Crypto trading volumes have fallen to a 9-month low as Europeans ditch bitcoin, although US investors are still buying: CoinShares

British flag and US flag
British flag and US flag

  • Bitcoin has seen outflows in Europe but inflows from North America in the latest week, according to CoinShares.
  • Trading volumes totalled $1.58 billion for the week to July 9, the lowest since October.
  • Multi-asset investment products, like the Bitwise 10 crypto index fund, were the most popular last week.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Cryptocurrency trading volumes fell to their lowest in nine months in the latest week, as bitcoin continued to fluctuate in a relatively narrow range, according to data from digital asset manager CoinShares on Tuesday.

Outflows picked up speed in Europe, where regulators have toughened their scrutiny of cryptocurrency trading in general, while US investors were net buyers of crypto assets, according to CoinShares data.

The crypto trading volumes totalled $1.58 billion for the week, as activity quietened mostly for bitcoin. Bitcoin saw net outflows of $6.9 million, a steep decline from net inflows of $38.9 million the week before.

Weekly crypto asset flows
Weekly crypto asset flows

“In recent weeks, there has been a regional divide in bitcoin inflows, with North American providers seeing consistent inflows while their European counterparts have continued to see outflows, suggesting a geographic divergence in sentiment,” the report said.

So far this month, bitcoin has traded in a relatively narrow band, between lows of around $32,100 and a high of around $34,500 – a far cry from the extreme volatility of May, when it swung from a low of $30,000 to a high of nearly $59,600, according to Coinbase.

Since hitting a record of nearly $65,000 in April the coin has tumbled by nearly 50%, although it is still up almost 260% in the last year.

Regulation was another factor. The UK regulator banned retail consumers from buying crypto derivatives last year. Since then, it ordered Binance, a crypto exchange, to halt regulated activities in the country.

“Europe is a little bit behind in terms of investment into crypto assets,” James Butterfill, CoinShares chief investment strategist, told Insider.

CoinShares is Europe’s largest crypto asset manager. The company had $3.35 billion under management by the end of the first quarter, according to its recent earnings report.

Other crypto assets witnessed net inflows. Ether saw inflows of $800,000, Binance coin saw inflows of $400,000 and cardano’s ada token saw $600,000 in flows.

Multi-asset investment products, like Bitwise 10 crypto index fund, which tracks the performance of the top 10 crypto coins for example, were the most popular last week, with inflows of $1.2 million. CoinShares said this suggested investors were diversifying their holdings.

Read the original article on Business Insider

Less than half of Americans who don’t plan to get vaccinated have worn a mask recently, according to a new survey

anti mask protest
An anti-mask protestor holds up a sign in front of the Ohio Statehouse during a right-wing protest in Columbus, Ohio.

  • Unvaccinated Americans are wearing masks less than ever, according to a new Gallup poll.
  • Just under 50% of Americans who don’t plan to get vaccinated against COVID report wearing masks.
  • The new poll is the first from Gallup since CDC guidelines were updated for vaccinated Americans.
  • Visit the Business section of Insider for more stories.

Americans who don’t plan to get vaccinated against COVID-19 are masking less than ever, a new poll has found.

Just 49% of Americans who said they don’t plan to get vaccinated also said they had worn a mask in the last seven days, according to the latest Gallup poll – the first such poll since the CDC revised masking guidelines for vaccinated Americans.

Those new guidelines stated that people who are vaccinated are able to go maskless in most settings, including indoor gatherings among other maskless people.

Yet the same poll found that most vaccinated Americans are keeping their masks on: 90% of fully vaccinated people said that they had worn a mask in the last seven days.

Walenski CDC US
Rochelle Walensky, the director of the Centers for Disease Control and Prevention.

Notably, the question lacked specificity as to how those vaccinated people were masking.

While some national chains like Walmart, Starbucks, and Best Buy are allowing vaccinated customers to go maskless, many private businesses are still requiring all customers to wear a mask. And hospitals, public transportation, and airlines are all still asking everyone to wear a mask, vaccinated or not.

About 61% of the eligible American population has received at least one dose of the available COVID vaccines, according to the CDC, and President Biden has set a goal to hit 70% by July 4.

The poll results highlight a stark contrast between people who don’t plan to get vaccinated and those who either plan to get vaccinated, are partially vaccinated, or already are fully vaccinated: Less than half of the former group has used a mask in the last seven days, while 80 to 90% of the latter group have.

Since lockdowns were instituted in March 2020, and masking became standard during the global coronavirus pandemic, anti-mask protesters have pushed back – storming a Target last summer, staging rallies around the world, and showing up heavily armed at statehouses.

Masking quickly became a political issue, with far-right politicians like Rep. Marjorie Taylor Greene most recently comparing mask mandates to the Holocaust.

Got a tip? Contact Insider senior correspondent Ben Gilbert via email (bgilbert@insider.com), or Twitter DM (@realbengilbert). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.

Read the original article on Business Insider

More than 650 tech workers at The New York Times have formed a union to fight for more diversity, pay equity, and job security

The New York Times building is seen on June 30, 2020 in New York City.
The New York Times building.

  • More than 650 tech workers at The New York Times have formed a union called the Tech Times Guild.
  • The union said workers are facing “unexplained termination and opaque promotion processes.”
  • It’s organizing the formation with the NewsGuild union and awaiting recognition from the Times.
  • See more stories on Insider’s business page.

Tech workers at The New York Times on Tuesday announced they have formed a union and asked for recognition from the publication.

The union, called the Tech Times Guild, represents more than 650 employees who work for the digital side of the company in roles such as software engineers, data analysts and product managers.

The Tech Times Guild said in a statement on Twitter that it’s organizing its formation with the NewsGuild of New York – an editorial union of more than 3,000 media workers at the Times, The Daily Beast, The Nation, and other media outlets.

Tech workers weren’t included in the NewsGuild because they weren’t allowed to join. The Tech Times Guild is looking to become a separate bargaining unit from the NewsGuild. It would communicate with the Times management independently.

“As of now, we face a number of challenges, including sudden or unexplained termination, opaque promotion processes, unpaid overtime, and underinvestment in diverse representation,” the Tech Times Guild tweeted.

“Without a union, we lack the data or bargaining rights to address these issues,” it said, adding that the tech workers will be able to build digital products and platforms in a company, which is more “equitable, healthy and just.”

“At The New York Times, we have a long history of positive and productive relationships with unions, and we respect the right of all employees to decide whether or not joining a union is right for them,” The New York Times said in a statement to Insider.

“We will take time to review this request and discuss it soon with representatives of the NewsGuild,” it said, adding that the company wants to “make sure all voices are heard.”

The forming of the Tech Times Guild comes three months after more than 200 Google employees formed a union to promote inclusivity, transparency, and ensure the company acts ethically. At Amazon, there was a historic push to form the company’s first union in the US last month but workers voted against it on April 9th.

Read the original article on Business Insider

Target’s 2020 sales soared by a massive $15 billion – bigger than the combined growth of the last 11 years

Target
Target store in the US.

  • Target topped Wall Street expectations, reporting a 21% rise fourth-quarter sales.
  • Sales through its same-day deliveries and store pick-up services soared 212% in the quarter.
  • Full-year sales jumped by more than $15 billion, bigger than the combined growth of the last 11 years.
  • Visit the Business section of Insider for more stories.

Target Corp beat analysts’ estimates for holiday quarter sales on Tuesday, powered by the company’s same-day delivery and store pick-up services that helped fulfill resilient demand for home goods, toys, and groceries during the pandemic.

Over the past year, Target and Walmart consistently performed better than Wall Street expected as the deep-pocketed national retail chains amped up their online businesses during the health crisis and swiped market share from smaller rivals who rely more on their physical stores.

Still, Target held back on providing sales and earnings forecast for fiscal 2021, citing continued uncertainty over consumer shopping patterns amid the health crisis.

The company’s comparable sales rose 20.5% in the fourth quarter, comfortably beating analysts’ estimates for a 16.4% rise, according to IBES data from Refinitiv. Sales through its same-day deliveries and store pick-up services surged 212%, as consumers sought quicker ways to get their online purchases.

Analysts have, however, warned that the torrid pace of growth would be difficult to repeat in the coming months, as COVID-19 vaccine rollouts raise the promise of a return to something closer to pre-pandemic life.

Target’s comparable sales for the full year are expected to slip 3.6%, according to Wall Street brokerages. In February, Walmart said it expects sales and profit growth to slow this year, leading to a fall in its shares.

Total fourth-quarter revenue for Target rose 21.1% to $28.34 billion, beating the average estimate of $27.48 billion. Full-year sales rose by over $15 billion, larger than the combined growth of the last 11 years.

Net earnings surged 65.6% to $1.38 billion. On an adjusted basis, the company earned $2.67 per share.

Read the original article on Business Insider