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Bitcoin's Next Big Bull Market

Bitcoin's Next Big Bull Market

And, Steelcase's "continuing business."

Photo by Amjith S on Unsplash

Today is Wednesday, September 20, 2023.

The Early Bird Index today is 56.03.

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Bitcoin's Next Big Bull Market

After months of stagnation, some bullish investors believe that the next Bitcoin rally is just around the corner.

Background: Bitcoin’s price reached $27,000 on Tuesday, its highest price since the end of August. The price of Bitcoin is up 68% in 2023 due to improved market conditions. However, the 2023 price of Bitcoin peaked at around $31,000 in July and has since declined due to concerns about interest rates.

Recent Developments: Today, the Federal Open Markets Committee will announce its policy interest rate decision. Most investors don’t expect an interest rate increase this time.

Powering the Decision: If interest rates remain unchanged, then it could be bullish for Bitcoin. In the past few years, it is clear that Bitcoin has performed poorly as interest rates rise. Thus, no increase is good for Bitcoin.

Also: Laser Digital Asset Management, a subsidiary of Japan’s Nomura Bank, introduced its Bitcoin Adoption Fund on Tuesday for institutional investors. This is another sign that legacy institutions are embracing Bitcoin, which is good for the price.

Yes, But: Binance’s 7-day average spot Bitcoin volume is down by 57% this month due to regulatory pressures, according to a CoinDesk report with K33 Research data. This could keep Bitcoin’s price down.

Final Thoughts: Keep an eye on Bitcoin today after the Fed’s interest rate decision.

Notables

Notable Earnings Today: FedEx (NYSE: FDX), General Mills (NYSE: GIS), KB Home (NYSE: KBH).

Notable IPOs Today: Klaviyo, Inc. (NYSE: KVYO), SR Bancorp, Inc. Common stock (Nasdaq: SRBK), MarketDesk Focused U.S. Dividend ETF (Nasdaq: FDIV), Invesco BulletShares 2033 Municipal Bond ETF (Nasdaq: BSSX), Invesco BulletShares 2033 Corporate Bond ETF (Nasdaq: BSCX), Invesco BulletShares 2031 High Yield Corporate Bond ETF (Nasdaq: BSJV), Amplify Cash Flow High Income ETF (Nasdaq: HCOW).

Notable Equity Crowdfunding Campaigns Ending Today: Manta Biofuel (StartEngine), Destiny Robotics (truCrowd), NextPower360 (Netcapital).

Notable Economic Events Today: Crude Oil Inventories (10:30 a.m. ET), Fed Interest Rate Decision (2:00 p.m. ET), FOMC Press Conference (2:30 p.m. ET).

	Sponsored Equity Espresso

Steelcase's "Continuing Business"

Gif by vitrazza on Giphy

Office furniture manufacturer Steelcase (NYSE: SCS) rose 2.50% in after-hours trading on Tuesday after the company posted good financial results.

Financials: Steelcase reported earnings of 31 cents per share in the past quarter and revenue of $856.6 million; both were better than expected.

Details: Earnings per share increased 35% and now Steelcase is raising its full-year outlook for earnings per share.

Quote: “We've seen strong growth in our continuing business as customers make investments to refresh their existing spaces." - CEO Sara Armbruster

Yes, But: Revenue decreased by 1% due to lower volume.

Final Thoughts: Steelcase is up 20% this year. The state of furniture manufacturing is tied to overall consumer spending.

Permian Resources Announces Secondary Public Offering

Permian Resources (NYSE: PR) dropped by 2.16% in after-hours trading on Tuesday after the oil and natural gas company announced a secondary public offering of 20.3 million shares.

Final Thoughts: The stock is up 54% this year, but investors weren’t happy about the new offering.