BM Market Report 21/09 – 2018: Wells Fargo, CAD and XRP

BM Market Report 21/09 – 2018: Wells Fargo, CAD and XRP

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Let’s Talk Cryptocurrencies – Week 29

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Market and Index

Thursday ended on quite a positive note for the American stock markets and we’re entering Friday with high expectations.

  • The S&P 500 increased by 22.80 points or 0.78 percent.
  • The Nasdaq Composite increased by 78.19 points or 0.98 percent.
  • The Dow Jones Industrial Average increased by 251.22 points or 0.95 percent.

Stocks

  • On Thursday, Wells Fargo announced that they are cutting their workforce by up to 10 percent in the next three years. The change, which is mostly driven by new digital solutions, will mean upwards of 25,000 people will lose their jobs.
  • Adobe confirmed their acquisition of Marketo. The final price tag landed at 4.75 billion dollars.
  • Amazon has announced several new smart home gadgets, further establishing their role as a leader in the field. One of the new tools is a microwave connected to Alexa.

Forex

  • In terms of reports with the potential of affecting the market, the CAD is in focus today with two major reports coming from the Canadian central bank.
  • Due to optimism regarding Brexit as well as UK retail sales above expectations, EUR and GBP are soaring which is hurting the USD.

Commodities

Oil prices are fluctuating as Trump called for the OPEC to lower their crude oil prices ahead of their meeting in Algeria later this weekend. Trump also called OPEC an oil “monopoly”.

Cryptocurrencies

The cryptocurrency market is experiencing wide-spread increases with XRP leading the way.

  • Bitcoin is up 2.12 percent this past day, trading above $6,500.
  • Ethereum is up 6.43 percent and has stabilized above $200 for now. ETH was trading at $222 at the time of writing.
  • XRP is leading the race and has soared 39,36 percent since Thursday morning making it the market’s absolute top gainer for the second time this week.

In addition to XRP, we find Aurora and MonaCoin among the top performers. Worst performances came from Waves, Reddcoin, and Populous which actually only dropped 1.08 percent in the past 24 hours.

All in all, we’re entering Friday with great optimism on the cryptocurrency market, although we all know that anything can happen.

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