Market Report (Morning Coffee News): Bitcoin, Soybeans, Yelp, and Overstock

Market Report (Morning Coffee News): Bitcoin, Soybeans, Yelp, and Overstock

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Let’s Talk Cryptocurrencies – Week 17
Let’s Talk Cryptocurrencies – Week 22
Bitcoin is Tanking Thanks to Mt. Gox and the SEC

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Review site Yelp beat Wall Street profit expectations for the second quarter, and the stock has soared by 27 percent since the report was published yesterday. Yelp reported earnings per share of 12 cents compared to expected 1 cent and sales landed at $235 million compared to the expected $232 million.

Tesla is still in a sticky situation, and people that are involved in the matter are divided. On one hand, the Tesla board wants Elon Musk to recuse himself while Wall Street analysts that are close to the company have started to believe that Musk might actually have the funding he’s talking about. Regardless of the outcome, there are decisions to be made in the coming week that will change the future of the electric car manufacturer.

The market has turned ever so slightly after a long week. Bitcoin is trading in green for the first time in days and is up 2 percent in the past 24 hours. Both BTC and several altcoins are now showing signs of support, and we are expecting more growth over the weekend.

Stellar and Holo are among the last day’s top gainers at 6.64 percent and 8.47 percent respectively. However, the biggest gainer of them all is Mona coin that surged an impressive 17.80 percent, closely followed by ChainLink and Augur at 15.47 percent and 11.40 percent.

Overstock soared by 21 percent in after-hours, and it is set to continue when markets open on Friday morning. The reason is that Hong Kong equity firm GSR Capital will invest up to $270 million dollars in Overstock-backed tZERO.

Soybeans have had a rough year since trade war tensions between the United States and China was initiated. But after soaring 10 percent over the past couple of weeks, analysts see how the rally could continue for the commodity.

Tony Dwyer – the biggest bull on Wall Street – shared his positive forecast for 2018 with CNBC on Thursday. According to Dwyer, the S&P 500 will jump another 12 percent before the end of the year finishing off at a new all-time high of 3,200 points.

Ethereum and XRP are struggling to catch up with the rest of the cryptocurrency market that has been trading in green since yesterday. At the time of writing, Ethereum was down 0.20 percent and XRP was down 2.03 percent.

Don’t forget to check out our market review segment called Let’s Talk Business where we walk you through the biggest events of this past week. For example, China has been in the spotlight and so has the SEC both in relation with Tesla and with Bitcoin ETF applications

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