Nasdaq News

Effissimo Capital Management, which wants to install three directors on Toshiba Corp's board, told the Japanese conglomerate's directors that shareholders make good board members because they are invested in the company's future.

Wall Street surged on Tuesday, with the Dow Jones Industrial Average ending more than 2% higher as investors bought energy and materials stocks and looked beyond a recent rise in coronavirus cases.

The Dow finished the day over 556 points higher, with Caterpillar (CAT) leading the charge. Elsewhere, optimism over Florida's one-day coronavirus increase falling below the seven-day average helped encourage investors. The S&P 500 and Nasdaq also finished a wild day of tr

Markets globally are mostly flat Tuesday, and bitcoin is trading sideways along with them.

• Bitcoin (BTC) trading around $9,264 as of 20:00 UTC (4 p.m. EDT). gaining 0.43% over the previous 24 hours.
• Bitcoin’s 24-hour range: $9,099-$9,275
• BTC above 10-day and 50-day moving average, a bullish signal for market technicians.

The price of bitcoin is stuck in the $9,200 price range as low volumes continue to plague the markets, said Katie Stockton, an analyst for Fairlead Strategies. “Bitcoin has been tethered to its 50-day moving average recently after having suffered a loss of short-term momentum in June.” Bitcoin’s 50-day moving average is around $9,240 as of Tuesday. 

Read More: Bitcoin Volatility Metrics Are Like November 2018 All Over Again

Related: What It’s Really Like to Live on Bitcoin in the Middle East

Stockton says anything above that level would be a sign of bullish sentiment. “We would view a decisive move above the 50-day MA as an incremental positive because it would help prevent intermediate-term momentum from turning negative,” she added. 

The summer doldrums for the bitcoin market likely started not long after the May 12 halving, said David Lifchitz, chief investment officer for Paris-based quantitative trading firm ExoAlpha. 

“Bitcoin has been trading very technical post-halving since mid-May, essentially bouncing into a $8,100-$10,400 band,” Lifchitz said. “Since mid-June, Bitcoin has gone nowhere moving in a very narrow range of $9,000-$9,400,” he added. 

Read More: Bitcoin Halving 2020, Explained

Related: Bitcoin Volatility Metrics Are Like November 2018 All Over Again

Sasha Goldberg, senior trading specialist for crypto firm Efficient Frontier, said markets overall might not be pricing in the long-term economic impacts of the coronavirus yet. “Right now it seems that the markets are disconnected from what’s going globally. I think bitcoin will continue to stay in the range of $8,900-$9,400,” he said.

Still, bitcoin is up almost 30% this year. Sweden-based over-the-counter trader Henrik Kugelberg said economic uncertainty bodes well for bitcoin as investors look for places to sock away money. “People are anticipating a real bad global fall, with the actual toll of the first six months not seen until Q4,” he said. “I believe more and more asset managers are at least shifting some portfolio percentages into bitcoin.”

Uniswap dominating DEXs

The second-largest cryptocurrency by market capitalization, ether (ETH), was up Tuesday, trading around $241 after climbing 1.3% in 24 hours as of 20:00 UTC (4:00 p.m. ET). For the year, ether is up 75%, and part of that story has been the growth of decentralized finance (DeFi). 

The decentralized exchange, or DEX, Uniswap, which has been deployed since late 2018, is seriously taking on early mover advantages. With over $33 million in daily volume, Uniswap is conquering almost 60% of the DeFi market. 

Efficient Frontier’s Goldberg said other DEXs rely on Uniswap because of the platform’s diversity of offerings, which helps its volume numbers. “Uniswap has other services like flash loans and they are powering some other DeFi projects,” Goldberg told CoinDesk. “I also believe that some DEX’s are hedging their positions in Uniswap.”

Other markets

Digital assets on the CoinDesk 20 are mostly in the green Tuesday. Notable winners as of 20:00 UTC (4:00 p.m. ET): 

• chainlink (LINK) + 13%
• qtum (qtum) + 11%
• dogecoin (doge) + 6%

Read More: CoinDesk Quarterly Review, Q2 2020

Notable losers as of 20:00 UTC (4:00 p.m. ET): 

• lisk (LSK) – 2%
• 0x (ZRX) – 1%
• monero (XMR) 0.15%

Read More: BitGo Looks to Rally Exchange Clients Around FATF Travel Rule Product

Equities:

• In Asia the Nikkei 225 ended the day down 0.87% as losses in transportation stocks led the Japanese index lower.
• In Europe the FTSE 100 closed flat, up only 0.06%, on concerns about the coronavirus continuing to affect the economy. 
• The U.S. S&P 500 index gained 1.4% as reports of slowing coronavirus cases in hot-spot states boosted stocks.

Read More: Fidelity to Custody Bitcoin in Kingdom Trust Retirement Accounts

Commodities:

• Oil is in the green 1.6%. Price per barrel of West Texas Intermediate crude:  $40.02 
• Gold is flat Tuesday, up 0.37% at $1,809 per ounce

Read More: Bitcoiners Not Worried Fed Money Printer Has Stopped Going ‘Brrrr’

Treasurys:

• U.S. Treasury bonds were mixed Tuesday. Yields, which move in the opposite direction as price, were down most on the two-year bond, in the red 2.5%.

Related Stories

• First Mover: Bitcoiners Not Worried Fed Money Printer Has Stopped Going ‘Brrrr’
• Market Wrap: Stocks Make Gains While Bitcoin Sticks to $9,200

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Image source: The Motley Fool.

U.S. President Donald Trump said on Tuesday he is not interested in talking to China about a Phase 2 trade deal.

Three months ago, in the heart of the coronacrisis, Sir Richard Branson -- Britain's seventh richest man -- pleaded with the British government to save his Virgin Atlantic airline with a $621 million bailout plan.

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Moderna (NASDAQ: MRNA) has a start date -- at least an approximate one -- for the phase 3 clinical trial of its mRNA-1273 coronavirus vaccine candidate. The highly anticipated trial's estimated launch is Monday, July 27, according to an entry on the government's tracking web sit

Wall Street rose on Tuesday, led by energy and materials, as investors looked beyond a recent surge in coronavirus cases and rotated out Amazon and other recent strong performers.

Libya's eastern-based parliament has called for Egypt to directly intervene in the country's civil war to counter Turkish support for the internationally recognised Government of National Accord (GNA), based in the capital Tripoli.

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