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Pacers torch Hornets in play-in game, 144-117
Oshae Brissett scored 23 points to help lift the Indiana Pacers to a 144-117 victory over the Charlotte Hornets on Tuesday in an Eastern Conference play-in game in Indianapolis. Doug McDermott scored 16 of his 21 points in the first quarter for the ninth-seeded Pacers, who will visit the loser of Tuesday's clash between the Washington Wizards and Boston Celtics. The final play-in game on either Thursday or Friday will determine which team advances to face the top-seeded Philadelphia 76ers in the first round of the playoffs.
Bitcoin Chartists See Rout Worsening With $40,000 in Focus
(Bloomberg) -- A cohort of chart watchers on Wall Street say Bitcoin’s deepest selloff since crypto mania kicked off last year looks set to intensify.Evercore ISI’s Rich Ross reckons prices are destined to fall back to the 200-day moving average, following a path of other speculative assets, which would put Bitcoin back at $40,000, compared with around $42,600 in early Asian trading Wednesday.Others are watching for a pattern of “lower highs and lower lows” and say Elon Musk’s unpredictable tweets will keep traditional investors on the sidelines. There’s also speculation that gold is starting to draw money away from crypto.“The momentum has now quite decisively shifted to the bears,” said Tallbacken Capital Advisors LLC Chief Executive Officer Michael Purves, who correctly predicted last month that Bitcoin would decline.Elon Musk Is Now Blowing Up the Wall Street Case for BitcoinBitcoin is still up more than 300% since last May, but the speed of the recent rout has shaken crypto’s new believers and cast doubt on the idea that it’s maturing into a more stable asset class. Prices have fallen about 30% from intraday highs in April, when they topped $64,000.Purves says the next important level for Bitcoin is $42,000 because it roughly equates to where the rally topped out in January and a 50% retracement from December 2020 levels. If Bitcoin breaks through that level, more losses are ahead, but if prices can hold above the support, then it might be the beginning of a new rally, Purves predicted.“A pullback was bound to happen,” said Justin Chuh, a senior trader at Wave Financial, which invests in crypto assets. “This is healthy, but I think we all wish this didn’t happen.”The counterpoint comes from Fundstrat Global Advisors. In a note on Monday, strategist David Grider laid out nine reasons explaining why he thinks prices are primed to bounce, including high levels of short interest and the fact that corrections like this tend to be normal in a crypto bull market.“We don’t know the future, but we think odds are we’re close to the bottom and don’t want investors to ‘panic sell’ here,” Grider wrote.Anchorage Digital, which runs a digital asset platform for institutional investors, said it’s seeing clients maintain or increase crypto holdings. “They’re looking at this as good entry point,” said Diogo Monica, president and co-founder of the California-based company.Other chart watchers are turning to ETFs as a proxy for where the crypto market is headed. SentimenTrader’s Dean Christians is monitoring a blockchain-focused fund called Amplify Transformational Data Sharing ETF.“I would watch the breakdown pivot point at $48.75,” he wrote in a note Monday. “If it fails to recover above that level, take note.”(Updates markets starting in second paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
‘Flamin’ Hot’ Screenwriter Defends Cheetos Movie: ‘Enough of the Story Is True’
The screenwriter of an upcoming film about Flamin’ Hot Cheetos defended the project on Tuesday, after a Los Angeles Times report challenged the central character’s claim to have invented the snack product. Lewis Colick argued that Richard Montañez, the hero of “Flamin’ Hot,” still has an inspiring story to tell of rising through the corporate […]
U.S. House passes anti-Asian hate crimes bill
The COVID-19 Hate Crimes Act passed by a 364-62 vote.Reports of violence against Asian Americans have spiked since the beginning of the coronavirus pandemic. Activists and police said anti-Asian sentiment was fed by comments from former President Donald Trump blaming the pandemic on China using terms such as "kung flu."The measure, authored by Democratic Senator Mazie Hirono and Representative Grace Meng, designates a Justice Department employee to expedite a review of hate crimes reported to police during the COVID-19 pandemic. It provides guidance for local law enforcement agencies to report hate crimes, expand public education campaigns and combat discriminatory language in describing the pandemic.
Ionescu's first WNBA triple-double lifts Liberty over Lynx
Sabrina Ionescu had the first triple-double of her WNBA career to lead New York to an 86-75 win over the Minnesota Lynx on Tuesday night, giving the Liberty their first 3-0 start in 14 years. Ionescu, who had an NCAA record 26 triple-doubles in college, recorded the first in franchise history with 26 points, 12 assists and 10 rebounds. The No. 1 pick in the 2020 draft became the 10th player in league history to have a triple-double, and first since Chelsea Gray did it in 2019.
Agilysys Inc (AGYS) Q4 2021 Earnings Call Transcript
Image source: The Motley Fool. Agilysys Inc (NASDAQ: AGYS)Q4 2021 Earnings CallMay 18, 2021, 4: 30 p.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGood day, ladies and gentlemen, and welcome to Agilysys Fiscal 2021 Fourth Quarter and Year End Conference Call.
Samsung Unveils New Power Management Solutions for DDR5 Modules
Samsung Electronics Co., Ltd., a world leader in advanced semiconductor technology, today announced the industry’s first integrated power management ICs (PMICs) — S2FPD01, S2FPD02 and S2FPC01, for the fifth-generation double data rate (DDR5) dual in-line memory module (DIMM).
Grupo Axo Announces Equity Investment From Funds and Accounts Managed by BlackRock to Fuel Continued Growth
Grupo Axo, a leading Latin American multi-brand retail platform and partner to global fashion brands, today announced an equity investment from funds and accounts managed by BlackRock. Grupo Axo will leverage the new funds to continue its expansion across Latin America as a premier brand steward and operator, with a particular focus on continuing the expansion of its digital channels. The funds and accounts managed by BlackRock join Grupo Axo’s global investor base, including existing shareholder General Atlantic.
Bitcoin’s Obstacles Mount Amid China Cryptocurrency Warning
(Bloomberg) -- Bitcoin and other major cryptocurrencies slumped after the People’s Bank of China reiterated that digital tokens can’t be used as a form of payment.The largest token fell as much as 2.3% to $42,309 in early Asian trading Wednesday, continuing a weeklong slide sparked by Elon Musk’s back-and-forth comments on Tesla Inc.’s holdings of the coin. Ether, Dogecoin and last week’s sensation, Internet Computer, also retreated.“This is the latest chapter of China tightening the noose around crypto,” said Antoni Trenchev, managing partner and co-founder of Nexo in London, a crypto lender.Virtual currencies should not and cannot be used in the market because they’re not real currencies, according to a notice posted on the PBOC’s official WeChat account. Financial and payments institutions are not allowed to price products or services with virtual currency, the notice said.“They just want caution,” said Bobby Lee, founder and chief executive officer of crypto storage provider Ballet. “They feel the market is over-hyped, there’s speculative trading, they’re looking out for the best interests of the people.”Beijing since 2017 has abolished initial coin offerings and clamped down on virtual currency trading within its borders, forcing many exchanges overseas. The country was once home to about 90% of trades but the lion’s share of mining and major players have since fled abroad.Read more: Bitcoin Chartists See Rout Worsening With $40,000 in FocusChina has recently taken steps to issue its own digital yuan, seeking to replace cash and maintain control over a payments landscape that has become increasingly dominated by technology companies not regulated like banks.“It’s no surprise to me, as Chinese capital controls can be challenged by cryptocurrency purchases in the country and transfers out of the country,” said Adam Reynolds, CEO for APAC at Saxo Markets. “So avoiding use of them in the country is essential to maintaining capital controls. The only tolerable digital currency to a government with strong capital controls is their own CBDC.”Many chartists and technical analysts are looking at Bitcoin’s 14-day Relative Strength Index (RSI), which entered oversold levels Tuesday. In addition, an acceleration in its selloff could mean the coin approaches its next support around $40,000. A fall to that level would mark the first time since September that Bitcoin would test its average price over the past 200 days. And breaching it could mean it drops to $30,000, where it’s previously found support.For Stephane Ouellette, chief executive and co-founder of FRNT Financial, the moves have more to do with Musk’s recent tweets about Bitcoin.“It’s just a bit of a mess. TSLA’s entrance into the space saw some of the most aggressive BTC buying I’ve personally ever seen -- and it has to unwind,” he said. The EV-maker’s retraction that it will accept Bitcoin as payment “was the catalyst that accelerated the spread consolidation. Then over the weekend, little comments here and there have continued to confuse.”Meanwhile, the latest Bank of America fund manager survey showed that “Long Bitcoin” is the most crowded trade in the world right now. The poll captures 194 fund managers with $592 billion worth of AUM overall.“The fact that the BofA manager survey shows that the ‘long Bitcoin’ trade is the most crowded one on the Street right now isn’t helping either,” said Matt Maley, chief market strategist for Miller Tabak + Co. “When an asset becomes the most crowded trade in the BofA survey, it has frequently signaled a near-term pullback in the past. When you combine this with the news out of China, it’s not a surprise that Bitcoin is seeing some more weakness.”(Updates prices from the second paragraph.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Atlanta United mutually terminates contract with López
Atlanta United has mutually agreed to terminate the contract of 38-year-old striker Lisandro López after the death of his father. “It’s with a heavy heart that we announce Lisandro’s time at the club has come to an end,” Atlanta technical director Carlos Bocanegra said. After starting out at Racing Club in 2003, Lopez spent four years each with Porto in Portugal and Lyon in France.
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