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Bitcoin lower as $40k drive fails, AMC nears highs again

By John Shepard

17:19, 18 June 2021

Bitcoin, AMC

Bitcoin (BTC) is 3.4% lower on the day after the push to the $40,000 level failed to see further gains. 

AMC Entertainment (AMC) is higher again, nearing the all-time highs at $70.00. The stock was boosted by a credit rating upgrade. 

BTC struggles with greenback gains

Bitcoin was trading at $36,570 after the coin’s push to $40,000 failed, stymied by a strong rally in the US dollar. The currency has been rising on the back of the latest Federal Reserve meeting. Fed Chair Jerome Powell hinted that the central bank may raise rates sooner than expected.

It is not all bad news for the coin. The Fed is moving earlier because of increasing inflation, and BTC is likely to be supported in an inflationary environment. 

EQUOS, a digital asset services company, said the initial down move across risk assets was a “knee-jerk reaction”.

TSLA

325.35 Price
-7.860% 1D Chg, %
Long position overnight fee -0.0248%
Short position overnight fee 0.0026%
Overnight fee time 22:00 (UTC)
Spread 0.13

COIN

311.85 Price
-5.180% 1D Chg, %
Long position overnight fee -0.0248%
Short position overnight fee 0.0026%
Overnight fee time 22:00 (UTC)
Spread 0.90

NVDA

148.37 Price
+2.040% 1D Chg, %
Long position overnight fee -0.0248%
Short position overnight fee 0.0026%
Overnight fee time 22:00 (UTC)
Spread 0.19

SMCI

21.76 Price
-6.530% 1D Chg, %
Long position overnight fee -0.0248%
Short position overnight fee 0.0026%
Overnight fee time 22:00 (UTC)
Spread 0.13

“Bitcoin and stocks will likely correlate through the turbulence, before reality hits: inflation is likely to see bitcoin outperform stocks.”

AMC stock back at $62 after a credit rating upgrade

The AMC share price was back at the $62 level, with the stock aiming to regain highs of $70.

AMC benefited from a credit rating upgrade last week, which was followed on Thursday by the beginning of voting on the company's sale of 25 million shares. This  could bring in as much as $1.5bn in new cash and help offset the debt load AMC accumulated during the pandemic.

The company’s management has vowed to use the cash to go “on offence” and seek new growth opportunities. AMC was 3.2% higher on Friday and will look to test the all-time highs near $70.00

Read more: Chromia coin price prediction: will the 9,000% rally resume?

Markets in this article

BTC/USD
Bitcoin / USD
87722.80 USD
-634.25 -0.720%

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