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Bitcoin seeks further gains, SEC raps BB accounting before earnings report

By John Shepard

13:07, 29 March 2021

Bitcoin

Bitcoin (BTC) is looking for another push higher after holding lows near $50,000 and rallying through the weekend. The world’s largest cryptocurrency by market cap was trading at $55,000 on Monday morning, although it was lower on the week, the lack of selling from the highs above $60,000 suggests that the coin could still move higher.  

BlackBerry (BB) stock was lower for a second week after the SEC asked them to stop using non-GAAP accounting measures in their earnings, with the latest release coming this week, on March 30.

Bitcoin could rise as sellers retreat 

Bitcoin could rise again after the recent pullback from the all-time highs above $60,000 saw limited damage to the uptrend. Stocks were threatening a pullback early in the week but managed to rebound near record highs and this helped the coin.

BTC traders were bracing for a record $6bn options expiry on Friday but it failed to materialise in a larger correction, and the bulls came out of the shadows to add more of the coin.

Another automaker boosted the hopes of Bitcoin supporters after General Motors (GM) CEO Mary Barra’s response to a question in the company’s fourth-quarter earnings call. Barra said she would not rule BTC as a payment method out, if customer demand was there.

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BTC/USD

98,894.30 Price
+0.810% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

ETH/USD

3,379.31 Price
+0.840% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

US100

20,712.70 Price
+0.070% 1D Chg, %
Long position overnight fee -0.0241%
Short position overnight fee 0.0019%
Overnight fee time 22:00 (UTC)
Spread 1.8

XRP/USD

1.43 Price
+18.840% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

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Blackberry earnings due this week

BlackBerry is due to report its Q4 and full year earnings for fiscal 2021 this week on March 30. 

Ahead of those results, the stock was lower after the US Securities and Exchange Commission (SEC) asked the company to stop reporting non-GAAP (generally acceptable accounting practices) earnings. 

In a letter to the company, the SEC said in part that “non-GAAP adjustments were intended to eliminate the impact” of acquisitions by BlackBerry. Companies often report both sets of numbers in their results, but adjustments allowed under the alternative measure allowed BlackBerry to post an earnings beat when it would not be allowed under GAAP rules. The situation could see a subdued response to any earnings beat, but it will be scrutinised more thoroughly in anticipation of the future rule change. 

Blackberry stock saw a low on March 5 below $9 and currently trades at $9.63. The earnings release this week will determine whether we see a move lower or a bottom for an extended move higher in days ahead.

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