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


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


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.


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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An Ethereum blockchain upgrade, crypto regulatory battles, and Bitcoin price discussion: Hodler’s Digest, Aug. 1-7


Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week


Square to acquire Australian fintech Afterpay in $29B deal

Jack Dorsey’s digital payments firm Square entered into a $29 billion stock deal to purchase Australian buy now, pay later (BNPL) firm Afterpay this week. 

Just like the name Afterpay implies, Square will essentially be buying the firm now and paying later, with the transaction set for the first quarter of 2022 and to be paid out entirely in Square common stock.

Bitcoin (BTC) proponent Anthony Pompliano was pleased with the news, noting on his web series The Best Business Show that Square is one of the only stocks he owns, as he forecasted that the firm’s valuation will explode following the acquisition.

In an Aug. 3 YouTube video, Pomp went for sheer and utter clickbait with the title “SQUARE is going to be worth 1 TRILLION dollars,” and he emphasized the potential of rolling out Afterpay’s BNPL services to 70 million Cash App users and 2 million Square merchants.


Ethereum London hard fork goes live

The London hard fork arrived almost on schedule on Aug. 5, ushering in Ethereum Improvement Proposal 1559. An interesting feature of the upgrade is that it also ushered in some bullish sentiments from Ethereum (ETH) proponents and some sour grapes from Bitcoin maxis. 

Ethereum has now transitioned away from a bidding-based fee market to a fixed price-and-burn mechanism, which may see the asset become deflationary if more ETH is burned than issued in block rewards. However, this may be more likely after the switch to proof-of-stake with ETH 2.0If the asset does become deflationary, it would reach the status of “ultrasound money,” which is a term that has also been a long-running meme in ETH communities that mocks Bitcoiners’ description of BTC as sound money due its capped supply of 21 million.


BREAKING: White House confirms support for minor changes to crypto tax proposal

The White House officially backed a last-minute amendment to the controversial U.S. infrastructure plan that proposes expanded cryptocurrency taxation to raise an additional $28 billion in revenue. The amendment maintains stringent reporting requirements for blockchain developers and validators while exempting miners. 

However, the amendment’s vague wording and lack of clearly defined terms suggest that crypto developers and proof-of-stake validators would still be subject to expanded reporting and taxation that some have described as “unworkable.”

For some reason, members of the White House seem intent on cracking down on tax evasion in crypto without understanding the nuances of the industry. They also seem to overlook the blatant rorting of the system from multinational giants who essentially vacuum capital out of the people’s pockets while paying zero tax.


Mike Novogratz blasts US officials for poor grasp of crypto industry

Amid the backdrop of looming crypto regulations that will most likely increase taxes and decrease profits, Galaxy Digital CEO Mike Novogratz has come out swinging in response to Senator Elizabeth Warren’s remarks calling cryptocurrency “the wild west” of the U.S. financial system.

The billionaire crypto proponent’s jabs were, of course, delivered through social media, with Novogratz taking to Twitter on Aug. 3 to assert that most U.S. officials have no idea what they are talking about when it comes to crypto: 

“Crypto is the future of our financial system and our citizens deserve officials that do their homework to understand this new technology. Most of our leaders haven’t done that yet. We also need regulators and politicians who understand that new ideas need room to grow.”


Circle and Unstoppable Domains to introduce username-based USDC payments

Circle and Unstoppable Domains are working to introduce username-based addresses as an alternative to long-winded alphanumeric crypto wallet addresses to aid the not-so-tech-savvy, a.k.a. newbies and boomers. 

According to an Aug. 4 announcement, blockchain domain name provider Unstoppable Domains and stablecoin issuer Circle are collaborating to release readable “.coin” usernames for USD Coin (USDC) transfers.

As part of the partnership, both companies will collaborate to enable support for .coin username extensions across wallets and crypto exchanges that list the number two-ranked stablecoin. 

Under this arrangement, USDC transfers will become akin to sending an email, likely mitigating the problem of transferring coins to the wrong address, losing funds forever and living with regrets over one’s lack of due diligence.

Winners and Losers



At the end of the week, Bitcoin is at $42,651, Ether at $2,867 and XRP at $0.74. The total market cap is at $1.73 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Voyager Token (VGX) at 94.22%, THORChain (RUNE) at 50.69%, and Ravencoin (RVN) at 44.13%.

The top three altcoin losers of the week are Amp (AMP) at -14.97%, XinFin Network (XDC) at -4.74%, and Telcoin (TEL) at -1.66%. 

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.



Most Memorable Quotations


“We can see Bitcoin on the balance sheets of cities, states, governments, companies, small [and] big investors.”

Michael Saylor, MicroStrategy CEO


“We’re now moving into a world where we have these nonfungible software objects that have unique identities that can actually accept money, pay money and can participate in governance, either in decentralized autonomous organizations or potentially other kinds of governments that can govern themselves.”

Joe Lubin, ConsenSys founder and CEO


“I’m spending five hours a day on everything from regulation to licensing and everything in between.”

Sam Bankman-Fried, FTX CEO


“Primarily, crypto assets provide digital, scarce vehicles for speculative investment. Thus, in that sense, one can say they are highly speculative stores of value.”

Gary Gensler, chair of the U.S. Securities and Exchange Commission


“Crypto is a bit like the parable of the blind men and the elephant. People touch it from different sides. They get distracted and carried away and energized about these different topics.”

Marc Andreessen, Andreessen Horowitz general partner and co-founder


“If you put a gun to my head, and you said, ‘I can only have one.’ I would choose gold.”

Ray Dalio, billionaire hedge fund manager


“Just so we’re all clear here, the SEC has no authority over pure commodities or their trading venues, whether those commodities are wheat, gold, oil….or #crypto assets.”

Brian Quintenz, U.S. CFTC commissioner


“The more people with stablecoins in the pocket, the more people who can participate in decentralized finance.”

Matthew Gould, Unstoppable Domains CEO

Prediction of the Week 


Bitcoin chart fractal suggests BTC price will have rallied to at least $80K by September

If this latest bullish BTC prediction turns out to be true, Bitcoiners may soon be able to start driving their lambos on the moon. 

Nunya Bizniz, an independent market analyst, posted a bullish prediction on Aug. 1, as they highlighted that the recent rally of around 40% in late July included 10 consecutive days of lovely green candles, and not those horrible red ones that bears love so much. 

The analyst noted that each of BTC’s previous 10-day bull runs has ended up with at least a 100% price increase within 30 to 60 days. Therefore, if history repeats itself, Bitcoin’s price may double and surge to new all-time highs around the $80,000 mark.

FUD of the Week 


South Korean regulator to reportedly shut down 11 crypto exchanges

Crypto regulations in South Korea may become more stringent after news circulated this week that South Korea’s top financial regulator, the Financial Services Commission, or FSC, is reportedly planning to shut down a dozen local cryptocurrency exchanges amid accusations of fraud.  

The FSC will suspend operations of at least 11 mid-sized crypto exchanges in South Korea due to alleged illegal activities and fraudulent collective accounts, according to local media outlets.  

The publication cited anonymous industry sources claiming that the names of the exchanges were not yet disclosed, so Koreans will not know exactly what to FUD over until the names come to light. The sources argued that the mentioned crypto exchanges will be unable to get approval for operation by the FSC. 

The report also notes that the authority is planning to implement stricter regulations for smaller crypto exchanges in South Korea, meaning that anyone firm that wants to partake in illegal behavior will have to do it on a large scale.


Monero’s former maintainer arrested in the US for allegations unrelated to cryptocurrency

Speaking of alleged illicit behavior, Riccardo Spagni, the former maintainer of the Monero (XMR) cryptocurrency, was arrested last month in Nashville, Tennessee, but not for anything related to crypto.  

Spagni is facing fraud charges tied to alleged offenses in South Africa between 2009 and 2011, during his time serving as an information technology manager at a company dubbed Cape Cookies. 

Spagni allegedly fabricated additional invoices from a supplier of Cape Cookies, which included inflated prices for goods and services, along with his bank details instead of the suppliers’. He now faces a hearing on Aug. 5 to determine whether he is held, pending trial. If convicted in South Africa, he faces 20 years in prison.


Breaking: BSV reportedly suffers ‘massive’ 51% attack

Bitcoin SV reportedly suffered a “massive” 51% attack on Aug. 3 that resulted in up to three versions of the chain being mined simultaneously.

Speaking about the attack, Lucas Nuzzi, a network data product manager at Coin Metrics, stated on Twitter that “someone is seriously trying to destroy BSV,” and added that:

“For over 3 hours, attackers were able to take over the chain. All exchanges that received BSV deposits during that time might have been double spent.”


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Ready to deploy? Amazon’s Bitcoin acceptance can prime a payments future

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MyEtherWallet CEO notes two ‘crucial’ components of Ethereum London upgrade


Ethereum underwent an upgrade on Thursday, bringing with it a number of alterations to the network’s blockchain. CEO and founder of MyEtherWallet, Kosala Hemchandra, pointed toward two changes of particular importance. 

“The London upgrade adds around 5 changes to the current Ethereum network; however, I believe that only 2 of them are crucial to day-to-day users,” Hemchandra said in comments sent to Cointelegraph. Noting “time bomb delay” as the first of the two, he added:

“Since the inception of Ethereum there was a hard coded value basically responsible to make sure Ethereum will move to PoS or ETH 2.0 on time. This value is responsible for making the block difficulty exponentially hard after a certain block number thus making it impossible for miners to mine new blocks and they have to move to ETH 2 network. However, because of development delays this time bomb kept getting delayed and in the London fork, it’ll be postponed one last time.”

Ethereum has suffered scalability issues in recent years, particularly evident in the high fees present when using decentralized finance, or DeFi, solutions. A long time in the making, Ethereum 2.0, or Eth2, looks to bring scalability to the Ethereum blockchain, which includes shifting to a proof-of-stake, or PoS, consensus mechanism. Eth2’s roadmap officially kicked off in December 2020.

Ethereum’s recent London hard fork included five Ethereum Improvement Proposals (EIPs). One of those proposals, EIP-1559, seeks to giv the blockchain a deflationary effect on its native asset, Ether (ETH). Hemchandra noted EIP-1559 as the second important change brought by the London hard fork.

“EIP 1559 is the highly debated change which, in essence, changes the structure of how Ethereum tx fees are handled,” he said, adding:

“This will bring a couple of major changes, such as burning the transaction fee, which will reduce the increase of overall ETH in circulation. However, since miners will no longer receive the tx fees as an incentive this change was highly debated. This change also brings a tipping mechanism to tip the miners for including your tx, and this tip will go directly to the miner and will not be burned.”