|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||19.01 - 19.42|
|52-week range||11.84 - 25.61|
|Beta (5Y monthly)||1.63|
|PE ratio (TTM)||16.69|
|Earnings date||25 Feb 2021|
|Forward dividend & yield||0.73 (3.80%)|
|Ex-dividend date||07 Jul 2020|
|1y target est||27.16|
(Bloomberg) -- Bitcoin hovered near $36,000 on Monday, below a level that strategists at JPMorgan Chase & Co. see as an inflection point for the digital coin.The cryptocurrency could be hurt by an exodus of trend-following investors unless it can “break out” above $40,000 soon, a team including Nikolaos Panigirtzoglou said. The pattern of demand for Bitcoin futures and the $22.9 billion Grayscale Bitcoin Trust will help determine the outlook, they added.“The flow into the Grayscale Bitcoin Trust would likely need to sustain its $100 million per day pace over the coming days and weeks for such a breakout to occur,” the strategists wrote in a note on Friday.Traders seeking clues about investor appetite for risk have been gripped by Bitcoin’s stunning rally and turbulent 10% slide from a record of almost $42,000 on Jan. 8. The cryptocurrency boom since March has reflected the ebullience of financial markets awash in stimulus -- as well as concern over whether gains will ultimately prove fleeting.The JPMorgan strategists said Bitcoin was in a similar position in late November, except with $20,000 as the test. Flows of institutional investment into the Grayscale trust helped the world’s largest cryptocurrency extend its rally, they wrote.Trend-following traders “could propagate the past week’s correction” and “momentum signals will naturally decay from here up till the end of March” if Bitcoin’s price fails to break above $40,000, they said.Bitcoin fell 1.4% to $36,014 as of 3:25 p.m. in London on Monday.Exactly what’s driven the yearlong near-quadrupling in Bitcoin’s price remains murky. Commentators have cited day traders, wealthy buyers, hedge funds, companies and even signs of interest from long-term investors like insurers.‘Dread to Think’Some, like Chris Iggo, remain skeptical of Bitcoin’s appeal to large institutions.“I dread to think what most risk officers would think about that being in a core investment portfolio,” the chief investment officer of core investments at Axa Investment Managers wrote in a note. “For assets to be considered in a long-term investment portfolio one should be able to attach some fundamental intrinsic value to them.”Bitcoin’s proponents argue it’s maturing as a hedge for dollar weakness and the possibility of faster inflation in a recovering global economy. Others say its defining characteristic remains speculative booms followed by busts.Read more: Does Bitcoin Boom Mean ‘Better Gold’ or Bigger Bubble? QuickTakeFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Glassdoor’s Employees’ Choice Awards features a list of business across a range of sectors, including finance, manufacturing, pharmaceuticals, insurance, technology and food.
(Bloomberg) -- Assicurazioni Generali SpA agreed to buy the Greek operations of French insurer Axa SA as part of its plans to expand in European non-life and health businesses.The Italian company will pay 165 million euros ($203 million) for Axa Greece, equivalent to 12.2 times 2019 earnings, subject to closing adjustments, it said in the statement. Generali has also extended an existing distribution agreement between Axa and Alpha Bank AE by 20 years beyond its current expiration date of March 2027.Axa currently sells insurance products in Greece through a long-term distribution agreement with Alpha Bank, making the renegotiation of the partnership a key step for the agreement. The business distributes its products through a network of more than 600 agents. In 2019, AXA Greece posted total gross insurance premiums of about 168 million euros.Generali Chief Executive Officer Philippe Donnet said in July that the current economic crisis also presented new opportunities. In November, he said Generali had as much as 2.5 billion euros earmarked for acquisitions and would consider mid-size deals in the insurance and asset management sectors.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.