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Cryptocurrency news

The shares of bitcoin mining companies on Wednesday got slammed, and are on track to post a third straight decline as prices of the most prominent cryptocurrency and the broader virtual-asset market slumps. At last check, shares of bitcoin miner Riot Blockchain Inc. (RIOT) were down by about 14%, while rival Marathon Patent Group Inc. (MARA) was seeing its shares down 17% in Wednesday midday trading. The three-session slide for both companies comes as bitcoins on CoinDesk were down 7.2% so far this week, and valued at $34,096 on Wednesday. The slump in bitcoins comes as incoming President Joe Biden's nominee for Treasury Secretary, Janet Yellen, during a Senate confirmation hearing on Tuesday suggested curtailing the use of cryptos, which she said are prone to be used for malfeasance. "And I think we really need to examine ways in which we can curtail their use and make sure that money laundering doesn't occur through those channels," Yellen said. Bitcoin miners ...
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Daily mornings chai report.

The S&P 500 futures trade 25 points, or 0.7%, above fair value at around the 3720 level after President Trump signed the $900 billion stimulus and omnibus bill that funds the government through Sept. 30. The House will vote today to raise stimulus checks to $2000, but it's not likely to get 60 votes needed to pass in the Senate, which means the stimulus checks will remain at $600 for now. Recall, the stimulus/funding bills were originally passed by Congress last week, but President Trump wavered in signing it because he wanted $2000 stimulus checks. Separately, holiday retail sales excluding automotive and gasoline increased 3.0% yr/yr this expanded holiday season (Oct. 11-Dec. 24) with online sales up 49.0% compared to 2019. No other economic data will be released today. U.S. Treasuries have edged lower, pushing yields higher. The 2-yr yield is up one basis point to 0.13%, and the 10-yr yield is up two basis points to 0.96%. The U.S. Dollar Index is little changed at 90.29....
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DAILY MORNING CHAI REPORT

 The S&P 500 futures trade seven points, or 0.2%, above fair value on this Christmas Eve session, which will end early at 1:00 p.m. ET. The benchmark index is down 0.5% for the week, versus a 1.9% gain in the Russell 2000. Today also marks the start of a calendar effect in the market known as the Santa Claus rally in which stocks tend to rise from the last five trading days of December through the first two trading days of January. As the saying goes, though, past performance is not indicative of future results. Trading volume could be lighter than usual with many market participants checked out for the holiday, and other markets closed entirely, which could lead to some noticeable intraday price action. With that said, intraday dips tend to be bought, as investors don't want to feel excluded from this raging bull market, especially at a seasonally bullish time of the year. In other developments, the UK and EU are reportedly expected to confirm a Brexit deal today, while there ...
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