Bitcoin weekly price chart

Bitcoin (BTC) has crossed into bullish territory with the biggest weekly gain in 2.5 months.

  • The top cryptocurrency by market value climbed nearly 6.6% in the seven days to Oct. 11, capping its biggest single-week percentage rise since the last week of July.
  • The flipping of the stiff resistance of $11,200 (Sept. 18) into support is bullish, according to Stack Funds research analyst Lennard Neo.
  • So far, however, the follow-through to the breakout has been poor: The cryptocurrency is currently trading in the red near $11,250, having printed highs near $11,500 over the weekend.
  • However, the pullback may be short-lived, miner outflows suggest.
  • Last week, bitcoin miners sold more than they generated and ran down inventory by around 1,000 BTC, according to data source Bytetree.com.
  • The miners’ rolling inventory (MRI) figure, which tracks the changes in how much bitcoin miners are holding, held well above 100% last week; the five- and 12-week MRIs are also above 100%.
  • Miners liquidate their holdings almost on a daily basis to cover operational costs but will offer more when they feel the market has the strength to absorb the additional coins without harming price.
  • As such, the increased miner outflow is sign of strength in the market, according to Charlie Morris, chief investment officer at ByteTree Asset Management.
  • Additionally, payment company Square’s recent disclosure of major bitcoin investments has given market players a fresh shot of confidence, Philip Gradwell, chief economist at the blockchain analysis firm Chainalysis, told CoinDesk.
  • The major portion of the last week’s 6.6% rise happened after Square announced its bitcoin investment on Thursday.
  • While the path of least resistance for bitcoin appears to be on the higher side, a move to the next major resistance at $12,000 may remain elusive if the resurgence of the coronavirus cases across Europe, tanks

(Bloomberg) —

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National Commercial Bank, Saudi Arabia’s largest lender by assets, agreed to buy rival Samba Financial Group for $15 billion in the biggest banking takeover this year.

NCB will pay 28.45 riyals ($7.58) for each Samba share, according to a statement on Sunday, valuing it at about 55.7 billion riyals. The kingdom’s sovereign wealth fund, the biggest single shareholder in the two banks, will have the largest stake in the combined entity with 37.2%.

The new bank will have total assets of more than $220 billion, creating the Gulf region’s third-largest lender. Its $46 billion market capitalization nearly matches that of Qatar National Bank QPSC, which is still the Middle East’s biggest lender with about $268 billion of assets.

Banks in the oil-rich Gulf have been combining as regional economies suffer the twin shocks of lower energy revenues and the global coronavirus pandemic. The Saudi consolidation also coincides with a long-awaited wave of banking mergers in Europe, where lenders are exploring tie-ups or have begun taking over smaller rivals.



chart: New Pecking Order


© Bloomberg
New Pecking Order

“Under NCB’s management, better value should be realized from Samba’s over-capitalized assets,” CI Capital analysts including Sara Boutros said in a note to clients. “The deal also provides NCB with a larger capacity to grow more aggressively, particularly in the corporate space, as the market stabilizes and as lending opportunities emerge.”

Read more: Moody’s Sees Virus and Oil Shocks Speeding Up Gulf Bank Mergers

Merging two major domestic banks is a key component of Crown Prince Mohammed bin Salman’s “Vision 2030” initiative to diversify the Saudi economy away from oil by creating local champions in industries such as finance. Besides the Public Investment Fund, the largest shareholders in the combined NCB-Samba entity will include the Saudi Public Pension Agency, which will own 7.4%,

By Fathin Ungku and Ernest Scheyder

SINGAPORE/HOUSTON (Reuters) – When miners at Indonesia’s giant Grasberg gold and copper mine started testing positive for coronavirus early in the pandemic, the mountain-top mining complex was quickly locked down with a skeletal staff left in place to maintain production.But as months of travel curbs dragged on, angry workers blockaded the mine for four days in August until the operator – a unit of U.S. miner Freeport McMoRan Inc – relented and let them resume weekly rotations out of the site via a four-hour trek by cable car and bus to towns below.

Now the workers are happier, but health experts fear the greater risk of a new outbreak.

The tensions expose the balancing act to maintain output at full blast, while containing COVID-19 in mines like Grasberg, the world’s largest gold mine and second-largest copper mine.

“We’ve put the priority and the health of our workers and community at the top of our list,” Freeport McMoRan Chief Executive Richard Adkerson told Reuters. “From the outset, we recognized that (Grasberg) was a particularly vulnerable place due to the size of the workforce” of nearly 30,000 people.

While Freeport has halted some global operations due to the pandemic, production has continued at the 14,000 foot (4,267 metre) -high Grasberg mine despite Indonesia facing one of the worst coronavirus outbreaks in Southeast Asia.

In May, Freeport said it would operate with a “skeletal team” because of a rise in coronavirus cases in the area, including at the workers’ living quarters. Freeport said at the time it was limiting contractors and removing “high-risk” workers but did not specify how many people would be working at the mine.

But the lockdown took a psychological toll on the workers stuck above the clouds at the site since April, some

By Fathin Ungku and Ernest Scheyder

SINGAPORE/HOUSTON (Reuters) – When miners at Indonesia’s giant Grasberg gold and copper mine started testing positive for coronavirus early in the pandemic, the mountain-top mining complex was quickly locked down with a skeletal staff left in place to maintain production.But as months of travel curbs dragged on, angry workers blockaded the mine for four days in August until the operator – a unit of U.S. miner Freeport McMoRan Inc – relented and let them resume weekly rotations out of the site via a four-hour trek by cable car and bus to towns below.

Now the workers are happier, but health experts fear the greater risk of a new outbreak.

The tensions expose the balancing act to maintain output at full blast, while containing COVID-19 in mines like Grasberg, the world’s largest gold mine and second-largest copper mine.

“We’ve put the priority and the health of our workers and community at the top of our list,” Freeport McMoRan Chief Executive Richard Adkerson told Reuters. “From the outset, we recognized that (Grasberg) was a particularly vulnerable place due to the size of the workforce” of nearly 30,000 people.

While Freeport has halted some global operations due to the pandemic, production has continued at the 14,000 foot (4,267 metre) -high Grasberg mine despite Indonesia facing one of the worst coronavirus outbreaks in Southeast Asia.

In May, Freeport said it would operate with a “skeletal team” because of a rise in coronavirus cases in the area, including at the workers’ living quarters. Freeport said at the time it was limiting contractors and removing “high-risk” workers but did not specify how many people would be working at the mine.

But the lockdown took a psychological toll on the workers stuck above the clouds at the site since April, some

(Bloomberg) — U.S. stocks rallied, with the S&P 500 posting its biggest weekly increase since July, as traders bet lawmakers are moving closer to providing more fiscal stimulus. Treasury yields were mostly flat and the dollar slipped.

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The benchmark equity gauge rose for a third day with President Donald Trump saying he now wants an even bigger package than what Democrats offered. For the week, the index finished up 3.8%. The tech-heavy Nasdaq 100 jumped 1.5% on Friday, with chip maker Xilinx Inc. leaping on a report it’s in advanced talks for a $30 billion takeover by rival Advanced Micro Devices Inc.

“We’ve had this whipsaw around wondering if there will be more fiscal stimulus, which I think we desperately need to keep the economy rolling,” said Ron Temple, head of U.S. equity at Lazard Asset Management LLC.

European stocks rose as a host of companies raised outlooks, from Denmark’s drugmaker Novo Nordisk A/S to German online clothing retailer Zalando SE. Stocks fell in Spain, where the government’s cabinet met to declare a state of emergency for Madrid to control Covid-19. Italy’s 10-year bond yield fell a record low.



chart: Stocks with high capex, cash returns or shaky finances are trailing the market


© Bloomberg
Stocks with high capex, cash returns or shaky finances are trailing the market

Investors ended a volatile week with a risk-on attitude. With Trump recuperating from Covid-19 in the final stretch of the election campaign, they’re increasingly betting a Joe Biden victory is likely. Speculation is moving now to whether Democrats will sweep Congress too and then enact massive stimulus.

“There’s also the possibly you could see a Democratic sweep in the election and that raises the prospects for higher taxes, which would be a negative, but also for really pronounced stimulus and that could take some of the more extreme risks off the table,” said Giorgio