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Bitcoin

Dow Jones Falls As Bitcoin Spikes Above $46,000; Tesla Stock Jumps On Upgrade;

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The Dow Jones Industrial Average dropped 100 points Monday, as Bitcoin spiked above $46,000. Tesla stock raced higher after an analyst upgrade.




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Among Dow Jones leaders, Apple (AAPL) lost 0.1% Monday, while Microsoft (MSFT) moved down 0.2% in today’s stock market. Home Depot (HD) is trying to clear a new buy point, but is below the entry.

Tesla (TSLA) looked to rebound from Friday’s 2.2% sell-off, rallying more than 2% Monday morning following a Jefferies upgrade.

Among the top stocks to buy and watch, MercadoLibre (MELI), Square (SQ) and Twitter (TWTR) are in or near buy zones.

MercadoLibre, Microsoft and Tesla are IBD Leaderboard stocks. Square is an IBD SwingTrader stock.

Dow Jones Today

The Dow Jones Industrial Average lost 0.3% Monday, while the S&P 500 traded down 0.1%. The tech-heavy Nasdaq composite gained 0.1% in morning trade.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 35119.38 -89.13 -0.25
S&P 500 (0S&P5) 4431.36 -5.16 -0.12
Nasdaq (0NDQC ) 14853.33 +17.57 +0.12
Russell 2000 (IWM) 222.14 -1.25 -0.56
IBD 50 (FFTY) 46.22 +0.04 +0.09
Last Update: 10:48 AM ET 8/9/2021

Among exchange traded funds, the Innovator IBD 50 (FFTY) traded down less than 0.1% Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) moved 0.1% higher. Meanwhile, the SPDR S&P 500 ETF (SPY) lost 0.2%.

Stock Market Rally

The Dow Jones industrials and the S&P 500 eased from Friday’s record highs, while the Nasdaq recovered a part of Friday’s modest losses.

Friday’s Big Picture column commented, “The market trend remains in a confirmed uptrend. Leading growth stocks are mostly acting well, like Advanced Micro Devices (AMD), which triggered the eight-week hold rule the past week. But there are some recent losers. Roku (ROKU) triggered the 7%-8% loss-cutting sell rule from a 463.09 buy point last week.”

(Be sure to check out Thursday’s Big Picture for a detailed breakdown of how to manage exposure in the current stock market.)

For more stock market commentary, check out IBD’s The Big Picture.


Stock Market ETF Strategy And How To Invest


Bitcoin Prices Spikes Above $46,000

The price of Bitcoin briefly surged above $46,000 before paring some gains. Bitcoin traded around $45,700 in morning trade, according to Coindesk.

The Grayscale Bitcoin Trust ETF (GBTC) advanced almost 5% and is moving further above its 50-day moving average line.

Dow Jones Stocks To Buy And Watch: Home Depot

Dow Jones leader Home Depot is trying to break out past a cup with handle’s 333.55 buy point, according to IBD MarketSmith chart analysis. The 5% buy area goes up to 350.23.

Shares dropped 0.4% Monday morning.

Stocks To Buy And Watch: MercadoLibre, Square, Twitter

IBD Leaderboard stock MercadoLibre is trading right at a 1,755.05 buy point following Thursday’s nearly 14% surge. Shares dipped 0.1% Monday. Per Leaderboard analysis, the stock’s first 5 minutes of trading notched a high of 1,755.05, setting an alternate entry for aggressive investors. MELI is trading at a reasonable level above that price. A trend line within the base may also offer another early entry point.

The stock is also building the right side of a cup base, according to IBD MarketSmith chart analysis. Another possible entry looms at 2020.10. And be on the lookout for a potential handle to offer a more risk-optimal buy point.

IBD SwingTrader stock Square is back in buy range past a 267.87 buy point in a cup-with-handle base amid Monday’s 0.5% gain. The 5% buy zone goes up to 281.26.

According to the IBD Stock Checkup, SQ stock shows a 96 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a blend of strong fundamental and technical characteristics.

Social media giant Twitter is approaching a double-bottom-with-handle’s 73.44 buy point. Shares are about 5% away from the entry following Monday’s 0.3% loss.

Tesla Stock

Tesla stock rallied over 2% Monday, looking to rebound from Friday’s sell-off. Early Monday, Jefferies upgraded Tesla from hold to buy, raising the price target from 700 to 850. The electric-vehicle giant is rebounding from support around its 50- and 200-day moving averages. Another strong show of support at these levels was bullish for the stock’s prospects.

Shares are trying to move back above a 700.10 aggressive buy point deep inside a correction. Meanwhile, a deep, large base continues to take shape.

On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.

Dow Jones Leaders: Apple, Microsoft

Among the top Dow Jones stocks, Apple moved down 0.1% Monday, on pace to add to Friday’s 0.6% loss. The stock hit an all-time high on July 15 at 150. Apple stock remains out of the 5% buy zone from a 137.17 entry in a cup base. On a weekly chart, IBD MarketSmith chart analysis also places a buy point at 145.19 in a consolidation, which would put Apple in a buy range through 152.45.

Software giant Microsoft fell 0.2% early Monday, but remains just off record highs. Microsoft continues to trade solidly above a cup base’s 263.29 buy point. The stock is extended above the 5% buy zone, which goes up to 276.45.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.

YOU MAY ALSO LIKE:

Top Growth Stocks To Buy And Watch

Learn How To Time The Market With IBD’s ETF Market Strategy

Find The Best Long-Term Investments With IBD Long-Term Leaders

MarketSmith: Research, Charts, Data And Coaching All In One Place

Celebrating 10 Years Of Leaderboard: 3 Weeks For $9.95



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Market & Analysis

Bitcoin Price Regains Strength Above $41K, Crypto Market Cap Jumps 6% in 24 Hours – Markets and Prices Bitcoin News

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Crypto assets have climbed in value during the last 24 hours as the price of bitcoin tapped a high on Friday, reaching $42,411 per unit at 8:00 p.m. (EDT). The entire market capitalization of all 10,000+ crypto assets is $1.64 trillion on Saturday, up over 6% during the last day.

Bitcoin Climbs Over 20% This Week

The price of bitcoin (BTC) and a number of other digital assets have climbed higher in value during the last few days. Five days ago, a massive short squeeze propelled the price of bitcoin higher as it jumped just below the $40K handle from a low of $34,500 per unit.

Bitcoin Price Regains Strength Above $41K, Crypto Market Cap Jumps 6% in 24 Hours
Bybit.com’s Liquidation Data.

Similarly, there was also a large derivatives expiry on Friday ending the month of July and at around 8:00 p.m. (EDT) a swathe of short positions were liquidated. During the course of the last day, $284.7 million worth of positions were liquidated according to bybt.com’s Liquidation Data.

After 8:00 p.m., the price of bitcoin (BTC) quickly spiked to $42,411 per unit and has remained above the $41K handle since then. BTC is up over 7% today and over 20% during the last seven days. Out of the entire $1.64 trillion, bitcoin’s (BTC) market cap captures 47.66% of the aggregate with $781 billion.

Bitcoin Price Regains Strength Above $41K, Crypto Market Cap Jumps 6% in 24 Hours
BTC/USD chart on July 31, 2021, via Bitstamp.

BTC has around $33 billion in global trade volume on Saturday with tether (USDT) commanding 59% of all trades. This is followed by USD (12.29%), BUSD (5.85%), JPY (4.34%), and EUR (3.41%). At the time of writing, BTC is exchanging hands for $41,522 per unit.

Ethereum Spikes 12% This Week, Easyfi Jumps Over 2,800%, Tether Captures 47% of Global Trade Volume

The second-largest crypto asset, in terms of market cap, is ethereum (ETH) up over 5% during the last day. ETH has gained 12% during the last seven days and at press time ETH is swapping for $2,455 per unit.

Bitcoin Price Regains Strength Above $41K, Crypto Market Cap Jumps 6% in 24 Hours
ETH/USD chart on July 31, 2021, via Deribit.

The biggest gainers during the last seven days include the coins easyfi (EASY) up a whopping 2,854%, flexacoin (FXC) up 706%, and omix (OMX) up 500% this week. The biggest weekly losers include beetle coin (BEET) down 83%, chip (CHIP) down 54%, iov blockchain (IOV) down 51%.

The biggest 24-hour gainer among the top ten largest crypto assets, in terms of market valuation, is polkadot (DOT) which is up 12% today and 20% during the last week. Out of the $1.64 trillion worth of crypto assets, the reported trade volume on Saturday is $84 billion. Tether (USDT) reportedly commands $57 billion or 47.36% of today’s global trade volume among all the crypto assets recorded.

What do you think about the recent crypto run-up and improved prices? Let us know what you think about this subject in the comments below.

Tags in this story
Bitcoin, Bitcoin Price, BTC, Crypto Prices, cryptocurrency markets, Easyfi, ETH, Ethereum, Gainers, IOV blockchain, Losers, Market Cap, Market Update, Markets, Percentages, price of bitcoin, Prices, Saturday Trading, Weekend Markets

Image Credits: Shutterstock, Pixabay, Wiki Commons, Bybit Data, Bitcoinwisdom.io,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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