surges as high as 7%.


Similar to this, an indicator from CryptoCompare, which calculates how much prices are anticipated to fluctuate by using bitcoin futures contracts, is now slightly over 77, down from around 90 at the beginning of the year.


In the past, Bitcoin has seen periods of lower volatility, often during times of depressed or declining values, with its price fluctuations frequently returning as trading activity builds up.

But this dip could be unique

According to Stéphane Ouellette, CEO of cryptocurrency derivatives firm FRNT Financial, "there has been a reasonably extended period of lower volatility; it's already beyond anything we've seen in even 2019 when these levels lasted roughly a quarter to a quarter-and-a-half."

Ether in high gear

As a result of bitcoin's low volatility, Leinweber at MarketVector saw a rise in trading for ether and its derivatives.


In fact, ether's price has increased 50% since the beginning of July while bitcoin's price has remained same. Ether is the No. 2 cryptocurrency, with a market worth of around $190 billion compared to bitcoin's $380 billion.


According to analytics company Messari, ether doesn't provide more price drama since it is far less volatile, with its peak volatility being just over 2% in March 2020, during the height of the COVID market crash.


However, it is now absorbing a lot of the cryptocurrency talk as it approaches its "Merge," which is anticipated to eventually occur later this month and include a fundamental change to a system where the production of new ether tokens is far less energy-intensive.

Crypto burned me

Narrower price fluctuations may seem to be a plus for long-term investors in conventional assets like stocks or bonds. But that's not the case for the majority of investors and key players in the bitcoin and cryptocurrency industries. For example, exchanges profit by collecting fees for transactions; as volatility declines, trading activity tends to disappear.


Stabler prices also provide dwindling opportunities for profit for cryptocurrency hedge funds, which typically trade on price fluctuations.

So what's behind the decrease in volatility of bitcoin?

One is that there has been an investor exodus from the larger crypto market, which means fewer individuals are eager to exchange their currencies.


With bitcoin plunging by nearly 60% and ether by roughly 55%, cryptocurrencies have had a terrible year as investors have sold risky assets across the board in response to increasing inflation. Significant meltdowns at two large coins and the collapse of a well-known lender have significantly reduced public trust in the industry.


According to statistics from Blockchain.com, during a 7-day period, the dollar worth of bitcoin trade volumes on significant exchanges ranged between $127 million and $142 million, which is the lowest level since October 2020. In a similar vein, statistics from the Block indicated that bitcoin futures trading is at its lowest levels since November 2020.


The biggest levels of interest in cryptocurrencies generally coexist with the highest levels of volatility, said Ouellette. "People are saying, "I don't really care about crypto right now," after being burnt."

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