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Bitcoin Price Dives Under $9,000 as S&P 500 Starts Week Off Blood Red

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Bitcoin failed to maintain its technical strength after bouncing off $9,000 last week, recently slipping under that crucial support after days of back-and-forth between bulls and bears.

On leading derivatives exchanges, the cryptocurrency fell as low as $8,920. Prices fell to a similar region on spot exchanges. From the day’s highs, Bitcoin is down around 6%.

Altcoins are down a similar amount to BTC, with all cryptocurrencies trading with a high correlation as is the norm.

Approximately $20 million worth of BitMEX long positions have been liquidated in the past two hours, according to data from Skew.com. This adds to the approximately $10 million more in liquidations that have taken place over the past 24 hours as BTC has expressed weakness.

Bitcoin price liqudiation

Bitcoin price liquidation data from Skew.com

Along with the liquidations, data from cryptocurrency data site CryptoQuant indicated that during the move lower, there was an influx of Bitcoin being deposited into exchange-owned wallets.

This suggests there was (and maybe still is) a panic amongst holders to sell their coins as expectations of a strong move lower grow.

Bitcoin Is Falling With the Stock Market

Bitcoin’s latest leg of weakness corresponds with a blood-red open for the futures of American equities. As can be seen in the chart below, from the open of the S&P 500 futures (ES1) on Sunday evening, Bitcoin traded in an effective lockstep with equities.

The futures are down 3% since their open, meaning they are slightly outperforming BTC.

The cryptocurrency trader that predicted BTC would see a V-shaped reversal from March’s lows commented on this phenomenon of correlation on June 14th:

“Once equities correct strongly, odds that $BTC sees a correction too are large. Simple math, increased demand for cash may have its influence temporarily.”

Unfortunately for Bitcoin bulls, there are prominent investors expecting stocks to continue to correct lower.

Guggenheim Partners’ global CIO Scott Minerd recently went on CNBC’s “Closing Bell” to discuss his outlook for stocks.

The prominent fund manager said that he sees a scenario in which the S&P 500 falls to a fresh low of 1,600, which would be a nearly 50% drop from the current price point. Considering that Bitcoin crashed around 50% on a less-than 10% drop in the stock market, such a drop could prove to be disastrous for cryptocurrencies.

The Start of a Bigger Move Lower

This may be the start of a bigger move lower.

The founder of blockchain data firm ByteTree Charlie Morris reported on June 14th that there is a confluence of on-chain statistics suggesting prices will dive:

“1-week network velocity down to 454%, 5-wk 556%. Tx value down, av tx size down, fees down, MRI shot to pieces. Why the lack of interest? Can’t see price holding up. Fair value <$7k,” Morris wrote.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Bitcoin Price Dips Under $9,000 as S&P 500 Starts Week Red 

Source: https://bitcoinist.com/bitcoin-price-dives-under-9000-as-sp-500-starts-week-off-blood-red/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-price-dives-under-9000-as-sp-500-starts-week-off-blood-red

Energy

Sunoco LP Maintains Quarterly Distribution

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DALLAS, Oct. 26, 2020 /PRNewswire/ — Sunoco LP (NYSE: SUN) (“SUN”) announced that the Board of Directors of its general partner declared a quarterly distribution for the third quarter of 2020 of $0.8255 per common unit, which corresponds to $3.3020 per common unit on an annualized basis. The distribution will be paid on November 19, 2020 to common unitholders of record on November 6, 2020.

SUN will release its third quarter 2020 financial and operating results after the market closes on Wednesday, November 4. In conjunction with the news release, management will hold a conference call on Thursday, November 5 at 8:00 a.m. Central Time (9:00 a.m. Eastern Time) to discuss SUN’s results.

By Phone:

Dial 877-407-6184 (toll free) or 201-389-0877 at least 10 minutes before the call. A replay will be available through November 12, 2020 by dialing 877-660-6853 (toll free) or 201-612-7415 and using the conference ID 13711308#.



By Webcast:

Connect to the webcast via the Webcasts and Presentations page of SUN’s Investor Relations website at www.SunocoLP.com. Please log in at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call.

About Sunoco LP
Sunoco LP (NYSE: SUN) is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 30 states as well as refined product transportation and terminalling assets. SUN’s general partner is owned by Energy Transfer Operating, L.P., a wholly owned subsidiary of Energy Transfer LP (NYSE: ET).

Qualified Notice
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100 percent of Sunoco LP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Sunoco LP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.

Contacts
Scott Grischow
Vice President – Investor Relations and Treasury
(214) 840-5660, [email protected]

Derek Rabe, CFA
Manager – Investor Relations, Strategy and Growth
(214) 840-5553, [email protected]

SOURCE Sunoco LP

Related Links

http://sunoco.com

Source: https://www.prnewswire.com:443/news-releases/sunoco-lp-maintains-quarterly-distribution-301159958.html

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Energy

CVG Announces Third Quarter 2020 Conference Call

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NEW ALBANY, Ohio, Oct. 26, 2020 /PRNewswire/ — CVG (NASDAQ: CVGI) will hold its quarterly conference call on Monday, November 9, 2020, at 10:00 a.m. ET, to discuss third quarter 2020 financial results. CVG will issue a press release and presentation prior to the conference call.

Toll-free participants dial (833) 235-5650 using conference code 2727789. International participants dial (647) 689-4139 using conference code 2727789. This call is being webcast and can be accessed through the “Investors” section of CVG’s website at www.cvgrp.com, where it will be archived for one year.

A telephonic replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (800) 585-8367 using access code 2727789. 

About CVG

CVG is a diversified industrial company that provides seating systems, warehouse automation subsystems, electro-mechanical assemblies, wire harnesses, plastic parts, engineered structures and panel assemblies for several global markets including: ecommerce warehouse infrastructures, commercial trucking, last-mile delivery, electric vehicles, military equipment, buses, construction equipment, agricultural vehicles, industrial equipment and off-road recreational markets. Information about CVG and its products is available on the internet at www.cvgrp.com.

SOURCE Commercial Vehicle Group, Inc.

Related Links

http://www.cvgrp.com

Source: https://www.prnewswire.com:443/news-releases/cvg-announces-third-quarter-2020-conference-call-301159942.html

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AR/VR

What the VR is Going on at Facebook? Accounts, Store Content and the Splits

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The launch of the Oculus Quest 2 has largely been a success with Facebook Reality Labs’ Chris Pruett reported as saying its: “beyond what we expected.” But that doesn’t mean to say it’s been entirely plain sailing as there has been a backlash from consumers over a range of issues, some more concerning than others.

Oculus Quest 2

A lot of the grievances stem from Facebook’s new policy of either needing a social media account or merging an Oculus and Facebook one together if you’ve bought the Oculus Quest 2 – no need to just yet if you haven’t. With the two intertwined this has brought worries such as banned accounts, what happens to bought content if you don’t want Facebook and using multiple headsets with the same account.

As widely reported Facebook can ban an account depending on how its used or whether it appears suspicious – no real activity for example. Vice President of Augmented and Virtual Reality at Facebook, Andrew Bosworth held an Instagram Q&A a couple of weeks back addressing that concern saying: “people should continue to make sure their Facebook accounts are in good standing before they buy the headset.” He went on to say that they are trying to resolve issues as soon as they appear. This isn’t likely to appease that have had an account ban.

Then last week the account subject continued to boil as it was revealed that should you delete your Facebook account this will also delete your Oculus information including any Oculus Store purchases – deactivating the account will also stop Oculus access. Whilst this isn’t great news for those who love their Oculus Quest 2 but don’t want a Facebook account anymore, just remember that this practice is common. Most online services like this – Steam for example – require an account to access paid content. Delete the account and away goes your stuff. You only really own it if it’s physical and that’s only possible with PlayStation VR content – GOG.com being the exception.

Oculus Quest 2
Oculus Quest 2 with Elite Strap + Battery accessory

And then there’s this weekend’s furore into using the same account on two headsets if you own the original Oculus Quest and Quest 2 for example. This blew up due to Oculus Support telling someone that doing so could get them banned. Thankfully, this turned out to be wrong with Oculus Support tweeting: “Using the same Facebook account on two or more Oculus headsets simultaneously will NOT get your account “banned.”” Going on to say: “we plan to introduce the ability for multiple users to log into the same device using their own Facebook account.” So at least that’s some good news.

Lastly, there’s the Elite Strap problem. There’s been a massive amount of discussion (and images) over on the Oculus Quest sub-Reddit with customers reporting straps cracking, splitting and simply breaking all in the same spot, the plastic arms which connect the front to the back. A small number could be down to misuse yet the breaking trend continues to grow, very concerning for those with the more expensive battery option. Tellingly, on the Oculus website, both Elite Strap options are now unavailable in every country so this is a major issue needing to be rectified.

These first few weeks have been quite the thunderstorm for Facebook and its Oculus Quest 2 launch. Many will be happy with their new headset – VRFocus’ Oculus Quest 2 review praised the device – with new and improved content but the release hasn’t been plain sailing. Facebook is a dominant force in VR so love it or hate it all you can do is vote with your wallet.

Source: https://www.vrfocus.com/2020/10/what-the-vr-is-going-on-at-facebook-accounts-store-content-and-the-splits/

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